Public notice: Notice of public hearing - Lenoir County

NOTICE IS HEREBY GIVEN that the Lenoir County Board of Commissioners will hold a public hearing during its regular meeting which is scheduled as follows:

TIME: 9:00 A.M.

DAY: MONDAY

DATE: JANUARY 6, 2020

PLACE: 130 S. Queen Street, Lenoir County Courthouse, Kinston, NC

PURPOSE: To consider the provision of economic development incentives pursuant to G.S. 158-7.1.

The Board of Commissioners intends to consider awarding an economic development incentive to Aircraft Solutions USA, Inc. which is investing in real and personal property with a potential value totaling $99,770,000 taxable amount ($118,000,000 total investment). The value of the incentive is based upon the appraised value each year as appraised by the Lenoir County Tax Administration Office.

The amount of Lenoir County property tax revenues which will be billed to the company for their capital investment in machinery and equipment for Aircraft Solutions USA, Inc. will exceed the amount to be paid out by the county for economic development grants.

Aircraft Solutions USA, Inc. will invest over $118,000,000 and create 475 new jobs in Kinston over the life of the project. The average salary is $47,000 for these employees, with the county average being $37,666. The public benefit to be derived from granting the incentive would be an increase in jobs in Lenoir County with above average pay and an increase in the tax base.

The grant will be a total of $3,000,000.00 and paid over ten years. This would be a performance-based grant. No money would be paid until after performance goals are met.

The first payment would be following the investment and reporting to the Lenoir County Tax Office. Questions concerning this agreement and project may be directed to Ms. Keely Koonce, Lenoir County Economic Development Department at (252) 527-1963.