New Hanover County commissioners are set to hold a public hearing and potentially adopt a resolution to extend an economic development incentive to AAIPharma when they meet on Monday.
The 4 p.m. meeting will see commissioners vote on the incentive that will give AAIPharma $55,000 per year for a total of five years. The agreement is contingent upon AAIPharma investing at least $20 million in capital improvement at its Wilmington facility and creating 50 new full-time jobs.
The AAIPharma facility, 1726 N. 23rd St., specializes in manufacturing oral solid dose forms to support Phase I to Phase III clinical production prescription drugs.
The county wins far more than any rebate will ever give,” County Commissioner Chairman Barfield said. “We want to spur economic development and whether that’s homegrown industries here or working with businesses to come into the area, the bottom line is decreasing unemployment and increasing jobs with higher incomes.”
The City of Wilmington will also consider awarding the pharmaceutical company an incentive grant of $225,000 based on the same criteria according to city spokesman Dylan Lee.
Wilmington City Council on Tuesday will consider a resolution approving an industrial investment grant with AAIPharma for $45,000 per year for five years that will send $225,000 to the pharmaceutical company in exchange for a promise to invest $20 million in their Wilmington location along with bringing dozens of high-salary jobs to the Port City.
The full agenda can be viewed here. Monday’s meeting will be at 4 p.m. in the New Hanover County Historic Courthouse.