City Council got an update on ideas for improving the city’s process for funding economic development groups at a work session on Sept. 30. The city is currently reviewing processes and procedures in an effort to more objectively and quantifiably determine which economic development agencies receive funding from the city each year and how much they will receive.
No decisions have yet been made, but Council will consider the new criteria and procedures as part of their annual budget development. The groups that would be impacted include local economic development agencies that receive at least $5,000 a year from the city, such as Wilmington Business Development and Wilmington Downtown, Inc. It would NOT include non-profit agencies funded through a competitive bi-annual process that already has defined criteria and required application submittal.
The city currently budgets approximately $313,500 from the tax-supported General Fund each year for the affected economic development agencies. Local economic development agencies currently receiving city funds that would be impacted by the new processes/criteria include:
- Cape Fear Future
- Wilmington Business Development
- Wilmington Downtown, Inc.
- Wilmington Regional Film Commission
- UNCW Center for Innovation and Entrepreneurship (CIE)
- Cucalorus Film Foundation
- Arts Council of Wilmington and NHC
Click below to see specifics of the proposed funding process and criteria:
The complete list of agencies and how much they are funded can be found in the city’s budget here