Tue, Mar 23, 2004
Charlotte's Regional Airports Battle For Corporate Traffic
Municipal airports in
the Charlotte (NC) region are locked in a fierce battle to
draw in business aviation traffic. For the municipalities, the
fight is well worth it. At stake are tens of thousands of dollars
in property taxes levied upon corporate jets and potentially
millions more in additional revenue generated by the companies that
own them. As one would expect, city officials welcome the larger
corporate flight departments with open arms.
"We're trying to attract corporate users because they bring jobs
and investment for the area," Jim Hurd, chairman of the Statesville
Airport Commission told the Charlotte Business Journal.
Lowe's Cos. Inc., which has moved its headquarters to
Mooresville from Wilkesboro, decided to base its five corporate
aircraft at Statesville Municipal Airport, choosing it over Concord
Regional Airport. That decision has translated into an estimated
$100 million increase in the Statesville and Iredell County tax
base. The company's decision to base its aircraft in Statesville
has prompted a frenzy of activity, with the north Iredell city
planning $14 million worth of improvements to its airport. Plans
include a runway extension that will enable the largest corporate
jets to take off with a full load of fuel. In addition, the FAA,
which will pay 95 percent of the improvement costs, is scheduled to
install an instrument-landing system at the airport this year.
Sister states are taking
note and making their won taxing moves. Under South
Carolina legislation enacted in January, York County has
reduced its property tax levy on airplanes by 62 percent in a bid
to attract more corporate aircraft to the Rock Hill-York County
Airport. Officials says their state's property tax rate for
corporate aircraft has long been higher than North Carolina's,
putting the Palmetto State at a competitive disadvantage.
Until the new SC law took effect, the local property tax on a $5
million jet based at Rock Hill-York County Airport was $185,000 per
year. The annual tax on a comparable plane at Monroe Regional
Airport is $55,000, and in Statesville it's $40,000. Under the new
SC tax rate, however, this year's tax bill on that aircraft in Rock
Hill will drop to $70,500.
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