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4. COUNTY ADMINISTRATOR MATTERS <br />A. CLOSING FUND AGREEMENT wimPIPER AIRCRAFT, INC. <br />County Administrator Joseph Baird introduced this item, which purpose was to <br />help retain Piper in Indian River County. He invited County Budget Director Jason Brown to <br />outline the specifications of the Closing Fund Agreement with Piper Aircraft, Inc. <br />Budget Director Jason Brown, through a PowerPoint Presentation (copy on file), <br />outlined the Piper Agreement payment schedule, as follows: I st $4 million payment at <br />inception; 2nd $4 million payment by December 31, 2008; and 3rd $4 million payment by <br />December 31, 2009. He informed the Board that the term of the Agreement runs through <br />January 31, 2016. <br />Director Brown outlined the requirements with which Piper must comply to <br />receive the payments, as follows: <br />FIRST PAYMENT REQUIREMENTS: <br />• Public Announcement that Piper Aircraft will remain in Vero Beach <br />• Affidavit of 75 confirmed PiperJet orders, and deposits of $5 million <br />• Retention of 963 Full -Time Equivalent (FTE) jobs <br />• $15 million in product development in Indian River County <br />• Creation of 51 new Full Time Equivalent jobs - total 1,014 <br />SECOND PAYMENT REQUIREMENTS: <br />• $10.7 million investment in capital equipment at Indian River County <br />facility <br />• Public announcement of proof of concept for PiperJet or alternate project <br />April 28, 2008 2 <br />