2022 Annual Comprehensive Financial Report

from major airline carriers. With an additional 1,000 acres available at the megasite and nearly 200 aerospace companies nearby, this area is positioned for continued growth. In June 2016, the Greensboro-Randolph megasite received industrial site certification, designating the site as construction ready for a large-scale industrial user. Golden Leaf, a nonprofit foundation, awarded $7 million for water and sewer line construction for the Greensboro-Randolph megasite. In December 2021, Toyota Battery Manufacturing, Inc. (“Toyota”) announced that it would develop a battery manufacturing facility at the Greensboro-Randolph megasite. The approximately 1,800-acre Greensboro-Randolph megasite property, located 20 miles southeast of downtown Greensboro, has been conveyed to Toyota, and site grading is underway. Construction of the Toyota plant is expected to begin in late 2022, with plant production expected to start in 2025. The initial announcement made in December 2021 includes a $1.29 billion battery manufacturing plant which is expected to create 1,750 new jobs. In August 2022, a second announcement was made adding $2.5 billion and 350 jobs, bringing the total investment to $3.8 billion and approximately 2,100 jobs. The City is currently working to provide needed water and sewer infrastructure to the Greensboro Randolph megasite. Toyota’s new battery manufacturing facility adds to the growing synergy of regional entities involved with electric vehicles and power production, including Thomas Built Buses in High Point, Volvo Trucks North America’s headquarters in Guilford County, and Wolfspeed and VinFast, both in Chatham County. Toyota’s facility will not only significantly contribute to the growth of electric vehicle manufacturing and development, it will also have a tremendous impact on overall economic growth involving builders, suppliers, service providers, workers and governments in the Triad region and across North Carolina. The CAM megasite, within 25 miles of the City, offers 1,800 acres and received official state certification as a megasite in June 2014. The site was selected to participate in Duke Energy’s Site Readiness Program that helps officials recruit major industries. Golden Leaf, a nonprofit foundation, awarded $4 million for water and wastewater infrastructure at the CAM megasite. In September 2022, Wolfspeed, based in Durham, announced plans for a new semiconductor factory with 1,805 employees and a total $5 billion investment by the end of 2030 at the CAM megasite near Siler City. Wolfspeed would occupy 445 acres of the 1,802-acre CAM megasite, leaving space available for other major industrial projects. The project’s economic impact is expected to be $17.5 billion through 2045 and generate a net gain of $312 million in State revenue. The average annual salary is projected at $77,553, while ChathamCounty’s average annual wage is $41,638. The facility represents the largest economic development project announced in State history based on investment. The fourth megasite, Triangle Innovation Point, is located approximately 30 miles southeast of the CAM megasite. In March 2022, VinFast LLC, a Vietnamese automaker, announced plans to develop a significant electric vehicle and battery manufacturing operation. The project is expected to create 7,500 jobs with production beginning by July 2024. The company plans to invest $4 billion by 2026 with salaries expected to average more than $51,000. 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, and Allegiant. For the calendar year 2021, PTIA boarded 628,391 passengers, compared to 378,279 boarded passenger in 2020 due to the coronavirus pandemic. During 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. Cargo traffic at the airport was up 61% for 2021 as compared to a decrease of 18% in 2020. Passenger and cargo traffic for the seven months ended July 31, 2022 were up 51% and 4%, respectively, compared to the same period last year, reflecting growing recovery from the coronavirus pandemic. PTIA’s recent capital improvement projects include; jet way foundation construction and installation of five jet ways with enclosed pedestrian bridges, purchased for approximately $1.1 million, terminal gate

IX