LGM Enterprises, LLC, an aviation company that operates the Fly Exclusive jet charter service, will create 145 jobs and launch a company to paint and refurbish aircraft at the
North Carolina Global TransPark
, Gov. Roy Cooper announced Thursday.
The project brings an investment of $10.5 million to Lenoir County.
"The jobs and investment LGM Enterprises brings to Lenoir County will put more money in people's pockets and help eastern North Carolina’s economy prosper," Gov. Cooper said. "Aviation and aerospace are one of North Carolina’s core industry sectors, and the Global TransPark is an important hub for this industry in our state."
LGM Enterprises' Fly Exclusive subsidiary provides high quality, safe and reliable point-to-point private jet service at industry-leading levels of affordability, accessibility and client satisfaction. Jetstream, a new wholly-owned subsidiary of LGM, will operate a state-of-the-art electrostatic paint and coating facility at the Global TransPark. Such facilities are a key asset for aviation maintenance, repair, and overhaul (MRO) operations and the facility will add important new capabilities to the Global TransPark.
"We welcome LGM Enterprises' choice to expand in Lenoir County," said North Carolina Commerce Secretary Anthony M. Copeland. "The aviation and aerospace industry has deep roots all across the state and today's decision confirms the Global TransPark's role as one of the state's key anchors for this industry."
The North Carolina Department of Commerce, the Economic Development Partnership of N.C. and the North Carolina Global TransPark Authority led the state’s support for the company’s expansion.
LGM Enterprises will add a variety of positions with this expansion, including pilots, painting technicians, and aircraft maintenance personnel. Salaries for the new positions will average $59,245, which is higher than the current Lenoir County average wage of $35,543.
LGM Enterprises's expansion in Lenoir County will be facilitated, in part, by a Job Development Investment Grant approved by the state’s Economic Investment Committee earlier Thursday.
Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $414 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2.346 spread over 12 years.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Partnering with the N.C. Department of Commerce and the EDPNC on this project were the N.C. General Assembly, the North Carolina Community College System, the N.C. Department of Transportation and its Division of Aviation, the Golden LEAF Foundation, the North Carolina Global TransPark Foundation, Lenoir Community College, the United States Department of Agriculture, Lenoir County the City of Kinston and the North Carolina Global TransPark Authority.