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Boeing to lease more land in South Carolina for $1 per year

The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young
The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young

CHARLESTON, South Carolina (Reuters) - Boeing Co has obtained a $1-a-year lease for 468 acres of state land near its factory in South Carolina, nearly double the amount expected for a planned expansion, a spokeswoman for the planemaker said on Friday.

Besides 267 acres it had planned to lease from the Charleston County Aviation Authority, Boeing added another 201 acres of North Charleston land that had been privately owned to the deal, spokeswoman Candy Eslinger said.

Boeing did not say what it plans to build on the land.

Palmetto Railways - a division of the South Carolina Department of Commerce - paid $49 million for the land, a department spokeswoman said. It will lease the property to Boeing for $1 a year until 2027, when the company can opt to buy the land.

All 468 acres were bought with state bond funds allocated to Boeing, Eslinger said.

Boeing also announced on Friday that it would begin construction next year on a new 230,000-square-foot paint facility on its main campus in North Charleston.

The company said it expected to begin painting fully assembled 787 Dreamliners in South Carolina in mid-2016.

Boeing leases the 264 acres that its 787 final assembly plant sits on for $1 a year from the Charleston County Aviation Authority. The lease term on that land is up in 2025, when Boeing has the option to purchase it.

(Reporting by Harriet McLeod; Editing by Colleen Jenkins and Lisa Von Ahn)

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