WID FOCUS The Newsletter of the Committee of 100 WID serves the Greater Wilmington North Carolina region—New Hanover and Pender Counties and the City of Wilmington—and the Wallace 100 Committee, Inc. SUMMER 2005 Fortron Expansion Highlights Value of Sound INSIDE THIS ISSUE: New Members 2 Economic Development CEO Notes 2 A successful economic Though Fortron’s expansion company employees and about SBA 504 Loan Info 2 development program will create just four new jobs, 25 contracted personnel. Once 504 Loan Savings 3 serves a community in any its large dollar investment and its current expansion is com- number of ways. There is modest impact on local infra- plete in 2007, the site will be the obvious focus on job structure make it highly valu- the largest PPS production creation and retention, the able for Greater Wilmington, facility in the world. lifeblood of any growing according to New Hanover community. Development County Manager Allen Fortron’s president, Fred WID 2006 Board of Directors and appropriate use of in- O’Neal. “Their investment is Daniell, credited the presence Russell M. Carter, Chairman frastructure -- which serves essential to the continued of Wilmington’s deepwater James D. Hundley a community’s residential, prosperity of our community,” port, supportive local govern- commercial and industrial O’Neal says. In contrast to ment and tech-savvy work- Vice Chairman/Treasurer sectors – is also a key func- job-rich projects such as the force as key factors in his Gene F. Renzaglia, tion. And working to en- arrival of Verizon Wireless company’s decision. Fortron’s 2nd Vice Chairman sure the continued success last year, Fortron’s capital- additional capacity will meet R. Scott Satterfield, Secretary of existing industries is an intensive expansion points to the surging need for PPS Rick Biberstein unchanging priority. Eco- Greater Wilmington’s broad among domestic and foreign Bill Blair nomic development is also appeal to a range of industries. buyers . “The capacity we add about building and preserv- “What makes our community will help satisfy the growing Garth Boyd ing tax-base, the founda- stronger is the diversity of our demand for PPS worldwide in Mayor Spence Broadhurst tion upon which local gov- economic base,” O’Neal be- the electrical, electronics, Carl A. Byrd, Sr. ernment can fund vital pub- lieves. automotive, aerospace, indus- Scott Cromartie lic services. trial, consumer and other mar- Mary Gornto Fortron Industries, which kets,” Daniell says. All these are among the bases its corporate operations Robert G. Greer reasons WID was pleased in Florence, Ky., and Kelster- In celebrating Fortron’s deci- Dwight Hall and proud to join Fortron bach, Germany, is a joint ven- sion, WID chief executive Steve Jacobs Industries in announcing ture of Ticona Technical Poly- officer Scott Satterfield ac- Bill King plans for a $65 million ex- mers and Kureha Chemical knowledged the crucial role of Billy King pansion at the company’s Industries. The leading global New Hanover County offi- Dan Martin Wilmington plant. Fortron, supplier of PPS considered cials. “They made a clear one of the world’s premiere locations in Latin America, statement about our commu- Eric McKeithan specialty chemical compa- Europe and Asia. Its Wilming- nity’s keen interest in being Eugene McMurray nies, will double its pro- ton plant, which the company part of Fortron’s continued Sandy McNeill duction capacity of poly- built in 1993 and has ex- growth and success,” Eugene Meadows phenylene sulfide (PPS), a panded several times since, Satterfield says. John Merritt high-performance plastic was the only North American with applications across site under consideration. Its Jay Milam numerous industries. current workforce includes 40 (Continued on page 2) James L. Smith PO Box 1698 • 1739 Hewlett Drive • Wilmington, NC 28405 • Phone: 910-763-8414 • Fax: 910-763-0106 Email: email@example.com Page 2 Fortron (Continued from page 1) New WID Members CI Solutions Aside from the new jobs and Wilmington to low-cost Thomas R. Jividen tax-base boost, the com- destinations abroad.” 1213 Culbreth Dr., Wilmington, NC 28405 pany’s move is important to 910-256-5353 • 910-256-5959 (F) Greater Wilmington from a www.cisolutionusa.com symbolic standpoint. Fortron Industries “Fortron’s expansion says PO Box 327 Port City Staircase all the right things about our 4600 Highway 421 North Dale W. Pitz region’s competitive posture Wilmington, NC 28402 306 Old Dairy Rd., Wilmington, NC 28405 in the global economy,” 910-794-1058 • 910-799-5172 (F) Satterfield explains. “It il- 910-343-5000 www.portcitystaircase.com lustrates the fact that value 910-343-5065 (F) remains a pivotal criterion when comparing communi- ties such as SBA 504 Loan Rate 4.84%* SBA’s 504 Loan Program has 20-year Fixed Rate Financing. *Current rate as of July 2005. Rates subject to change. His interest in WID never CEO Notes: Remembering Daniel David Cameron waned. On our last meet- ing, several months before the case; possessed of a example. As mayor during his death, he continued to humble and completely the mid-1950s, he ushered Wilmington into a new ask hard questions about approachable nature, he how the organization was immediately put me at social and economic era. doing – and appeared ease. Above all else, that He helped re-shaped the pleased and proud at the meeting was the beginning region’s healthcare deliv- answers he heard. Though of an invaluable education ery network. And more. his body was clearly fail- for me about business and ing, his mind was sharp life – and how the two can One story particularly and focused. He inquired intertwine to build great stands out: as part of his attempts to convince New about my family, urging Scott Satterfield, CEO and lasting things. me not to allow my work Wilmington Industrial Development York-based executives at to overshadow them. It Daniel David Cameron had Corning that they should Fifteen years ago, before was a true Dan Cameron been a soldier, business- erect a manufacturing out- joining the staff of WID, I moment. man, mayor and advocate post in Wilmington, he had the opportunity to meet of many worthy causes. took them fishing. The Dan Cameron at a function A member of America’s His vast achievements in- move was risky, but he held by a philanthropic or- “Greatest Generation,” cluded founding of the had a hunch it might pay ganization with which we off. The outing returned Dan will live on in the Committee of 100, where, were both involved. His ranks of North Carolina’s unknown to me that day, I with an impressive catch reputation in Wilmington greatest leaders. His time would begin working some of Black Bass, and the was already legendary, and on earth certainly made months later. Then, and deal was done. The les- it was, I suppose, natural to Greater Wilmington a through many other meet- son: economic develop- expect an overbearing per- better place, and I and ings that followed, he cap- ment is at its heart a social sonality eager to leverage many others can honestly tured my imagination with science, one marked by his lofty status in order to say we are better people his engaging stories. He relationships that should intimidate a faceless young for having known him. had seen the best and worst be capable of transcending fellow like me. That, how- of all humanity – the weighty matters of ever, proved anything but My Best Regards, beaches of Normandy, for business. R. Scott Satterfield PO Box 1698 • 1739 Hewlett Drive • Wilmington, NC 28405 • Phone: 910-763-8414 • Fax: 910-763-0106 Email: firstname.lastname@example.org Page 3 The SBA 504 Loan Program Cash Flow Savings This past year WID assisted in securing SBA 504 financing for several businesses - an ice cream shop, full service laun- dry, label manufacturer, three childcare facilities and a veterinarian. SBA 504 loans can be an advantage for a borrower in several ways. One way is the improvement of cash flow. The following example of an $850,000 real estate project using the 504 loan program versus conventional financing shows: 504 Financing Bank Loan (50%) 425,000 (15 yrs at 7%) $3,820/month SBA 504 (40%) 340,000 (20 yrs at 5.9%) $2,416/month Total Loan Payments $765,000 $6,236/month Conventional Financing at 90% of Project Cost $765,000 for 15 yrs at 7% $6,876/month Cash flow savings per month using SBA 504 funding is $640. To find out more about the advantages of how SBA 504 funding can work for you, call Susie Parker at 763-8414 about your upcoming project. MARK YOUR CALENDARS! It’s time for our 2005 Annual Business Meeting Tuesday, September 13, 2005 5:00 p.m. With Guest Speaker Lieutenant Governor Beverly Purdue of the State of North Carolina in the Warwick Center Ballroom at the University of North Carolina-Wilmington INVITATIONS WILL BE OUT SOON!! PO Box 1698 • 1739 Hewlett Drive • Wilmington, NC 28405 • Phone: 910-763-8414 • Fax: 910-763-0106 Email: email@example.com
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