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With all of these announcements made, has this addressed skepticism from the media, who have been critical of BOOM Supersonic, saying that this will not become a reality?
So far, yes. The announcements made at the Paris Air Show have been vital in bringing the project further to life.
GREENSBORO – The so-called “Overture Superfactory†for the building of faster than the speed of sound passenger jets for Boom Supersonic is taking shape, its basic steel infrastructure having now been erected.
So says Boom in its latest update about the massive facility being built near Piedmont Triad International Airport.
“The Overture Superfactory, the final assembly line for Overture [airliners], is on pace for completion in 2024,†the company says.
It is worth noting at this point Boom's actual investments in North Carolina are close to $0. They have not hired anybody here yet, do not have job postings yet, have not relocated anybody here, and the funding for the hangar that is being built came from the state ($56.75 million for the hangar and $15 million for site prep). Right now, Boom is only in a lease agreement and paying $11,300 in monthly rent for the site and they will pay $22,601 once the state finishes the factory to lease the hangar.
Boom is effectively leasing 62 acres of prime real estate at PTI for less than $150,000 a year... and we are building them a hangar. To help promote Boom that has doubts on feasibility, the state and PTI is gladly letting Boom take the credit for the factory construction even though they aren't paying for it or even the construction company's client.
I hope Boom gets to the point they start hiring people here and we see some actual skin in the game from Boom in NC (and that they can build a plane). Otherwise all I see right now in this hangar is risk to NC taxpayers and 0 risk to a private company.
It is worth noting at this point Boom's actual investments in North Carolina are close to $0. They have not hired anybody here yet, do not have job postings yet, have not relocated anybody here, and the funding for the hangar that is being built came from the state ($56.75 million for the hangar and $15 million for site prep).
Thats not correct. State incentives are not paid upfront. They are paid out over 20 years, only after the company proves each year that they have reached a contractually agreed threshold to qualify for an incentive payment. That is SOP for almost all incentive grants in NC.
"Like all grants from the JDIG program, any state payments only occur following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets."
Thats not correct. State incentives are not paid upfront. They are paid out over 20 years, only after the company proves each year that they have reached a contractually agreed threshold to qualify for an incentive payment. That is SOP for almost all incentive grants in NC.
"Like all grants from the JDIG program, any state payments only occur following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets."
The JDIG cover the incentives for meeting employment numbers. That's different than the $106.7 million investment by the state for infrastructure improvements at PTI airport that Boom will benefit from (including the hangar under construction). Essentially EVERYTHING being done right now is state funded as part of the infrastructure improvements by taxpayers. Boom will simply lease the hangar once complete for about ~$150,000 / year. If Boom goes out of business, PTI Airport owns the hangar and could find other tenants which mitigates this risk. My point is we have yet to really see Boom invest ANYTHING as the hangar is funded by NC and they haven't hired anybody here. I'll reserve excitement for Boom until they have some real cash and skin in the game.
"The document lays out in detail how the $56.75 million the state contributed for hangar construction and the $15 million for site preparation will be spent, and it specifies an option that expires on Dec. 31, 2030, for an additional airport expansion site, a concept the PTIA board had approved last summer.
Boom is required to pay the airport authority $11,300 a month in rent until occupancy and then $22,601 per month thereafter. These are prorated based on square footage.
If the expansion site is added to the lease, Boom will owe an additional $25,693 monthly based on projected square footage. That could rise to about $28,776 based on inflation, timing and other factors."
The JDIG cover the incentives for meeting employment numbers. That's different than the $106.7 million investment by the state for infrastructure improvements at PTI airport that Boom will benefit from (including the hangar under construction). Essentially EVERYTHING being done right now is state funded as part of the infrastructure improvements by taxpayers. Boom will simply lease the hangar once complete for about ~$150,000 / year. If Boom goes out of business, PTI Airport owns the hangar and could find other tenants which mitigates this risk. My point is we have yet to really see Boom invest ANYTHING as the hangar is funded by NC and they haven't hired anybody here. I'll reserve excitement for Boom until they have some real cash and skin in the game.
"The document lays out in detail how the $56.75 million the state contributed for hangar construction and the $15 million for site preparation will be spent, and it specifies an option that expires on Dec. 31, 2030, for an additional airport expansion site, a concept the PTIA board had approved last summer.
Boom is required to pay the airport authority $11,300 a month in rent until occupancy and then $22,601 per month thereafter. These are prorated based on square footage.
If the expansion site is added to the lease, Boom will owe an additional $25,693 monthly based on projected square footage. That could rise to about $28,776 based on inflation, timing and other factors."
Not sure what your point is, but yes, the state is funding the infrastructure improvements at PTI airport for Boom. If Boom fails, the infrastructure improvements will be in place for another company to take its place. And likely fail. Money well spent in my opinion. LOL
Last edited by Mr. Big; 09-25-2023 at 10:10 PM..
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