Piper Delaying Second Phase of Financial Incentives

AINalerts » January 6, 2009
January 6, 2009, 11:43 AM

Piper Aircraft has notified local Indian River County and Florida state authorities that it is delaying receipt of a second round of incentive money until economic conditions improve, according to a Piper spokesman. The county and state jointly came up with $32 million worth of incentives last year to keep Piper from moving its headquarters and PiperJet manufacturing activities away from Vero Beach, Fla. Piper has accepted the first installment of $10.667 million and is using that money to restore buildings to Miami-Dade hurricane-resistant building code requirements and for tools and equipment. “All that money can be spent only on capital projects,” the spokesman said, “[and not] for salaries or any type of expenses.” To qualify for the delayed second $10.667 million, Piper must finish spending the first round of financing and employ an average of 1,166 people by the end of this year. Currently, Piper employs 1,000 people, he said, all of whom are scheduled to return to work next week after a three-week holiday shutdown.

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