The Boom Technologies Inc. announcement at Piedmont Triad International Airport (PTIA) on Wednesday, Jan. 26 is another example of the huge success of regional cooperation in economic development.
The Boom day began with the Guilford County Board of Commissioners meeting at 8:30 a.m. to approve an economic development incentive of up to $12.1 million.
Then the Greensboro City Council followed along with a three minute meeting at 10 a.m. approving an economic incentive of up to $2.64 million for 1,761 new jobs.
Despite the fact that many people think it is, PTIA is not in Greensboro and Greensboro won’t receive tax revenue from the Boom Supersonic manufacturing facility. It’s the second time in as many months that the Greensboro City Council has voted to award economic incentives to a major manufacturing facility outside the city limits. The first, of course, was Toyota Battery Manufacturing North Carolina at the Greensboro-Randolph Megasite.
There is however, no doubt that Greensboro is going to greatly benefit from both of these major economic development projects and the votes to award the economic incentives were unanimous.
The big money for Boom came a little bit later from the state when the North Carolina Department of Commerce and Economic Investment Committee approved a Job Development Investment Grant of $106.7 million for the project.
That money had been approved by the state legislature in the form of budget amendment in December under the code name “Project Thunderbird.” Shortly after that budget amendment was approved the Raleigh News & Observer reported that the company involved in Project Thunderbird was Boom Supersonic. The Rhino Times was able to independently confirm that the company considering PTIA for a new facility was to manufacture supersonic aircraft, but not the name.
Finally, on Boom Wednesday the official announcement that Boom Technologies planned to spend at least $500 million on building a new manufacturing facility for its supersonic passenger jets was made at 2 p.m. in a very chilly parking deck at PTIA.
One of the many selling features for PTIA and one that no amount of investment or preparation could change, is location. Boom supersonic jets will have to be tested over the ocean because sonic booms are not allowed over land and as people who live here are known to frequently say one of the great things about Greensboro is that it is close to the coast and close to the mountains. Of course, the coast is a whole lot closer if you happen to be flying in a supersonic jet.
