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AG 2005 10 17
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AG 2005 10 17
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Last modified
3/3/2006 8:33:58 AM
Creation date
11/27/2017 11:36:24 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/17/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br /> <br />With a minimum of 40 workers per team, Wight Lightning intends to employ at least 120 <br />people initially, generating as much as $2,390,000.00 in salaries Jor the local Concord area, <br />with a projected increase of 20% to 30% per year, over the next five years, resulting in annual <br />salaries as high as $5,377,500.00 after five years. The projected numbers are based on ongoing <br />operations of the race teams expanding e~ch year with additional cars and drivers, thereby <br />requiring more staff as team operations grow within the sport. There will also be salary <br />increases given base on performance. TJ:>e financial breakdown each year based on a twenty-five <br />(25) percent annual increase is as follows: <br /> <br />First year <br />Second year <br />Third year <br />Fourth year <br />Fifth year <br /> <br />$2,390,000, <br />$2,987,500 <br />$3,734,375 <br />$4,667,968 <br />$5,834,960 <br /> <br />This will reasonably reach a goal of 270 peopI'e over the next five years pursuant to company <br />plans. While this number is conservative, it's conceivable that the number would increase to as <br />many as 300 or more. . <br /> <br />The number of jobs relocated to North Carolina will be approximately 5 to 10 administrative <br />staff, upper management and pilots. <br /> <br />Research and Development <br /> <br />Wight Lightning intends to recruit engineers, software specialists, racing mechanics, and <br />aerodynamic specialists !Tom local universities, While not completely known what is available, <br />Wight Lighting will attempt to utilize any local educational facility labs and analyze if they are <br />c!,mpatible with the ongoing operations of the racing ,environment. It is our intent to employ <br />and utilize as many local North Carolina employees as possible to accomplish our goals and <br />objectives. <br /> <br />Aircraft and Airport Utilization <br /> <br />Being located in the close proximity of the Concord Regional Airport, Wight Lightning intends <br />to build a hangar/airplane delivery point on the site of the race facility. This will employ a <br />taxiway to the Concord Airport runway. This facility will allow race team transport, executive <br />shuttle, parts delivery, and general aviation activity related to the ongoing operations of race <br />team activities. This facility will consume initially 750,000 to 1,000,000 gallons of aviation fuel <br />per year. The amount of fuel will increase based on the 'annual personnel percentage increase <br />and might include expansion of this area over time. <br /> <br />3 <br /> <br />Q;-2- <br />
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