According to an audit released today, the biggest economic development boondoggle in the State’s history (No, not the Parton Theater, although it’s gaining quickly), the Global TransPark in Kinston is at risk of going bankrupt, leaving the taxpayers holding the bag for somewhere in the neighborhood of $32.1 million.
And, if it went belly up, we would owe another $18.1 million to the FAA to pay them back for the money they invested.
If this does happen, the State should pay the money back from the balance of the One North Carolina Fund and other money already set aside for economic development. We shouldn’t have to pay again for failed economic development programs.
If it does go under, can I get the $20 back I had to pay for that stupid GTP license plate?
Here is a contest:
Who can come up with an economic development project in recent history in North Carolina that actually did all that they said that it was going to do?
Any takers?