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Big hangars, even bigger economic impact

Oct 13, 2009 - Recently the Albemarle Economic Development Commission asked the North Carolina Division of Policy Research & Strategic Planning to assess the economic impact of each overhaul hangar brought online in the Elizabeth City-Pasquotank County Aviation Research and Development Commerce Park. Based on the historical staffing and salary patterns already in evidence in DRS Technologies' existing hangars adjacent to the Elizabeth City Regional Airport, this analysis indicated that each overhaul hangar constructed in the air park will have a one-time construction impact of $10.7 million and an ongoing annual impact of $54.5 million. (Download the full Commerce study here.)

Based on this analysis, the AEDC forecasts that the Park when built out in 2014 will have produced more than $56 million in construction-related economic impact and $191 million in ongoing annual impact. Additionally, the City and County can expect to collect nearly $857,000 annually in taxes and lease payments directly attributed to the air park.

"Kudos to the local officials at the City, the County and the Airport Authority, and to Elizabeth City State and College of the Albemarle, and to Representative Bill Owens," said Wayne Harris, Director of the Albemarle Economic Development Commission. "The cooperation among these individuals and organizations has created an economic development success of historic proportions."

The air park already has returned more than $180,000 in the form of DRS' first-year lease payment on the four sites in Phase I. DRS also paid more that $103,000 in taxes in 2009 on its two completed hangars adjacent to the Elizabeth City Regional Airport.

These benefits come at a remarkably low cost to local taxpayers. The City and County jump-started the air park with an investment of $200,000 each. With that seed money and a plan that incorporated an Elizabeth City State University School of Aviation Science and a College of Albemarle FAA-certified training facility into the park footprint, local officials were able to attract $10.1 million in state and federal grants. Reimbursements of $1 million from future Park tenant DRS and $500,000 from ECSU completed the $12-million needed to construct Phase I of the air park.

Following is a brief PowerPoint that outlines the sources of park funding and its return on local investment dollars. Click on the "slide" to advance the presentation.