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2008-131
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2008-131
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Last modified
3/30/2016 11:30:57 AM
Creation date
10/1/2015 12:07:51 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
04/28/2008
Control Number
2008-131
Agenda Item Number
4.A.
Entity Name
Piper Aircraft, Inc.
Subject
Closing Fund Agreement
Supplemental fields
SmeadsoftID
6997
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(d) Award Conditions for Second Payment. The "Award Conditions" for <br /> the second payment of $4,000,000 to the Closing Fund Awardee from the County restricted <br /> reserve account, shall be met when the following have occurred: <br /> (1 ) Completion of the investment of at least $ 10,666,667 in tooling, <br /> equipment, and facilities and infrastructure improvements at the Indian River County facility <br /> since April 10, 2007, documented by contracts, invoices, canceled checks, and other appropriate <br /> records, <br /> (2) Creation of an additional 152 net new FTE jobs for a total of at <br /> least 1,166 FTE jobs at the Closing Fund Awardee facility in Indian River County, Florida, <br /> paying an average annual wage of at least $46,500, excluding benefits, Satisfaction of these <br /> conditions must be supported by documentation reasonably acceptable to County, <br /> (3) Public announcement concerning the proof of concept for the <br /> PiperJet or alternate aircraft projects resulting in the job levels and capital investment at the <br /> Vero Beach, Indian River County, Florida facility contemplated by this agreement, except such <br /> work which cannot reasonably be conducted in Indian River County, and <br /> (4) Statement of the Closing Fund Awardee's commitment to invest <br /> $10,666,667, in addition to the investment specified in Paragraph 5.0(d)(1 ), in tooling, <br /> equipment, or facilities and infrastructure improvements at the Indian River County facility, <br /> which investment is anticipated to be made by December 31, 2009. <br /> The conditions specified in Paragraphs (d)(1 ) thru (4) of this Paragraph 5.0 must <br /> be met and supporting documentation submitted to County for verification by December 31, <br /> 2011 . <br /> (3745/01 /00234567_DOCv5 ) <br /> 6 <br />
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