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Smithfield, NC – Johnston County's growing economy and sound fiscal leadership have earned notice from two of the nation's most-watched credit ratings services as S&P Global and Moody's Investors Service announced upgrades of the County's General Obligation bond rating to AAA and Aaa, respectively. Both ratings are the highest the agencies award.

Higher credit ratings enable Johnston County to issue bonds for capital projects on more favorable borrowing terms, saving County taxpayers on debt servicing costs. The two agencies updated their ratings in conjunction with the County's upcoming issuance of $30 million in general obligation school bonds. Those funds, which Johnston County voters approved by a wide margin last November as part of a larger bond referendum, will support construction of new school facilities in Johnston County.

"This rating is another example of this Board taking steps to responsibly plan for the future of the County and continuing to stay the course,” said R.S. "Butch" Lawter, Jr., Chairman of Johnston County’s Board of Commissioners. “I want to express my gratitude to County staff and all of the Boards that came before us on their diligent work and being attentive stewards of taxpayer funds. The Triple-A ratings are excellent news for our County as we move into a period of time where there are several major projects on the horizon."

Johnston County joins just 10 other North Carolina counties in earning the highest possible credit rating from both agencies. The news comes less than two months after Johnston County Commissioners voted to reduce property tax rates from 73 cents to 69 cents per $100 in value. 

The ratings services cited Johnston County’s growing population, diversified economy, proximity to a large and growing metro area, and sound fiscal management in issuing its ratings. “The upgrade of the issuer rating to Aaa reflects large surpluses recorded in fiscal 2022 and expected for fiscal 2023,” excerpts of the Moody’s reports said. “Additionally, the rating reflects a local economy which continues to increase in population. The stable outlook is based upon future economic growth potential as part of the greater Research Triangle economy, expected adherence to sound policies and growth and maintenance of reserves levels guided by a prudent management team."

S&P Global said: “The rating reflects our view of the county's growing economy, with a tax base projected to exceed $30 billion in the next three years, as well as consistently strong financial performance and flexibility, with a strong track record of proactive management practices. The county's use of conservative budgeting assumptions has typically led to positive operating results, enabling it to build and maintain very strong general fund reserves. We believe that prudent budget management and ongoing economic development will continue to support the current rating.”

North Carolina State Treasurer Dale Folwell, who chairs the N.C. Local Government Commission, also weighed in on the accomplishment. "Johnston County is one of the fastest growing counties in the U.S. Good ratings like these just don't jump up on the table by themselves. It's thanks to the employees, taxpayers, and because of transparent, competent government led by past and present local elected officials," Folwell said.

For additional information about Johnston County, visit https://www.johnstonnc.com.

Johnston County, N.C. – June 6, 2023. California-based BioRealty Inc., a developer life science and technology real estate projects, plans to invest at least $27 million in a three-building biosciences park in the Town of Clayton, NC. A national leader in facility and capital solutions, the company plans to begin with the construction of an industrial shell building that will comprise 100,000 sq.-ft. of speculative space on a 67-acre town-owned property at the
intersection of Little Creek Church and Ranch roads in Clayton.

The Johnston County Board of Commissioners unanimously approved a building lease arrangement with BioRealty on Monday morning, as well as a performance-based Economic Development Incentive Grant (EDIG) based on ad valorem tax payments. “Our competitive position in today’s economy hinges on having high-quality industrial properties ready for leading companies in the most impactful sectors,” said County Commission Chairman R.S.
“Butch” Lawter, Jr. “BioRealty is a prestigious national name in industrial real estate, and their experts see promise in our county and our capacity to attract biomanufacturing businesses and jobs.”

The County Commissioner’s action comes after the Clayton Town Council approved a separate, but complementary EDIG at their meeting on May 15. “This project takes our life sciences sector to the next level,” said Clayton Mayor Jody McLeod. “We’re eager to partner with BioRealty and Johnston County in creating a world-class bio-manufacturing space that will complement on our community’s exceptional location, outstanding talent assets, modern infrastructure and compelling quality of life. I’m grateful to the Town of Clayton’s Economic
Development Office, along with our county’s committed leadership, for their great work in ushering this exciting vision into reality.” With both approvals in place, the project can begin in earnest immediately.

Based in San Clemente, Cal., BioRealty intends to build up to three speculative industrial buildings that would target companies in the life sciences and biopharma industries. The total build out of the development could be more than 400,000 sq.-ft. In thanking commissioners, Stan Wendzel, founder and managing director of the company, summarized BioRealty’s expectations of the new space. “We’re not only excited about the project but we’re really
excited about attracting what we think is very likely going to be biomanufacturing users to this park,” Wendzel said. “We could have probably done this in a lot of places. But for us, the real driving factor behind this has been the lease program that Johnston County has in place as well as the EDIG.”

BioRealty will design, finance, build, operate and jointly market the project.

“Project Life Dust,” like all projects considered for Johnston County incentives, underwent an extensive economic impact analysis. A study by Dr. Michael Walden, Distinguished Professor Emeritus of Economics at North Carolina State University, found that construction of the initial building alone will spark more than $6.2 million in local economic benefits, while operations of the completed facility will add at least $3 million to the County’s annual gross domestic product (GDP). County and municipal governments will derive nearly $34,000 in yearly tax revenues
from the building’s operations, Dr. Walden concluded.

The project also received approval from the 14-member Johnston County Economic Development Advisory Board, an appointed panel of business, civic and community leaders representing each of the County’s 11 municipal governments. “We’re proud to partner with the Town of Clayton and BioRealty in closing the gap that exists in our inventory of industry-ready buildings that can accommodate the needs of expansion-minded life sciences companies,” said Randy Jones, chairman of the Advisory Board. “The high-wage jobs that employers can bring to
this park will ripple benefits across our county and ultimately across the region,” said Jones, a resident of Pine Level.

Project Life Dust marks the fourth time in two years that the County has partnered with the private sector to expand the local inventory of high-end industrial real estate. In December of last year, E.D. Parker Corporation unveiled plans for at least 275,000-sq.-ft. of Class A speculative industrial space in Benson. AdvanceTEC, a Richmond, Va. firm that designs and builds cleanroom space, and Ohio-based Al. Neyer LLC previously announced plans for
developing speculative industrial space in Clayton and Smithfield, respectively.

Johnston County officials worked closely with leaders of the Town of Clayton to bring Project Life Dust to fruition. At a meeting on May 15, the Clayton Town Council agreed to its own set of economic incentives, including sale of the town-owned parcel at $31,500 an acre. “We think this is a fantastic project,” said Patrick Pierce, economic development director for the Town of Clayton. Pierce and other town leaders had been in discussion with BioRealty about the project over the last two years. “This is a project that offers benefits across Johnston County. It builds
upon the biopharma cluster that we have in the county and prepares us for additional investment,” Pierce said.

Chris Johnson, director of the Johnston County Economic Development Office, says the new life sciences park will serve as a “gateway” for the biopharmaceutical industry into the community. In seeking to remain competitive with business destinations willing to invest public funds directly in industrial sites and buildings, Johnston County implemented a building lease program wherein the county government partners with private developers to create speculative industrial real estate product. “This solution does not put the county in head-to-head competition with the private sector and it sets limits on our financial risk while ensuring we can guide private development and control our own economic destiny,” Johnson says.

Under the building lease arrangement, should no tenant or buyer be in hand by the time the development partner delivers the spec building, the county agrees to lease the facility for $3 per square-foot up to two years. The risk-sharing mechanism enables the builder to negotiate more favorable financing terms. In return, county officials can ensure the most economically impactful employers occupy the property. “So, it’s really a win-win-win for the County, our development partners and our taxpayers,” Johnson says.

The Johnston County Economic Development Office (JCEDO) facilitates value-added interaction between government, education and the private sector in encouraging and promoting job creation and economic investment in Johnston County. A unit of county government, JCEDO collaborates with local, regional and statewide partners and allies in providing confidential location assistance to businesses and technical support to the county’s 11 municipalities. Its menu of services includes customized digital mapping, labor and wage analysis, site readiness
assistance and incentive packaging. For additional information, visit www.GrowWithJoCo.com

Johnston County, N.C. – February 14, 2023. Johnston Flex LLC, a Charlotte-based commercial real estate investment and development firm, will build 42 West Business Park – a 125,000 square-foot Class-A Flex Space Facility in close proximity to the Interstate 40 and Future Interstate 42 interchange in Clayton. The company’s $20 million investment will add to Johnston County’s growing 1.4 million square-feet of Class A industrial space that has been announced or under construction per a recent media reports.

At just over 125,000 square-feet, Johnston Flex LLC reports that the 42 West Business Park facility could employ as many as 100 workers after it becomes operational in the 3rd quarter of 2023. From market impact analysis reports, the facility could add nearly $20 million to the County’s annual gross domestic product (GDP). The facility is expected to generate over $150,000 in yearly tax revenue to the County.

“We continue to see steady, shared growth throughout Johnston County as we look forward to the development of the 42 West Business Park facility,” said R.S. “Butch” Lawter Jr., chairman of the Johnston County Board of Commissioners. “With larger advance manufacturing projects announced here in Johnston County and around the Triangle Region, this unique flex space opportunity will help expand the County’s economic footprint, create more local small business ancillary job opportunities and bolster growth along the I-40 and I-42 corridor.”

42 West Business Park is a flex/light industrial development located on ±15 acres and will consist of two, single-story flex buildings totaling ±125,000 sq. ft. Building 1 will include ±25,000 sq. ft. and Building 2 will include ±100,000 sq. ft.
Each building will have ample parking and loading options. With visibility along Highway 42 West outside of Clayton in Johnston County, the facility is just 17 miles from Downtown Raleigh and 33 Miles from Raleigh-Durham International Airport.

“It’s vital that we continue maintaining a diverse inventory of quality, ready-to-go industrial real estate in Johnston County,” said Randy Jones, chairman of the Johnston County Economic Development Advisory Board. “This project takes
advantage of the great visibility we get from I-40, which is one of our greatest economic assets, as well as our network of leading private development partners.” Supply-chain adjustments in the wake of the Covid-19 pandemic have placed a
premium on high-quality distribution and industrial centers. 42 West Business Park is being marketed by CBRE – Raleigh.

“This project brings additional industrial diversification and opportunity to Johnston County’s economy and labor market,” said Chris Johnson, director of the Johnston County Economic Development Office. “It’s exciting to see high-quality development and an area that is poised for continued success as businesses reconsider supply chains and look to build sustainable links to consumers now that the pandemic is behind us. “

The Johnston County Economic Development Office (JCEDO) facilitates value added interaction between government, education and the private sector in encouraging and promoting job creation and economic investment in Johnston County. A unit of county government, JCEDO collaborates with local, regional and statewide partners and allies in providing confidential location assistance to businesses and technical support to the county’s 11 municipalities. Its menu of services includes customized digital mapping, labor and wage analysis, site readiness assistance and incentive packaging. For additional information, visit