...The North Carolina Railroad Co. has reached agreements to buy about 875 acres within the 1,450-acre Greensboro-Randolph Megasite designed to lure a major auto manufacturer.
875 / 1,450 = more than 60% owned by a private company
owned by the state?
owned by the state?
That news came in a Jan. 5 letter from NC Railroad to Greensboro Mayor Nancy Vaughan; Jim Melvin, chairman of the Greensboro-Randolph Megasite Foundation; and Randolph County Board of Commissioners Chairman Darrell Frye.
The Randolph County Board of Commissioners in February approved plans to spend about $4.2 million to purchase 255 acres at the megasite, and the railroad's intentions would seem to give would-be tenants increased confidence that the site could be assembled and made ready.
$4.2 million / 255 acres = $16,470 per acre
875 x $16,470 = $14,411,250 for the land
Sam Simpson had a good day.
Now all Greensboro has to do is cough up another $20 million,
and the NC Railroad Company makes millions more
"Last year, Randolph County spent $10 million to buy 425 acres.
$10 million / 425 acres = $23,529 per acre
875 x $23,529 = $20,587,875
The railroad is a private company but the state owns all of its stock."
Who makes what if the state owns the stock but it's a private company?
"1989 September 29: NCRR merged with the Atlantic & North Carolina Railroad (chartered in 1854 to run east from NCRR’s terminus in Goldsboro to the port in Morehead City). This merger consolidated a 317-mile corridor from Charlotte to Morehead City
1998: The State of North Carolina bought out the 25% of private NCRR stock shares making NCRR a privately run company, fully owned by the State.
2000: NC Legislature established a statute enabling NCRR to reinvest dividends into crucial improvements to the NCRR line"
The longtime working relationship with the State was formalized and strengthened in 1998 when the Company bought all remaining private NCRR stock shares, retaining the NCRR as a privately-run company, but one fully owned by the people of the State.
In 2000, the North Carolina General Assembly created a statute enabling the Company to reinvest working capital into crucial improvements to the NCRR corridor."
Franklin Rouse, Jr.
Jake Alexander, III
John M. Pike
George Rountree, III
John E. Skvarla, III
2809 Highwoods Blvd., Raleigh, NC 27604 • Phone: 919-954-7601 • Fax: 919-954-7099 • email: NCRR_Info@ncrr.com
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North Carolina Railroad Company
Scott M. Saylor
Director of Corporate Communications
Jim Kessler, P.E.
Vice President – Engineering
Infrastructure Manager and Information Technology
Donald Arant, P.E.
Anna Lea Moore
Vice President – Economic Development
Senior Consultant – Economic Development
Daniel P. Halloran
Vice President and Chief Financial Officer
Charles E. Burnell
Vice President – Real Estate
William C. Miller
Kristian Forslin, GISP, PLS
Corridor Property Management
John L. Spencer
Director of Corridor Property
Real Estate Representative