Vantaca will add 104 new jobs in New Hanover County, Governor Roy Cooper announced.
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The company will invest more than $4.9 million to expand its operations in Wilmington. Headquartered in Wilmington, Vantaca provides software-as-a-service through its cloud-based platform for homeowner associations and community management organizations.
The company’s system automates workflows and accounting functions to offer an integrated solution that streamlines communications and user activity while facilitating financial operations in real time.
Although wages will vary for the new positions, the average annual salaries will be more than $80,000, creating a potential annual payroll impact of more than $8.3 million. New Hanover County’s overall average annual wage of $46,383.
This expansion by Vantaca will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12 year term of the grant, economists in the Department of Commerce estimate the project will grow the state’s economy by more than $204 million.
The JDIG agreement authorizes the potential reimbursement to the company of up to $1,418,400 spread over 12 years.
Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Vantaca is expanding in New Hanover County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $157,600 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
Even when new jobs are created in a Tier 2 county such as New Hanover, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. ■