Craven County will apply for more than $1 million to go towards the development of commercial aerospace at Coastal Carolina Regional Airport. The move comes as the county seeks new properties to offset a local shortage of land readily available for new business and industrial ventures.
During their June 5 meeting, the Craven County Board of Commissioners approved a resolution authorizing the county’s economic development department to apply for a NC Department of Commerce grant in the amount of $1,026,375 through their infrastructure development funds. The grant requires a match which is being provided by the Coastal Carolina Regional Airport Authority.
Economic Development Director Jeff Wood said he has been working with the airport authority to obtain funds to build out the commercial aerospace development area of the airport, which totals 115 acres that is currently owned by Craven County. All finances for the airport authority are managed by the county’s finance department,
To date, the authority has been successful in winning a Golden LEAF grant for $753,700 to extend water and sewer infrastructure in the development area and has received $359,231 in county funding.
The Department of Commerce grant would bring total funding for the project to $2,139,306.
According to Wood, the new grant funds would go towards building roadways, which would open up 90 acres that has been set aside in the airport’s 20-year plan to be utilized for aeronautical and aerospace based economic development.
“That will give us valuable aerospace development product that we need,” Wood said.
The total estimated cost to develop the property for use is $27,985,100, which in addition to costs for infrastructure such as roads also includes clearing and preparing the land.
Wood acknowledged that the space for future commercial development is in short supply throughout the county.
“We are successfully running out of property at the industrial park. We have 50 acres left…so this is a critical juncture for us as we look for new property,” he commented.
According to information provided with the project overview, in the last five years Craven County has sold nearly 56 acres of property at the industrial park and accumulated more than $1 million to the county while bringing in $17.6 million in private investment and creating or retaining 213 jobs.
According to the project overview, the extension of water, road and sewer to the airport’s aerospace development site will begin in November 2023 and will be completed within one year of the start date.
“This investment will provide much needed industrial space, green space for development and assist the county in product to be utilized by one of its target industries, aerospace,” the overview notes.
By Todd Wetherington, co-editor. Send an email with questions or comments.