September 12, 2024
In February 2020, the Golden LEAF Board of Directors awarded $300,000 through the Economic Catalyst Program to Wayne County for the construction of an access road into the publicly-owned ParkEast Industrial Park. The road creates a loop in the park and a secondary access to serve several sites within the park including the office of Atlantic Casualty Insurance Company.
“In April 2018, there was a fire at a plant adjacent to the park which resulted in the only road that serves the park being closed by emergency vehicles for several hours, blocking access to Atlantic Casualty’s building and others,” said Foucht. “Atlantic Casualty required a secondary access road before it would expand in the park.”
Craig Foucht, President of Wayne County Development Alliance, said that the building of the road crucial to the expansion of Atlantic Casualty Insurance Company was possible thanks to a team of funders.
“The completion of Ivey Drive within ParkEast was made possible by $300,000 in critical Golden LEAF Foundation funding,” said Foucht. “In addition to Golden LEAF funding, the North Carolina Department of Commerce’s Rural Infrastructure Development Fund contributed $500,000, the North Carolina Department of Transportation provided $400,000, and the County of Wayne supplied the remaining funds necessary for the road’s construction. Duke Energy also contributed $50,000, which was used for the road’s engineering.”
Atlantic Casualty had 97 employees in the park and expanded its facility by 30,000 square feet. The company will add 83 employees by December 31, 2025 to bring the total employment to 180. The new jobs will pay an average wage of $54,398, compared to the county average of $37,063. The expected private capital investment is $11,830,000.
So far, Atlantic Casualty has created 61 full-time jobs and has provided $19 million in privately owned property, plant, and equipment.
Additionally, other businesses have located in the park in buildings that will be served by the new road. Hosokawa, for example, has purchased a shell building across from the road on Challen Court. Hosokawa will create an additional 16 jobs and create a capital investment of $6.3 million.
“We are excited to have Atlantic Casualty expand and to welcome Hosokawa, Allanza Team Foods USA, and Select Genetics to ParkEast,” said Craig Foucht, President of Wayne County Development Alliance. “These companies will not only enhance our local economy but also bring additional jobs to Wayne County. Their presence is a testament to the success of our ongoing development efforts, and we look forward to seeing the positive impact they will have on our community.”
Golden LEAF considers Economic Catalyst Program applications that assist eligible state, regional and local economic development entities with grants to support permissible activities in projects in which a company will commit to create a specific number of full-time jobs in a tobacco-dependent or economically distressed area. Economic Catalyst Program projects are under Golden LEAF’s Job Creation and Economic Investment priority area. These projects gather data to support the following:
- Investment in publicly owned infrastructure
- Investment in privately owned property, plant, and equipment
- New full-time jobs created
- Average annual wage of new full-time jobs
- Business start-ups
Read about a Golden LEAF Scholar who is working at Atlantic Casualty. Learn more about the Golden LEAF Economic Catalyst Program and the Job Creation and Economic Advancement priority.