Project Aero — also known as American Titanium Metal LLC — will bring 304 high-paying jobs to Fayetteville with an $867.8 million, 500,000-square-foot titanium plant to be built on the north side of the city, state and local officials announced late Tuesday.
“Although wages will vary depending on the position, the average salary will be $123,476, which is significantly higher than the current average wage in Cumberland County of $45,951,” says a news release from the N.C. Dept. of Commerce. “Project Aero will bring an annual payroll impact to the community of more than $37 million per year.”
The plant is to be built on 120 acres at 557 Bethune Drive. This is off Ramsey Street near the Goodyear Tire & Rubber Co. factory. The property belongs to Cape Fear River Holdings LLC, which is managed by Fayetteville developer Franklin Clark III.
“Project Aero addresses a substantial manufacturing supply chain need of the United States’ aerospace industry — namely, the availability of aerospace-grade titanium,” according to a news release from the Fayetteville Cumberland County Economic Development Corporation.
“Titanium alloys are valued by aircraft manufacturers, as well as across many industries due to their low density, high strength, corrosion resistance, and ability to withstand extremes of temperature,” the release continues. “The company’s project in Fayetteville will establish approximately a 500,000-square-foot facility and campus that is purpose-built to melt, roll, and finish titanium.”
Project Aero’s chairperson is Teresa McBride, the news releases say. “Aerospace has continuously pushed the boundaries of human potential and plays a pivotal role in our nation’s economic growth while bridging distances, transforming economies, and securing our future,” she said.
Government incentives for Project Aero
In May, the Cumberland County Board of Commissioners approved a program under which American Titanium Metal LLC can borrow up to $1.3 billion for the project through the Cumberland County Industrial Facility and Pollution Control Financing Authority, with $750 million of the bonds being tax exempt. Under this program, county taxpayers would not be liable if the company defaults on the debt.
The Fayetteville City Council and county commissioners in May also approved incentive packages to encourage American Titanium Metal to choose Fayetteville instead of other locations in North Carolina and in other states, CityView previously reported. These included millions of dollars of rebates on the project’s annual property taxes over the course of 20 years.
The city and county are to each spend $535,000 to provide water and sewer infrastructure, and the city and county are to buy the 120 acres needed for the project and give it to American Titanium Metal.
On Tuesday, the North Carolina Economic Investment Committee approved a Job Development Investment Grant that could total more than $8 million over 12 years.
Officials celebrate Project Aero
Elected officials quoted in the news releases predicted the Project Aero plant will boost the Fayetteville economy.
Fayetteville Mayor Mitch Colvin: “This project highlights our potential in the aerospace and advanced manufacturing sectors, making Fayetteville poised for tremendous growth and increased prosperity.”
State Sen. Tom McInnis: “Project Aero’s decision to locate operations in our region shows people around the world that we’re the perfect location for tomorrow’s global industries.”
Cumberland commissioners Chairperson Glenn Adams: “When we, as the Board, consider which projects to recruit into our community, we are always mindful of the impact on our residents and the opportunities they will provide. We want everyone to know that Cumberland County is open for business and hope this will spur continued economic growth.”
Gov. Roy Cooper: “North Carolina offers aerospace manufacturers like this one in Cumberland County a talented workforce, worker training systems, and world-class transportation networks that will help them grow and succeed in our state.”
Senior reporter Paul Woolverton can be reached at 910-261-4710 and pwoolverton@cityviewnc.com.
This story was made possible by contributions to CityView News Fund, a 501(c)(3) charitable organization committed to an informed democracy.
Could someone explain who will be responsible for the repayment of the $1.3 billion if the project defaults. $1.3 billion of free money that no one has to repay seems almost too good to be true.
We need environmental studies on effects of titanium exposure in humans. Let’s not have another Chemours!