NC Legislature Would Begin Paying TransPark Debt

The North Carolina General Assembly wants to begin repaying the debt owed to a special fund by a state-owned industrial park in Lenoir County started 20 years to help develop an air cargo jetport.

The Senate agreed Wednesday night to give $17.5 million to pay down the $40 million the Global TransPark's owed the state Escheats Fund. The TransPark then would be required starting in July 2013 to make quarterly payments totaling $5 million annually to help pay down the remainder.

The General Assembly has extended the loan repayment five times since 1999 in hopes the TransPark could pay it back. Critics of the TransPark have said the state should quit the project because it hasn't generated enough jobs.

The bill also changes the composition of the Global TransPark Authority.

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  • by Lubba Location: what? on Jun 9, 2011 at 10:38 AM
    Do you hear the people you elected officals!!!! WQe are tired of you wasting money. Demo's and Repub's alike on this one. If you are in office now and voted to waste more money on this. I WILL BE VOTING AGAINST YOU!!!! Don't worry, I'm not gonna vote the way my preacher tells me too. IF you know what I
  • by Fact Bringer Location: Greenville on Jun 9, 2011 at 10:02 AM
    I am amazed that our state senate has proposed paying state money into this fund at this time. I agree with some other posts here- follow the money.
  • by Scott on Jun 9, 2011 at 09:13 AM
    I thought that was what the "GTP" plate for all those years was for. The GTP has been a total waste of money.
  • by local Location: greenville on Jun 9, 2011 at 08:59 AM
    the global transpark is a sick joke!
  • by Justice on Jun 9, 2011 at 08:05 AM
    HAHA, if this isn't robbery of taxmoney, nothing is. Anytime elected officials vote on spending money above and beyond whats constitutionally required, they, the ones who vote for such waste, should put the first lean on their own property and belongings Bet they wouldnt be so quick to build a fishing pier, or a Theather, or a transpark,, all of which the taxpayer got taken for a RIDE!! This is the only way to bring accountability to goverment!! Should be made a law!!
  • by Anonymous on Jun 9, 2011 at 07:37 AM
    Here is a novel idea. Make this a big spending cut. Make the tenants at GTP pay this debt. Don't put it on the taxpayers. We did not vote to do this anyway. Just another state boondoggle.
  • by Dumb! on Jun 9, 2011 at 06:16 AM
    Looks like Kinston will be filing bankruptcy soon. They should of put the GTP in Greenville.....
  • by Anonymous on Jun 9, 2011 at 05:48 AM
    If this happens the entire state should recall every legislator that votes for it. This is robbery of the taxpayer a felony.
  • by Bill Location: ENC on Jun 9, 2011 at 04:59 AM
    What are these idiots thinking? All you hear in the news is we are loosing teachers, there is a shortfall in taxes, we are spending more than we are taking in. Where in the world do these idiot think 17 millions dollars is coming from. Charge more rent at the GTP. Make the idiots (government officials)that started this thing forfit all their profit until the debit is payed back! Make the people in government responsible for their decisions!
  • by Anonymous on Jun 9, 2011 at 04:58 AM
    Tragic! Republicans and Democrats alike kiss the tail of rich people. Look at who owns most of the land around the TransPORK. It was all to be able to honknob with a rich person!
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