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• Creation of 152 new Full -Time Equivalent jobs -total 1,166 <br />• Commitment to invest $10.7 million in additional capital equipment <br />THIRD PAYMENT REQUIREMENTS: <br />• $21.3 million investment in capital equipment <br />• $20 million investment in product development <br />• Creation of 19 new Full -Time Equivalent jobs -total 1,185 <br />Director Brown responded in the affirmative to Commissioner O'Bryan's inquiries <br />regarding whether staff was comfortable with the methodology used to define full-time <br />equivalent jobs and average wage calculations, and whether the job locations must be within <br />Indian River County. <br />Commissioner O'Bryan's query regarding a time delay between the submittal of <br />supporting documentation and the meeting of any performance requirements, was addressed by <br />Director Brown, Administrator Baird, and a representative from Duff and Phelps. <br />Commissioner O'Bryan received confirmation from Director Brown that if Piper <br />failed to meet 80% of the job creation requirement in one year, they would be penalized one- <br />seventh of the Closing Fund Award payments received, plus accrued interest. Director Brown <br />also confirmed that if this happened again the following year, Piper would be penalized another <br />one-seventh of the award payments. <br />Commissioner Flescher posed questions to Mr. Jim Bass, CEO of Piper Aircraft, of <br />whether Piper was comfortable with the specifications in the Closing Fund Agreement, and <br />regarding Piper's commitment to hiring people within the community. <br />April 28, 2008 3 <br />