NEW HANOVER COUNTY, NC (WECT) - After a public hearing Monday morning, the New Hanover County Board of Commissioners approved an industrial advancement grant for Fortron Industries.
The company has a polyphenylene sulfide facility in New Hanover County, according to Scott Satterfield, CEO of Wilmington Business Development. Satterfield said the company has been in the area for 20 years and is one of the top five taxpayers in the county.
The incentive payment totals $500,000 over a five-year period of installments, but no new positions will not be added as a result of the expansion; a point debated by the commissioners. Satterfield said it will help the company stay competitive and expand.
"I think the policy makers in Raleigh and Washington ought to look at how these companies go about asking local governments to participate," said NHC Chairman Woody White.
White said the incentive payment was necessary even if jobs weren't coming to the area.
"They're a top five taxpayer in this county and to lose them would really impact our ability to fund education, the sheriff's department, all the things we do. It would be tough if we lost an employer like that."
White said the company will not receive the incentive if they decide to move their business from the area.
Friday, August 22 2014 10:04 AM EDT2014-08-22 14:04:57 GMT
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