NEW HANOVER COUNTY — The New Hanover County commissioners cast the first vote in a joint initiative to fund Corning’s expansion into Wilmington in the next five years. The county agreed to put in $3 million through 2031, in exchange for 414 jobs and an increase to the tax rolls on the company’s $535-million investment. Next, the city council will take up an additional $2 million for Corning, making the total performance-based incentive $5 million.
Corning is one of the largest taxpayers and employers in the county, Chief Financial Officer Eric Credle told commissioners Monday. The five-member board voted unanimously to invest $600,000 annually in the next five years. Should the council fulfill its portion Tuesday night, it will pay out $400,000 annually in the same time frame.
The expansion of manufacturing capacity will include a $535-million capital investment of property, building and equipment. It’s unclear where the expansion will take place, though Corning’s 66-acre campus is located on South College Road and has been a part of the Wilmington business community since 1966.
READ MORE: $5M incentive: City, county tapped for joint investment on manufacturing expansion
There are an estimated 1,000 people working there currently. Globally, that number balloons 65 times over with Corning’s 144 locations in 46 countries, including 78 manufacturing facilities and 17 global labs, spanning from the U.S. to India.
“Having companies like this and rewarding them as existing industries that continue to provide and do well is to our best benefit,” CEO Scott Satterfield of Wilmington Business Development told commissioners.
Wilmington Business Development has been working to bring this project to life for a “significant” amount of time, the CEO confirmed. He called Corning “key existing industry” in Wilmington, as the company — headquartered in Corning, New York — specializes in glass, ceramics and advanced fiber optics. Its division of the optical communications sector is leading the Wilmington expansion.
“Corning manufactures fiber, cable and connectivity solutions that enable the fast, reliable transmission of large volumes of data across a variety of telecommunication networks,” Satterfield explained.
He estimated construction on the expansion would break ground by 2028 and said Corning is prioritizing the use of local construction companies and support services.
Part of Wilmington Business Development’s goal as a nonprofit and partner to area governments is to help foster deals and persuade companies into the region. Most recently, the nonprofit ushered in the facilitation of the Amazon robotics and fulfillment center on Highway 421 also set to employ 1,000 people and bring around $163 million in recurring annual economic activity.
Commissioner Bill Rivenbark explained Wilmington Business Development evolved from a different organization, Wilmington Committee of 100, years ago. He gave credit to the Cameron family, who originated the group after the Atlantic Coastline railroad industry left for Florida in the mid-20th century.
“Nobody had a job in Wilmington because it was dead,” Rivenbark said. “The Camerons went out and brought GE and Corning here and they saved our bacon.”
Credle told commissioners the jobs the facility will bring with the expansion includes salaries 21% higher than the area average — to be roughly $41 an hour. This breaks down to 15 support engineers making $132,000, 60 salaried engineers at $119,000, and 339 production and maintenance employees earning $77,000.
Commissioner Rob Zapple asked if the jobs would be targeting locals, of which Satterfield said a “reasonable effort” will be made. He added Wilmington Business Development is working with the Cape Fear Community College for job training in the industries.
Commissioner Stephanie Walker was partial to gaining a stronger workforce anchored by higher-paying salaries, while her colleague, Chair LeAnn Pierce, promoted this kind of investment as one the county should prioritize to create better opportunities for its citizens.
Vice Chair Dane Scalise asked Satterfield about the industry’s multiplier effect. Essentially, he wanted to know if the Corning deal would help bring other companies to the area.
Satterfield gave Corning credit for playing a role in convincing Amazon’s 3.2-million-square-foot facility to open in the Pender Commerce Park. Corning has contracts with Amazon, Nvidia, Meta, and Microsoft for supplying optical fiber, cable, and connectivity solutions for a variety of needs, including internet and data centers.
“Their presence helps establish the greater region as a serious contender for major global opportunities,” Satterfield said.
Zapple homed in on the fact the company could have pursued any other locality worldwide. Satterfield confirmed Corning had considered South Carolina, Texas, India and China, but said the publicly traded company does “deep dives” when it looks to invest in its growth. This includes considering the history of how towns and counties support its business.
Scalise expressed gratitude for Corning’s local roots but also wanted to weigh the cost-benefit on taxpayers: “We are stewards of public dollars and want to make sure we are getting a return on investment.”
According to Credle, the $585-million investment is the largest incentive deal the county has been a part of to date. It came in seven times higher than the $82-million investment to bring the Wilmington Trade Center to the area. New Hanover County put in a little more than $3 million in WTC’s performance-based incentive.
“The county tax-paying funds are reasonable and prudent,” Credle told commissioners by comparison.
He anticipates the county will be cash-flow positive by year three, with the property tax revenue exceeding the county’s investment by year four. The agreement has broken down annual jobs and investments made between 2027 and 2031:
2027: 16 jobs, $50.5 million investment
2028: 55 jobs, $201.5 million investment
2029: 195 jobs, $165.6-million investment
2030: 150 jobs, $66-million investment
2031: Zero jobs, $101.5-million investment
Credle noted recapture provisions were added to the agreement, too, meaning the county’s funding ceases if abandonment of the site or workforce reductions take place.
Only one person signed up to speak at the public hearing Monday. Wilmington Chamber of Commerce CEO Natalie English yelled “ditto” from the audience after hearing several praises of what Corning brings to the area.
Wilmington City Council will vote on its $2-million portion on Tuesday, in a public hearing held at the Skyline Center in downtown Wilmington, with the meeting starting at 6 p.m. The piece will be updated after the city vote to include its outcome, so check back.
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