01/20/2009 (2) - Laserfiche WebLink

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Mr. Heaton was pleased that the County had set aside a month to honor the memory of the Four Chaplains. E. PRESENTATIONBYJIMBASS, PIPER AIRCRAFT, INC. Jim Bass, President of Piper Aircraft, Inc., presented a status report on Piper, but first gave a brief overview of how Piper views the current economic environment. He reported on Piper's State of Affairs; on the expenditure of Project Osprey Funds; on Piper's commitment to Indian River County and the State of Florida; and on Piper's "Go Forward" strategy. Mr. Bass referenced the current state of the economy, which he blamed for a fundamental restructuring of Piper, and the reduction in demand over the last several months. He outlined how Piper has taken steps to try and preserve as many jobs as possible, by reducing their workweek from 5 to 4 days, instead of having a major layoff. However, he said Piper was better positioned than most companies in general aviation to weather a "perfect financial storm", because they have an extremely diverse customer base, and sell not only to flight schools, owners and operators, but also all around the world. He also reported on how funds are being spent for Project Osprey, noting that that most of their money is spent in Indian River County and in Florida. Mr. Bass highlighted actions that would help Piper, like the stabilization of the world and US markets with improved liquidity and purchasing confidence; as well as, continuation of the bonus depreciation tax policy; elimination of Florida sales tax on out of state aircraft purchases; state incentives to buy local for flight training schools and other; and continued support from community and state leadership for economic development without sacrificing our quality of life. He urged everyone to buy local, and acknowledged and expressed appreciation for all the community support Piper has received. January 20, 2009