2021 Annual Comprehensive Financial Report

conclude the entire project with anticipated completion by 2023. The Urban Loop beltway is comprised of four major interstates; 73, 85, 785 and 840. This connectivity significantly contributes to the distribution and logistics hub in the region. Major industrial and business parks , with fully developed infrastructure, continue to develop in and around PTIA. Existing office and industrial facilities located within 2½ miles of the I-40 airport exit include more than three million square feet of office, office/showroom, warehouse/distribution, light industrial and hotel space. The Federal Express air and ground facilities continue to generate more demand for office and other tenants associated with operations that need to be close to a logistics hub. Eight tracks of developable land, either with current or future runway access are being offered, with all utilities to the sites already installed. The developed area adjoining PTIA is anticipated to produce nearly 18,500 jobs, $3.2 billion in economic impact and more than $113 million annually in state and local tax revenue. City leaders continue to work with economic development officials in the region related to development of potential “ Megasites ”, typically with 1,000 acres or more to accommodate manufacturing and industrial facilities, including emerging technology, logistics and life science sectors. In particular, three sites within twenty-five miles of Greensboro range in size from 1,000 to 1,825 acres. In June 2016, the 1,825 acre Greensboro-Randolph megasite received industrial site certification designating the site as construction ready for a large-scale industrial user. The City of Greensboro has been working to provide needed water and sewer infrastructure to the Randolph site. The first phase of this project began in December 2020, and is anticipated to be complete by early 2022. In November 2020, the Greensboro-Randolph Megasite Foundation exercised its option to acquire 20 acres. The Chatham-Siler City Advanced Manufacturing site received official state certification as a megasite in June 2014 and was selected to participate in Duke Energy’s Site Readiness Program that helps officials recruit major industries. In support of these initiatives, a nonprofit foundation, Golden Leaf, awarded $11 million in grant funding - $7 million allocated to water and sewer line construction for the Greensboro-Randolph Megasite, and $4 million for water and wastewater infrastructure at the Chatham Siler Megasite. A third megasite, PTI Aerospace Center at Piedmont Triad International Airport, offers 1,000 acres of airport property ready for development. Piedmont Triad International Airport (PTIA) , located just eight miles from the City’s downtown area, is a major commercial and private aviation center that is owned and operated by the Piedmont Triad Airport Authority (the “Authority”). Situated along an aerospace-heavy corridor of Interstate 40, PTIA is at the center of a job-rich region for aircraft, manufacturing, aircraft parts supply and aviation repair and maintenance. The Piedmont Triad is home to nearly 200 aerospace companies including; Honda Aircraft, HAECO Americas, Cessna, North State Aviation, B/E Aerospace, Honda Aero and Federal Express. The Authority provides a complete line of aviation services, including air taxi service, aviation training and aircraft sales. Major passenger carriers include Delta, United, American, Allegiant and Spirit. For the calendar year 2019, PTIA boarded 1,078,247 passengers, making 2019 the first time PTIA surpassed 1 million since 2008, when 1,109,100 passengers were boarded. The number of people flying from PTIA in 2020 declined by 65% to 378,313 passengers due to the pandemic. Cargo traffic at the airport was down 17% for 2020 as compared to an increase of 36% in 2019. Passenger and cargo traffic for the eight months ended August 31, 2021 were up 32% and 82%, respectively, compared to the same period last year, reflecting growing recovery from the Covid 19 pandemic. PTIA’s recent capital improvement projects include; jetway foundation construction and installation of five jetways with enclosed pedestrian bridges from terminal gate locations to aircraft purchased for approximately $1.1 million, rebuilt overhead roadway at the departure level of the passenger terminal and an upgraded parking payment system. In addition, work continues on the new control tower, scheduled for completion in spring 2022. PTIA ranked as one of USA Today’s Top 10 Small Airports in the U.S. for both 2020 and 2021. The ranking compares U.S. airports that serve fewer than 10 million passengers annually while excelling in commercial flights, easy access and valuable services. The aviation industry is one of the critical business sectors of the Triad’s economic development strategy. With the ongoing collaboration of the public and private sector organizations and the educational community, the Triad is poised for strong future growth in aeronautics. Local aviation-related businesses draw heavily from

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