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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