Thermo-Fisher Scientific building purchase could mean tax increase for Wilmington residents

WILMINGTON, NC (WWAY) — Wilmington City Council is one step closer to making the multimillion-dollar purchase of a campus downtown.

$68-million for 12.5 acres of land, more than 1,500 parking spaces, and 370,000 square feet of office space are on the table as city council continues discussing the purchase of the Thermo-Fisher Scientific building.

Officials say purchasing the building would mean consolidating city offices and services, allowing the city to sell properties it currently occupies. Additionally, it would provide more parking in the northern part of downtown, which councilmembers hope would address some of the parking concerns at Live Oak Bank Pavillion.

On Tuesday night, council members voted unanimously to amend a contract to allow financing that would not exceed $70,000,000 to fund the purchase. In order for that financing to be approved, a 1.5-cent property tax increase would be required.

For some residents at the meeting, the purchase wouldn’t be worth the tax increase.

“I think the cost will ultimately be higher than the $70,000,000 that they are projecting,” Wilmington resident Glenn Wells said. “I just think it’s unfair to ask the citizens of Wilmington to continue to pay increased property taxes year after year after year.”

If the tax increase does come to fruition, some see it as a part of the city’s growing pains and look forward to the future.

“There’s property around the thermo-fisher building that could be redeveloped,” Wilmington Chamber of Commerce President and CEO Natalie English said. “Then there are the properties that the city will be vacating and they actually sit on one corner of our main thoroughfare — 3rd Street and Chestnut Street. That intersection is going to be transformed between this opportunity and that with Project Grace.”

According to city staff, the tax increase would mean an additional $15 per $100,000 value. For a home valued at $269,300, which is the median assessed value of single-family homes in the city, it would mean an additional $40 per year in property taxes.

Tuesday night’s vote does not guarantee the city will go forward with purchasing the property. Council is set to further discuss the purchase and funding options at upcoming budget workshops.