I had not heard anything for a minute about the billion-dollar titanium plant planned for north Fayetteville. That is, until Cumberland County sent out a recent news release that the bonds to finance the project would be considered by a government body that is probably unknown to most of us.
The meeting of the Cumberland County Industrial Facilities and Pollution Control Financing Authority is scheduled for this Thursday. It had been postponed from last Wednesday.
This body is to consider a final resolution authorizing the tax-exempt bonds of $1.3 billion for the plant. The authority would approve the bonds under a state financing act that invests in private companies that bring manufacturing and employment opportunities.
The Cumberland County Board of Commissioners unanimously approved the financing model in the spring. The North Carolina Department of Commerce and other state and local entities are fully behind the effort, which would build a plant that recycles titanium scraps that could be used in the aerospace and related industries. This type of “mini-mill” titanium production is supposed to have a light environmental footprint, and the effort, code-named Project Aero, is tapped to create more than 300 jobs with an average salary of $123,476, well above the current average for the county, which is just under $50,000.