North Carolina Should Weigh Continued Investment in the Global TransPark Authority and Consider How to Repay the Escheat Fund Loan (April 2011)
The General Assembly directed the Program Evaluation Division to conduct a comprehensive program and financial review of the Global TransPark Authority and to assess the Authority’s ability to become self-sustaining and repay the Escheat Fund loan. The evaluation found the Authority has made progress towards meeting its mission and goals; however, administrative practices limit its ability to demonstrate results. Current operations do not allow the Authority to be self-sufficient or repay the Escheat Fund Loan, thus responsibility for this debt falls to the state. Moving forward, the General Assembly should establish a repayment schedule for the Escheat Fund debt and choose between two options for the future of the Global TransPark.
Relevant Legislation:
- S.L. 2011-340: Reformed the governance of the North Carolina Global TransPark and to repay the loan from the Escheat Fund to the Global TransPark
Agency Actions:
- The Global TransPark has revised its strategic plan; the revised draft plan was presented to the Authority’s Board of Directors on May 1, 2012. As part of the integration of the Global TransPark into the Department of Transportation’s Division of Statewide Logistics, the Authority’s revised strategic plan is being incorporated into the overall strategic plan for the Logistics Division.