County supports economic development projects
The Craven County Board of Commissioners recently took action on two economic development projects that open the door for development and funding for the Eastern North Carolina Tech Bridge.
During the board’s first regular meeting of 2025, Jeff Wood, Craven County’s economic development director, spoke to the board about a proposed development in the industrial park.
Project Emerald, a local real estate developer, intends to build three facilities on a vacant lot in the industrial park, with an estimated combined worth of $7 million, Wood said.
The initial development is expected to be a 20,000-square-foot building worth approximately $2 million at 120 Corporate Lane. The developer plans to build additional facilities worth approximately $4 million to $5 million combined by 2029, Wood said.
The county was asked to assist in the investment with a $300,000 economic development grant for the installation of water, sewer and infrastructure for the facility. The grant will be awarded to Project Emerald over five years, Wood said.
“This is a private sector investment and they’re investing several million dollars into industrial space, so that will be taxable,” Wood said. “It’s always a benefit to have industrial property owners paying taxes because it helps lower the need on the residential side.”
“On the other side, this is a product that our industry, our employers on the manufacturing side, have asked for.”
Wood said the new development will be marketed to suppliers of the county’s largest manufacturers like Fleet Readiness Center East, Moen, BSH Home Appliances and the defense industry.
Additionally, the county will market the space to companies from the Northeast who are looking to move their operations to the New Bern area.
The commissioners approved the grant agreement at their regular meeting on Jan. 6.
“This is a great project for Craven County and the industrial park,” Wood told the board. “This is a product we’ve needed for quite some time.”
The board also accepted an additional $549,121 in funding from the Department of Defense for the ENC Tech Bridge grant during the meeting.
Wood told the board that the Department of Defense increased the grant amount to fund research, a technology showcase, operation of the ENC Tech Bridge facility and STEM-related activities.
The ENC Tech Bridge launched in November 2021 with the signing of a partnership agreement between Fleet Readiness Center East and Craven County.
Spearheaded by the Department of the Navy’s Naval Agility Office, the Tech Bridge initiative is designed to bring together regional government, industry, and academia for research and technological advancements.
The Tech Bridge facility in Craven County, at Coastal Carolina Regional Airport, is a space where emerging entities like startups and small businesses can showcase their product or technology for Fleet Readiness Center East.
“It was really important for the facility to be outside the fence (military base), in that it’s not necessarily a Department of Defense building and allows them to be able to review technologies,” Wood said.
“For the Economic Development Department, it’s great because a lot of the things that Fleet Readiness Center East is looking for, other manufacturers are looking for, too.”
The grant will fund operations for the ENC Tech Bridge and accessibility improvements to the building, Wood said.
The grant will also fund a second Technology Showcase at the Riverfront Convention Center of Craven County this year.
The 2024 Technology Showcase brought almost 50 vendors and thousands of attendees to the convention center to share potential innovations in technology, Wood said.
The grant also provides $100,000 in research grants for universities and puts two teachers from Craven County Schools into Fleet Readiness Center East.
“The goal is for teachers to go to Fleet Readiness Center East and see firsthand the work that’s going on there on behalf of the military and then take that experience back to the classroom and help them build out curriculum for students,” said Wood.
Since 2021, Craven County has been awarded more than $1 million to assist in the operations of the ENC Tech Bridge, Wood said.
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