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Agenda Package - 03-21-11
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Agenda Package - 03-21-11
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025 <br />• A nationally- recognized transportation and economic consulting firm produced the North Carolina State <br />Ports Authority's first economic impact report in 2005. The study used standard port /industry modeling <br />techniques to measure economic impact; jobs directly and indirectly related to port activities. <br />The study clearly illustrated North Carolina's ports support 85,000 jobs which contribute $299 million in <br />state and local tax revenues annually. These economic impacts have improved over time. The original <br />estimates were based on FY2005 cargo volumes which have continued to grow during the past five <br />ye a rs. <br />investing in North Carolina's Economic Engine: The Port of Wilmington <br />supporting commerce through the Port of Wilmington has a direct and positive impact on North <br />Carolina's economy. <br />"Of all the economic activities a state can have, ports have the highest <br />multiplier. Every dollar spent importing or exporting through a port adds $12 <br />to state income." <br />Jim Smith, Economist <br />University of North Carolina <br />Catalysts, Mechanisms & Engineering New Opportunities <br />Enabling commerce at the Port of Wilmington with business incentives and investment arrangements is <br />• not a unique concept. The state of North Carolina has a smart history of progressive economic <br />development incentive and investment policies. These policies have been the catalyst for meaningful <br />growth, supporting jobs and capital investment for several decades. The return on these investments <br />has been part of the foundation of North Carolina's prosperity. <br />• Investments in Infrastructure Offering Business Incentives <br />Increasing cormerce at the Port of Wilmington has greater impact than just Wilmington. The North <br />Carolina State Ports Authority boasts a port at Morehead City as well as inland terminals in Charlotte <br />and in the Piedmont Triad region in Greensboro. The Ports Authority owns a small boat harbor in <br />Southport and 600 acres of undeveloped land in Brunswick County; the future site of the North Carolina <br />International Terminal. <br />CONCLUSION <br />Each of the aforementioned elements is part of a unique, port - oriented ecosystem that is economically <br />interdependent for growth and prosperity. <br />Economic opportunities such as those afforded currently by Frontier and its key customers have not <br />presented themselves frequently at the Port of Wilmington; and particularly riot during a time of <br />recession. Supporting Frontier is a smart investment with a fair and effective "return on investment" <br />scenario that aligns in spirit and policy with existing state incentive practices. <br />• 3 <br />
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