COG Comprehensive Annual Financial Report

and customer service facilities, the company currently employs 1,700 people in the area. Following 12 years of design and testing, the HondaJet HA-420, a lightweight 7-passenger jet, received all required FAA certifications and was delivered to its first customer in 2015. HondaJet has subsequently received certifications world-wide and has established a dealer and sales network to provide service and support globally. In 2018, HondaJet unveiled and began delivery of their latest aircraft, the HondaJet Elite. The new aircraft provides improved flight range with an auxiliary fuel tank, increased payload, reduced vibration and cabin noise, enhanced avionics, and greater cabin space. HondaJet was named the most-delivered jet in its category for the first half of 2018 by the General Aviation Manufacturers Association, delivering 17 aircraft to customers, with a total of 85 deliveries to date. The company expects HondaJet and HondaJet Elite to be formidable players in the light business jet market, with annual production expected to reach 80 units per year by mid-2019. Greensboro’s City Council had previously approved an economic incentive grant in the amount of $523,750 ($1,250 per new job) for Honda Aircraft Company. The grant was provided for the purpose of real property improvements, new equipment and creating jobs. Federal Express began operating a major aircraft hub and cargo handling facility at PTIA in 2009. The cargo handling facility is located on an approximately 160 acre site that has been leased by the Authority to Federal Express for an initial term of 25 years. The cost of the $500 million cargo handling facility was funded by Federal Express, and the Authority constructed a new 9,000-foot public runway parallel to an existing runway, as well as related taxiway, airfield and road improvements. In 2018, the FedEx Mid-Atlantic hub plans to nearly double existing operations, adding eight net new flights and up to 400 new jobs, bringing total employment at the PTIA hub to more than 800 employees. In nearby Kernersville, the expansive FedEx Ground distribution center is 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. The 415,000 square foot hub has a workforce of 550 full and part-time employees and about 200 independent contractor opportunities. This facility features the latest in automated handling technology and can process 24,000 packages per hour. With projected future expansion, the hub could eventually process 45,000 packages per hour serving the Southeast Region. To further augment this growing logistics network, United Parcel Service (UPS) Ground has a more than 280,000 square foot small package operations hub capable of sorting more than 59,000 packages per hour. UPS Freight has a facility which moves approximately 1 million pounds of freight daily. Together with its High Point operations, UPS employs over 2,000 people in the area (Greensboro Economic Development Alliance).

In the City’s downtown area, a Business Improvement District (BID) was established in FY 2005 with an additional separate tax rate assessed for properties within the district boundaries. Currently the district tax is $.08 per $100 valuation. The BID generated approximately $698.1 thousand in the fiscal year ended June 30, 2018 from property taxes, to be used for downtown improvement projects. A variety of activities have been completed, including new housing developments, business location loans, business facade improvements, landscaping and public safety programs. In FY 2013, City Council adopted aspects of a “Good Repair” Ordinance to further enhance the attractiveness of downtown sites.

In 2005, a $20 million minor league baseball stadium with a 7,499 seat capacity, opened with annual attendance averaging over 350,000 for the past five years. After 16 years of affiliation with the Miami Marlins, the Greensboro “Grasshoppers”, a Class A affiliate team, has agreed to a two-year player development contract with the Pittsburgh Pirates. The owners of the “Grasshoppers”, Greensboro Baseball LLC, purchased the First National Bank Field for $12.8 million, becoming one of just a handful of groups that own the park where their team plays. VI