Local Government Commission to review financing for Thermo Fisher building purchase

RALEIGH, N.C. (WECT) - The proposed financing for the $70 million Thermo Fisher building purchase in Wilmington is set to be reviewed by the Local Government Commission on Tuesday, June 6.

The purchase would include the 12-story Thermo Fisher office building at 929 N Front St., over 1,500 parking spaces and about 3.26 acres of unused land north of the building.

“The city is asking LGC members for the OK to issue $70 million in limited obligation bonds for the project. Limited obligation bonds, also known as certificates of participation, are secured by the city’s contractual pledge to pay principal and interest, subject to annual appropriation,” an announcement from the N.C. Department of State Treasurer.

Also on the agenda, New Hanover County is asking for LGC approval for $25 million in limited obligation bonds for vehicles, equipment and various improvements to buildings and parks. It would reimburse the county for the cash payment for a building to expand Cape Fear Community College’s health programs.

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