[Ed. note: The piece was updated after press to include comments from Commissioner Rob Zapple.]
WILMINGTON — A manufacturing facility is wanting to expand in the region and is asking two area governments for a cumulative $5 million in incentive funding to amplify capacity, which is anticipated to bring an economic boost to the region.
Though the company isn’t named in the City of Wilmington and New Hanover County agenda documents, the project titled “Project Pearl 2” is slated to bring a $585-million capital investment — listed as potentially a property, plant and/or equipment — in the next five years, beginning in 2027.
According to sources familiar with the matter, Corning Incorporated is the company.
READ MORE: Amazon cuts ribbon on Wilmington fulfillment center
Wilmington Business Development, a private, nonprofit organization that focuses on enticing businesses to the area, is facilitating the initiative. Wilmington Business Development CEO Scott Satterfield did not respond to a request for an interview by press.
The Project Pearl 2 deal includes New Hanover County government investing $3 million over five years at $600,000 annually. The City of Wilmington is being tapped to provide $2 million over five years at $400,000 annually.
The investment will have a return of 414 full-time jobs coming to the area, with an average annual salary of $85,080 (it’s not clear what the varied position titles are or where the pay scales start; Corning did not respond to questions by press).
However, the amount of jobs and annual investment is broken down as:
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
Port City Daily reached out to multiple commissioners and city council members for feedback on the proposal. City council member David Joyner responded he would be reviewing documents over the weekend to ask questions of city staff on Monday, Oct. 19; council has an agenda review meeting at 8 a.m.
According to city documents — and if the funding is approved — the company behind Project Pearl 2 will be required to announce its expansion by December 2026.
Both government agendas indicate the investment aligns with their strategic plans for workforce development and economic growth, in attracting and retaining business. The city will pass it only if the county agrees as well.
Documents also note the incentive “grant is competitively necessary to encourage the expansion of the business in the City.”
For six decades, Corning has operated a plant in Wilmington on 66 acres along North College Road. The company opened to manufacture electrical resistors in the mid-20th century but evolved into devising optical fiber production by the late ‘70s.
Today, it helps create infrastructure for global telecommunications, 5G, and modern artificial intelligence. Corning devises glass for cellphones, computers and TVs, and supplies optical fiber for Amazon, Meta, Verizon and AT&T, for data centers, cloud infrastructure and more.
Around 1,000 employees work at the local plant, according to the Wilmington Business Journal, which first announced the incentives going before the city and county earlier this week. Corning has reported its 2026 quarter-two sales being 17% year over year, with almost $17 billion in revenue in 2025. It anticipates annualized sales of $20 billion by the end of 2026, $30 billion by 2028 and $40 billion by 2030, due to growth.
The city and county funding doesn’t detail project expansion plans, but clarifies money won’t be doled out until an audit of annual targets are completed, with verified records sent to the government agencies, and taxes on the property paid. Should targets not be met, only a percentage will be paid proportionate to goals achieved.
The City of Wilmington anticipates its investment will be paid back by property tax revenue within roughly five years.
The incentive is not expected to impact this year’s city budget, as the amounts will be taken up as part of the 2027-2028 cycle and would appear in subsequent budgets thereafter.
Should the project fail or not maintain its obligations — such as relocating or closing within a year of the final incentive payment — the agreement allows the governments to recapture “all or part of” what was remitted.
According to the city resolution, staff from both governments did an analysis of the proposal, particularly in comparison to other local incentive agreements. They assessed the amount per job, ratio to total investment, and more to ascertain feasibility.
The city and county governments aren’t strangers to jointly funded incentives proposed by Wilmington Business Development; four came up in 2022, also with code names, and passed both entities. The county paid $1.9 million and the city invested $695,000 to go toward projects for MegaCorp Logistics, Port City Logistics, Live Oak Bank and GE Hitachi Nuclear.
County Commissioner Bill Rivenbark and Wilmington Mayor Bill Saffo are ex-officio directors on the Wilmington Business Development board.
Most recently, Wilmington Business Development was behind ushering in Amazon’s robotics center and fulfillment facilities on N.C. Highway 421 in the Pender Commerce Park. It’s anticipated to bring in $163M recurring economic impact, according to a study from UNCW.
A public hearing has to take place next week at both city and county government meetings before the resolutions for Project Pearl 2 can be voted on. Both authorize the county and city managers to move forward with the agreements.
The public can speak at the county government meeting on Monday, Oct. 19, 9 a.m., at the historic courthouse downtown.
Commissioner Rob Zapple said it’s important for the public to have a say in how the public’s money is spent. While he understood the need for code names if real estate transactions are involved, once an incentive package come before governments, he thought full transparency was important and constituents deserved to know who was asking for the taxpayer funding.
“Incentives are sensitive issues, since it’s asking for public money,” Zapple said, but added the $535-million capital investment is eye-opening and good for residents, in that it could relieve pressure on property taxes.
However, Zapple said Corning has been a great community corporate partner in Wilmington over the years, working with area nonprofits and engaging in philanthropy. The company offers grants, employee-driven volunteerism, and targeted educational partnerships. They also have brought “hundreds” of executive-level jobs to New Hanover County residents, he added.
Still, Zapple plans to home in at the commissioner meeting on questions about the jobs and whether they’ll go to local people instead of within the company’s ranks. Corning operates 150 locations in more than 30 countries globally. He also wants to know what the salary spread will look like, as an average doesn’t take into account more granular details.
“Is it 10 men and women making $2 million a year and, you know, the other 400 makes 30,000?” he asked, adding the exaggeration was not based on fact, but only to make a point.
In addition to Monday’s county commissioner meeting, the city council will meet in the Skyline Center on Tuesday, Oct. 20, 6:30 p.m.
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