MONROE – SPX Corporation has secured economic incentive grants from Monroe and Union County to relocate its corporate aircraft to the Charlotte-Monroe Executive Airport.
SPX has been in talks with Monroe-Union County Economic Development about relocating from Charlotte Douglas International Airport since 2008, according to MUCED Executive Director Chris Platé.
Platé told the Monroe City Council last month that SPX considered relocating for three factors, including incentives.
The other factors were direct international flights available via the U.S. Customs facility and the self-fuel storage agreement available through the airport’s fee schedule.
If SPX decides to move, the Ballantyne-based firm would house its Bombardier Challenger 605 aircraft in a new hangar under construction at Charlotte-Monroe Executive Airport.
The $9 million aircraft would take up 60% of the hangar’s floor space as well as three of the four office units in the hangar, according to Platé.
Monroe and Union County employed a new recruiting tool, known as an economic development aircraft incentive grant. The grant is based on the assessed value of the aircraft for the first year it’s in Union County. That figure is multiplied by 0.7% to arrive at the maximum grant amount.
Monroe and Union County each approved grants of up to $63,000 for SPX. The company will get the grants in three annual installments.
Platé estimates SPX will pay $175,416 in property taxes over the life of the grant. Platé said the county could recoup $9.24 for every $1 invested in the grant over the life of the plane.
“Planes basically just consume gas, fly and pay taxes,” Platé told county commissioners Nov. 18. “There’s virtually almost no cost to this thing. So, the return on investment should be even higher than what we’re saying today.”