North Carolina’s Global TransPark in Kinston was in the news this week, announcing still more taxpayer dollars being dumped into this long-time money pit.
A newly formed jet aircraft company will hire more than 100 workers at Kinston’s Global TransPark aviation hub after receiving millions of dollars from the state. …In return, the aircraft company will receive more than $6 million from various government entities, including $2.3 million from the JDIG program, $2 million from the Department of Transportation and $1 million from the N.C. Global TransPark Foundation, according to the JDIG agreement.
Civitas has covered the TransPark before, noting in 2015 what a black hole of of taxpayer money this crony project has been since the beginning.
After 20-plus years and more than $150 million in government handouts, what has been the result? GTP continues to fail to be self-sufficient. For the fiscal year ending June 30, 2014, it suffered a net operating loss of $6.8 million. It continues to receive millions in state taxpayer dollars, receiving $1 million in state operating aid and $26.6 million in state capitol appropriations in FY 2013-14.
As an update, the TransPark continues to rely on taxpayer dollars, receiving $6.2 million in this year’s budget.
Naturally, crony Cooper applauded this corporate handout of taxpayer dollars:
“The jobs and investment LGM Enterprises brings to Lenoir County will put more money in people’s pockets and help eastern North Carolina’s economy prosper,” Gov. Roy Cooper said in a prepared statement. “Aviation and aerospace are one of North Carolina’s core industry sectors, and the Global TransPark is an important hub for this industry in our state.”
This is the same Roy Cooper that said earlier this year “Corporate giveaways and tax cuts for the wealthiest come at a high cost for middle-class families” and “We cannot sacrifice education at the altar of even more corporate tax cuts or giveaways that are mostly for the wealthiest.”