New Hanover P3 'gets finance approval'

New Hanover County’s Local Government Commission (LGC) has narrowly agreed a plan that will allow the long-running Project Grace P3 scheme to move forward.

After a heated debate among the nine-member panel, debt issuance of $57m was agreed to help fund the project, which will see private partner Cape Fear Development deliver a new public library and museum in downtown Wilmington.

However, the project faced significant opposition, with commission chair, State Treasurer Dale Folwell, opposing the plans and laying a motion to deny the funds for the scheme.

Nonetheless, the debt issuance was eventually narrowly supported, by five votes to four, with the New Hanover County Board of Commissioners welcoming the decision. LGC approval was required to enable the 

As well as the new library and museum, Project Grace will also see the south parcel of the block where the existing downtown library is located, redeveloped into a mixed-use site by Cape Fear Development.