2022 Annual Comprehensive Financial Report

the addition of the Embraer’s Phenom 300 and Praetor 500 aircrafts to its existing fleet. By 2025, the company plans to have electric-powered planes in the sky. Key factors of Jet It’s business are private air travel and fractional ownership of an aircraft, allowing multiple parties to share in the ownership and use of an aircraft. Jet It ranks among Honda Aircraft’s largest purchasers of HondaJet Elite aircrafts. HAECO Americas’ , formerly known as TIMCO Aviation Services, corporate headquarters is located at PTIA. HAECO provides aircraft maintenance, repair and overhaul services, and acquired TIMCO Aviation services for $388 million in 2014. The company has over 1,600 employees at its five-hangar footprint at PTIA as well as additional employees at its interiors manufacturing facility in neighboring Davidson County. It services both wide-body and small body aircraft and is able to provide both high-end interiors for luxury airliners as well as more modest coach configurations. In addition to the four existing hangars in operation, HAECO completed a new $60 million, 250,000 square-foot hanger at PTIA in 2018. The City offered an economic incentive award of $400,000 to be paid out over five years if certain jobs are created. hub at PTIA in Greensboro. Additionally, Amazon signed a second lease in April 2019 for 38 acres in the Piedmont Corporate Park. The ten-year lease begins in August 2019 and includes five additional options to extend the lease by five years. Between fall 2019 and summer 2021, Amazon has opened three last-mile delivery facilities located in Kernersville, Colfax and Whitsett, 14 miles east of Greensboro. Each facility employs between 100 and 200 workers with a starting wage of $15.50 per hour plus benefits. FedEx began operating its Mid-Atlantic hub, a major U.S. air hub and cargo handling facility, in 2009. The one million square-foot cargo handling facility is located at PTIA on approximately 160-acre site that has been leased by PTIA to FedEx for an initial term of 25 years. FedEx funded the $500 million cargo handling facility, and PTIA constructed a new 9,000-foot public runway parallel to an existing runway, as well as related taxiway, airfield and road improvements. Between 2009 and 2019, the FedEx Mid-Atlantic air hub, nearly doubled existing operations, adding eight net new flights. In September 2020, FedEx expanded further by adding an average of five to six daytime flights at PTIA in response to increased demand for e-commerce goods in both local markets and freight bound for other locations. In nearby Kernersville, the $110 million, 415,000 square foot FedEx Ground “super hub” sorting and distribution center opened in 2011 and expanded to 493,000 square feet in 2015. In early 2021, FedEx purchased 25 acres on the western edge of its existing FedEx Ground location in Kernersville for $4.98 million and site preparations are in progress. The extensive FedEx air and ground distribution centers in the Greensboro area are part of an ongoing nationwide network expansion and transit time acceleration plan to boost daily package volume capacity and further enhance the speed and service capabilities of its network. In total, FedEx air and ground operations, employ approximately 3,500 permanent full-time workers in the Triad. To further augment this growing logistics network, United Parcel Service (UPS) , a dominant logistics company in the region, including UPS Ground and Freight, continues to grow. In October 2020, UPS announced two major projects in the area, bringing a total of 592 new jobs; a $54 million equipment expansion at its distribution facility in Greensboro and plans to construct a $262 million, 510,000-square-foot distribution center 16 miles east of Greensboro. In June 2020, Greensboro City Council approved a $314,771 incentive package to create an additional 141 jobs paying an average annual salary of $65,147. In addition, in October 2020, the North Carolina Economic Investment Committee approved incentives for UPS valued at more than $10 million. Currently, the Triad is in the top five in terms of size of sorting and distribution facilities in the country. UPS’s expansion plans will further strengthen the area’s global logistics presence. In July 2020, online retailer Amazon.com, Inc. began operations at its newly constructed one million-square-foot fulfillment center at Triad Business Park in Kernersville, located between Greensboro and Winston-Salem. The new facility employs approximately 1,000 employees and is within a couple miles of the FedEx Ground operation and within 10 miles of the FedEx air and sorting

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