City council approve public hearing on financing $70 million for Thermo Fisher building

City council approves sidewalk funding, financing $30 million for projects
Published: Mar. 20, 2023 at 2:50 PM EDT
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WILMINGTON, N.C. (WECT) - The Wilmington City Council has approved scheduling a public hearing set on April 18 about financing $70 million to buy the Thermo Fisher building at a meeting on Tuesday, March 21.

The property includes a 1,000-space parking deck, 370,000 square feet of office space and two adjoining development tracts, and the city deposited $500,000 to explore purchasing the campus on Jan. 24.

Wilmington put out a request for proposals for a company to assess the property, and a city spokesperson says that condition assessments are currently underway as part of the due diligence process for the purchase. The hard deadline named for the city to receive the final report on the assessment would be April 28.

Council also approved a resolution for approximately 91 units in the Cape Fear Hotel Apartments to be acquired, rehabilitated, and equipped by the Wilmington Housing Authority. The property is in the city limits and the law requires city approval prior to the issuance of bonds necessary to complete the project, an amount not to exceed $13,706,000.

You can find the full agenda for Tuesday’s meeting on the city’s website.