Piper Seeking To Renegotiate Incentives With Local Government | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne Unmanned-
Alt. Wednesdays

Airborne Flight Training-Alt. Wednesdays

Airborne Unlimited-
Friday

Airborne Special Programs!

Airborne On ANN

Airborne Unlimited--05.18.20

Airborne-Unmanned--05.14.20

NEW! Airborne-Flight Training--05.06.20

Airborne Unlimited--05.22.20

Airborne's Annual April 1st Episode

Airborne-YouTube

Airborne Unlimited--05.18.20

Airborne-Unmanned--05.14.20

NEW! Airborne-Flight Training--05.20.20

Airborne Unlimited--05.22.20

The 2020 Avionics Innovation Preview!

Thu, Dec 15, 2011

Piper Seeking To Renegotiate Incentives With Local Government

Cites Difficult Economy In Asking For Debt Forgiveness

Piper has asked officials in Indian River County, FL, to re-open the terms of the incentive package it was given in 2008 to open its Vero Beach facility. The company says difficult economic times are making it hard to repay the incentives extended at the time.

When opening the plant, Piper agreed to a package that required a payback of over $1.5 million plus interest if it did not meet employment benchmarks. The Treasure Coast news site TCPalm.com reports that the overall incentives from state and county sources amounted to $32 million. The goal was to keep Piper and its now-suspended Altaire jet program in Vero Beach.

Piper officials said the company does not plan to ask for additional incentives, but is seeking relief in light of the large investment it has made in the Vero Beach facility. "This will help ensure the company can successfully continue to manage its financial affairs and accomplish its marketing, sales and employment goals in the future," Piper officials said in correspondence sent to the state.

Piper continues to employ about 700 people in Vero Beach, and has invested $100 million into the facility there. A spokesman for the state Department of Economic Opportunity said no timetable has been established for making a decision on Piper's request.

FMI: www.floridajobs.org, http://indian-river.fl.us, www.piper.com

Advertisement

More News

ANN FAQ: Turn On Post Notifications

Make Sure You NEVER Miss A New Story From Aero-News Network Do you ever feel like you never see posts from a certain person or page on Facebook or Instagram? Here’s how you c>[...]

High Tech Thinking Breathes New Life Into Aging Army Helicopter Fleet

Program Captures A 3-D Scan Of Each Structural Part The Army is turning to “digital-twin” technology to resolve challenges and boost efficiencies for its enduring fleet>[...]

Aero-News: Quote of the Day (05.25.20)

"Given our national airspace system's extensive use of GPS, including ADS-B-enabled air traffic control services and GPS-supported terrain warning systems, any question of even the>[...]

Senators Pen Letter to Urging Use of Drones To Fight Pandemic

Wrote DOT & FAA Urging Drone Use in COVID-19 Response In a letter to DOT Secretary Elaine Chao and FAA Administrator Stephen Dickson, Sens. Catherine Cortez Masto (D-NV) and Ja>[...]

Embry-Riddle to Resume Face-to-Face Instruction on June 30

Class Schedules Will Be Optimized To Minimize Contact Embry-Riddle Aeronautical University’s Board of Trustees voted unanimously to reopen the institution’s residential>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2020 Web Development & Design by Pauli Systems, LC