Laserfiche WebLink
(b) Award Conditions for Release of Award Funds. The County has <br /> budgeted and appropriated $12,000,000 in Fiscal Year 2007/2008 to be held by the County in a <br /> restricted reserve account in the general fund of the County when the following have occurred: <br /> ( 1 ) Execution of this Closing Fund Agreement between County and <br /> the Closing Fund Awardee, no later than June 30, 2008, <br /> (2) Announcement by the Closing Fund Awardee that Vero Beach, <br /> Indian River County, Florida has been selected as the location for the design, development, and <br /> production and assembly of the new PiperJet; that Piper Aircraft, Inc . is commited to remain <br /> and undertake the Project at the current Vero Beach campus, to make a substantial capital <br /> investment in the facilities and the technology, equipment, and tooling at that location; and to <br /> undertake all product development related to the new PiperJet, or alternate aircraft projects <br /> resulting in the job levels and capital investment at the Vero Beach, Indian River County, <br /> Florida facility contemplated by this Agreement, except such work which cannot reasonably be <br /> conducted in Indian River County. The Closing Fund Awardee shall provide documentation <br /> confirming this decision and these commitments by its Board of Directors and the <br /> announcement referenced above . <br /> (3) Execution of an affidavit stating that Piper Aircraft, Inc. has <br /> confirmed orders for at least 75 PiperJets and has accepted deposits totaling $5 million, <br /> supported by documentation in sufficent detail for audit purposes, and <br /> (4) Retention of at least 963 full-time equivalent jobs at the Vero <br /> Beach, Indian River County, Florida facility, and documentation of these jobs reasonably <br /> acceptable to County. <br /> { 3745/0l/00234567.DOCv5 } <br /> 4 <br />