A deal with the federal government is expected to create more than 400 jobs in eastern North Carolina. 

Gov. Josh Stein said Thursday that the U.S. Navy signed a 10-year lease at Global TransPark in Kinston. The Navy plans to fix and overhaul planes for all branches of the military at the airfield and industrial site through its Fleet Readiness Center East.

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“The long-term agreement will bring economic prosperity to eastern North Carolina and support our nation’s military readiness,” Stein said in a statement. 

State lawmakers in 2023 approved a $350 million loan for improvements at Global TransPark to accommodate the Navy. 

The deal is expected to bring in about $15 million-per-year once fully occupied. The military is expected to begin using the facility in July.

The project emerged as an aircraft repair facility at Marine Corps Air Station Cherry Point began running out of space. 

“Not only does this project bring high-quality jobs with wages well above the county average, but it also strengthens our ability to support the men and women of our armed forces with the critical infrastructure they need to carry out the nation’s mission,” Jeremy Stroud, Global TransPark’s executive director, said in a statement.