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Global TransPark still grounded in red ink

Posted March 25, 2010

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— The Global TransPark lost more than $3.4 million in the most recent fiscal year, despite receiving $1.6 million in state support, according to an audit released Thursday.

The TransPark, created in 1991 as a way to boost the eastern North Carolina economy, has been a frequent target of critics who call it a waste of money. It has never achieved its goal of self-sufficiency.

The facility's operating revenue increased by 13 percent, to $1.3 million, in the 2008-09 fiscal year, which ended last June. That wasn't enough to offset its annual expenses, which dropped by 5 percent.

Auditors also expressed concern that the TransPark won't be able to repay a $36 million loan that is due next year. Lawmakers have pushed the loan deadline back before and could do so again.

A new tenant, Spirit Aero Systems, could help the TransPark's finances in the future, according to auditors. The facility received a $100 million grant from Golden LEAF, a Rocky Mount-based economic development foundation, to lure the aircraft component manufacturer to Kinston.

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  • frosty Mar 26, 2010

    The TransPark is too close to Kinston for it to be useful to the Navy as an OLF. To simulate night carrier landings the OLF needs to be in an area where there are no lights to give the pilots any point of reference outside the landing area as it would be at sea.

    Sadly, as much as people praise Jim Hunt. (not me) He was probably the start of the state's runaway spending that has us in the current mess.

    The TransPark was probably not the best idea, and not doing anything about all the stop lights on US 70 did not help, it limits easy road access. Sort of an "if you build it they will come" without a good way to get there. But it still could make it as something someday. But finding ways to lower costs would be a help.

  • etshoney Mar 26, 2010

    ALL THIS FOR YEARS AND WE ARE LAYING OFF TEACHERS! GIVE ME THE BUDGET AND I CAN ASSURE YOU THE COMMISSIONS AND THINGS LIKE GLOBAL TRANS PARK ARE GONE!!!! NORTH CAROLINA BACK IN THE "BLACK"!

  • chfdcpt Mar 26, 2010

    How about we lease the facility to the US Navy for their OLF? The Navy will make the necessary upgrades to the facility, and they would pay good money in rent.

    Think about it. The folks in Dare Co win, the Navy wins, and the GTP (us tax payers) win.

  • dixie dingo Mar 25, 2010

    The 'concept' isn't faulty. The implementation has been non-existent. That's what happens when politics gets in the way. You can pick your cronies, you can pick your nose, but you can't pick your cronies'noses ---because they're never around!

  • Retired07 Mar 25, 2010

    Thanks Jim Hunt--This was your baby wasn't it?

  • Suasponte Mar 25, 2010

    Ah yes, Eastern North Carolina, millions of dollars lost, millions of dollars in unpaid loans, NC legislature, and lets not forget, that Leafy organization.

    Sounds like a Google search for NC politics. This should be a totally new federal investigation. Same players, same issues.