HomeMy WebLinkAbout2008-131P f
INDIAN RIVER COUNTY, FLORIDA
CLOSING FUND AGREEMENT
AGREEMENT
THIS AGREEMENT is made and entered into this 16th day of May, 2008, by and
between Indian River County, a political subdivision of the State of Florida, hereinafter referred
to as "County" and Piper Aircraft, Inc., its successors and permitted assigns, hereinafter referred
to as the "Closing Fund Awardee," pursuant to Section 125.045, Florida Statutes.
Countv has determined that the Closing Fund Awardee is a reputable and loyal Florida
business and has met all of the requirements necessary to become certified by the State of
Florida Executive Office of the Governor's Office of Tourism, Trade and Economic Development
("OTTED") to participate in OTTED's Quick Action Closing Fund (Closing Fund) and that all
statutorily required reviews and approvals have been obtained pursuant to Section 288.1088,
Florida Statutes, and the provisions of Chapter 2007-72, Section 6, Line 2758, Laws of Florida.
The Closing Fund Awardee and OTTED have entered into that certain Quick Action Closing
Fund Agreement dated as of May 16, 2008 (the "OTTED Closing Final Agreement")
This Agreement supersedes any and all prior agreements and applications submitted by
the Closing Fund Awardee. In the event of an inconsistency between this Agreement and any
applications or other attachments, this Agreement shall prevail.
Prepared by: 1926378
Bryant, Miller & Olive, P.A. THIS DOCUMENT HAS BEEN
101 N. Monroe Street, Suite 900 RECORDED IN THE PUBLIC RECORDS
Tallahassee, FL 32309 OF INDIAN RIVER COUNTY FL
Phone: 850-222.8611 BK: 2269 PG 509, Pagel of 51
05/30/2008 at 03:22 PM.
JEFFREY K BARTON, CLERK OF COURT
(3745/Ol/00234567_DOCvSj Return t0:
Indian River County Administrator's Office
1801 27th Street
Vero Beach, FL 32960
Phone: 772-226-1408
This Agreement is neither a general obligation of the County, nor is it backed by the full
faith and credit of the County. Payment of $12,000,000 of Closing Fund Awards have been
budgeted and appropriated by the Board of County Commissioners of the County.
In consideration for the mutual promises and agreements contained herein, and other
valuable and good consideration, County and the Closing Fund Awardee agree as follow:
1.0 PARTIES: The parties and their respective addresses for purposes of this
Agreement are as follows:
JOSEPH A. BAIRD
COUNTY ADMINISTRATOR
INDIAN RIVER COUNTY
180127`" STREET
VERO BEACH, FLORIDA 32960-3388
FAX NUMBER: (772) 978-1822
PIPER AIRCRAFT, INC.
2926 PIPER DRIVE
VERO BEACH, FLORIDA 32960
FAX NUMBER: (772) 978-6562
2.0 ADMINISTRATORS:
The County's Closing Fund Agreement administrator is:
Joseph Baird, County Administrator
The Closing Fund Awardee Agreement administrator is:
Michael Kelley, Chief Financial Officer or his successor.
All approvals and notifications referenced in this Agreement must be obtained in
writing from the parties' agreement administrators or their duly authorized designees.
3.0 TERM: The term for purposes of performance and compliance (the "Performance
Term") of this Agreement shall commence upon the date of execution of this Agreement, and
13745/01/00234567.DOCv51
2
continue through January 31, 2016, or the end of the month following the last performance
measurement date, whichever is later, unless terminated prior to that time as provided for in
this Agreement. The Report/Audit Term of this Agreement shall extend five (5) years after the
last performance measurement date for reporting, record-keeping, and audit -related
obligations. The record-keeping and audit -related obligations (Paragraphs 7.0(g) and 20.0) of
the Closing Fund Awardee shall survive any termination or expiration of this Agreement.
4.0 CLOSING FUND AWARDEE DESCRIPTION:
(a) The Closing Fund Awardee is Piper Aircraft, Inc. . It is identified for
unemployment compensation purposes under the unit name of
Piper Aircraft, Inc. ; account number 002437840
(b) The Closing Fund Awardee understands and agrees that the
requirements in Paragraphs 7.0, 9.0, 10.0, and 20.0 of this Agreement pertain only to the Project
described in Paragraph 5.0(a) of this Agreement for the business unit described in Paragraph
4.0(a) of this Agreement.
5.0 PROJECT DESCRIPTION AND AWARD CONDITIONS:
(a) Project Description. This Project (as such term is used herein) will
include the retention and expansion of the Closing Fund Awardee's facilities and operations in
Vero Beach, Indian River County, Florida, as described in "Exhibit A," including the design,
development, and production and/or assembly of the new PiperJet or alternate aircraft projects
that deploy new technology resulting in the job levels and capital investment contemplated by
this Agreement.
(3745/01 /00234567.DOCv51
3
(b) Award Conditions for Release of Award Funds. The County has
budgeted and appropriated $12,000,000 in Fiscal Year 2007/2008 to be held by the County in a
restricted reserve account in the general fund of the County when the following have occurred:
(1) Execution of this Closing Fund Agreement between County and
the Closing Fund Awardee, no later than June 30, 2008,
(2) Announcement by the Closing Fund Awardee that Vero Beach,
Indian River County, Florida has been selected as the location for the design, development, and
production and assembly of the new PiperJet; that Piper Aircraft, Inc. is commited to remain
and undertake the Project at the current Vero Beach campus, to make a substantial capital
investment in the facilities and the technology, equipment, and tooling at that location; and to
undertake all product development related to the new PiperJet, or alternate aircraft projects
resulting in the job levels and capital investment at the Vero Beach, Indian River County,
Florida facility contemplated by this Agreement, except such work which cannot reasonably be
conducted in Indian River County. The Closing Fund Awardee shall provide documentation
confirming this decision and these commitments by its Board of Directors and the
announcement referenced above.
(3) Execution of an affidavit stating that Piper Aircraft, Inc. has
confirmed orders for at least 75 PiperJets and has accepted deposits totaling $5 million,
supported by documentation in sufficent detail for audit purposes, and
(4) Retention of at least 963 full-time equivalent jobs at the Vero
Beach, Indian River County, Florida facility, and documentation of these jobs reasonably
acceptable to County.
{ 3745/0l/00234567.DOCv5 }
4
Conditions (b)(2) thru (4) must be met and reasonable supporting documentation
submitted to County for verification of the aforementioned conditions prior to September 1,
2008. Verification must be complete to County satisfaction prior to the disbursement of any
payments to the County restricted reserve account or the Closing Fund Awardee.
(c) Award Conditions for First Payment. The "Award Conditions" for the
first payment of $4,000,000 from the County restricted reserve account shall be met when the
following have occurred:
(1) Satisfaction of the conditions required for funds to be released by
the State pursuant to the OTTED Closing Fund Agreement and placed in escrow with
Enterprise Florida, Inc., specified in Paragraph 5.0 (b) of the OTTED Closing Fund Agreement
and as specified in Paragraph 5.0(b) hereof,
(2) Certification of investments of at least S15 million in product
development at the Indian River County facility since January 1, 2007,
(3) Written commitment to invest an additional $5 million in product
development by December 31, 2008,
(4) Written commitment to invest $10,666,667 in capital expenditures
for equipment, tooling, and facilities and infrastructure improvements from April 10, 2007
through December 31, 2008, and
(5) Creation of at least 51, net, new, full-time equivalent jobs, in
addition to the 963 full-time equivalent retained jobs, for a total of at least 1,014 full-time
equivalent jobs at the Closing Fund Awardee facility in Indian River County, Florida by
December 31, 2007, and supporting documentation reasonably acceptable to County.
(3745/01/00234567.DOCN 5 )
5
(d) Award Conditions for Second Payment. The "Award Conditions" for
the second payment of $4,000,000 to the Closing Fund Awardee from the County restricted
reserve account, shall be met when the following have occurred:
(1) Completion of the investment of at least $10,666,667 in tooling,
equipment, and facilities and infrastructure improvements at the Indian River County facility
since April 10, 2007, documented by contracts, invoices, canceled checks, and other appropriate
records,
(2) Creation of an additional 152 net new FTE jobs for a total of at
least 1,166 FTE jobs at the Closing Fund Awardee facility in Indian River County, Florida,
paying an average annual wage of at least $46,500, excluding benefits, Satisfaction of these
conditions must be supported by documentation reasonably acceptable to County,
(3) Public announcement concerning the proof of concept for the
PiperJet or alternate aircraft projects resulting in the job levels and capital investment at the
Vero Beach, Indian River County, Florida facility contemplated by this agreement, except such
work which cannot reasonably be conducted in Indian River County, and
(4) Statement of the Closing Fund Awardee's commitment to invest
$10,666,667, in addition to the investment specified in Paragraph 5.0(d)(1), in tooling,
equipment, or facilities and infrastructure improvements at the Indian River County facility,
which investment is anticipated to be made by December 31, 2009.
The conditions specified in Paragraphs (d)(1) thru (4) of this Paragraph 5.0 must
be met and supporting documentation submitted to County for verification by December 31,
2011.
(3745/01/00234567_DOCv5)
6
(e) Award Conditions for Third Payment. The "Award Conditions' for the
third payment of $4,000,000 to the Closing Fund Awardee from the County restricted reserve
account, shall be met when the following have occurred:
(1) Documentation of cumulative investment totaling at least
$21,333,334 in tooling, equipment, and facilities and infrastructure improvements at the Indian
River County facilities, since April 10, 2007,
(2) Documentation of total investment of $20 million in product
development in Indian River County, since January 1, 2007. Such product development
investment in the county is expected to eventually reach over $40 million, and
(3) Maintenance of the job level specified in Paragraph 5.0(d)(2) and
the creation of an additional 19 FTE jobs for a cumulative total of at least 1,185 FTE jobs at the
project site by December 31, 2009, paying an average annual wage of at least $46,500, excluding
benefits, supported by documentation reasonably acceptable to County.
The conditions specified in Paragraphs (e)(1) thru (3) of this Paragraph 5.0 must
be met and supporting documentation submitted to County for verification by December 31,
2013.
(f) Performance Conditions. In order to avoid sanctions specified herein,
the Closing Fund Awardee must meet the following Performance Conditions:
(1) Meet the job creation and retention requirements in Paragraph
5.0(d)(2) by December 31, 2008,
{3745/01/00234567DOCO )
7
(2) Meet the job creation and retention requirements in Paragraph
5.0(e)(3) by December 31, 2009,
(3) Maintenance of the job level specified in Paragraph 5.0(e)(3), and
the creation of an additional 232 net new full -time -equivalent jobs by December 31, 2012, for a
total of at least 1,417 full-time equivalent jobs, and the maintainance of that employment level
for at least an additional three years,
(4) Payment of average annual wages for the jobs specified in
Paragraphs 5.0(f)(1)-(3) above of at least $46,500, excluding benefits,
(5) Capital investment in tooling, equipment, and facility and
infrastructure improvements at the Vero Beach facility since April 10, 2007, of a total of at least
S32 million by December 31, 2010 and an additional $13 million, for a cumulative total of at least
$45 million, by December 31, 2013, and maintainance of that investment in Indian River County
through at least December 31, 2015, or later date if the extension authorized in Paragraph 5.0(g)
is elected. Documentation of this investment, in sufficient detail to provide an audit trail, must
be presented to County, or its agent, by April 30 of each year following a year for which there is
a capital investment performance requirement. The maintenance requirement for this capital
investment in Indian River County shall not prohibit the disposition of assets no longer used or
useful for the Project, nor shall the assets be used by the Closing Fund Awardee at a location
outside Indian River County.
(6) Submission of a report by April 30 of the year following each
December 31 performance date, providing information on the cumulative investment in
{3745/01/00234567.DOCv5 }
8
product development, undertaken in Indian River County and other contributions the Project
has made, to the Indian River County economy, and
(7) Reaffirmation by the Closing Fund Awardee's Board of Directors
of its commitments to undertake all research, design, development, and engineering work
related to the Project, except those which cannot reasonably be performed in Indian River
County, at the facilities in Indian River County.
(g) Extension Option. The Closing Fund Awardee may make a one time
election to extend the job creation and investment Measurement Dates specified in Paragraph
5.0 (c), (d), (e), and (f) by one or two years. This election must be communicated to County in
writing. Exercising this option shall result in a one year, or two year, extension of the terms of
each of the performance requirements, sanctions, and the terms of the agreement. If a two year
extension is exercised an additional year of interest may be levied on any penalties that accrue
to the Closing Fund Awardee after the initial extended performance date.
(h) Matrix. These Award Conditions, as outlined in Paragraphs 5.0 (a), (b),
(c), (d), and (e) and Performance Conditions outlined in paragraph 5.0 (f) above, are
summarized in a matrix format in Exhibit C to this Agreement.
6.0 NOTICES: All notices pertaining to this Agreement are in effect upon receipt by
a party, shall be in writing and shall be transmitted either by United States Post Office, return
receipt requested; or, overnight express mail delivery. E-mail, personal hand delivery and
facsimile transmission may be used if the notice is also transmitted by one of the preceding
forms of delivery. The addresses set forth above for the respective parties shall be the places
where notices shall be sent, unless prior written notice of change of address is given.
{3745/01 /00234567.D000 }
9
7.0 DUTIES OF THE CLOSING FUND AWARDEE: The Closing Fund Awardee
agrees that to qualify and remain qualified for the Closing Fund Award payments authorized
herein without sanctions, the Closing Fund Awardee must:
(a) Undertake the Project and meet all of the Award Conditions as
specified in Paragraphs 5.0(b), (c), (d), and (e), and the Performance Conditions in Paragraph
5.0(f) of this Agreement, as applicable.
(b) Submit its requests for the Closing Fund Award payments authorized in
Paragraph 9.0 of this Agreement in letter format and clearly state that it certifies
accomplishment of each of the Award Conditions in Paragraphs 5.0(b), (c), (d), and (e) of this
Agreement applicable to the payment requested have been met or that any required sanction
has been paid or may be deducted from the requested payment, and provide supporting
documentation reasonably acceptable to County and appropriate affidavits where required.
(c) Submit annual certification of its employment and annual average wages
paid using a Qualified Target Industry Tax Refund (QTI) Claim application form, or alternate
equivalent documentation reasonably acceptable to County, every State of Florida fiscal year by
January 31 of said year for the performance as of the prior December 31. The QTI claim
application, or alternate equivalent documentation of performance, must be submitted annually
through January 31, 2016, or one or two years later if a one- or two-year extension authorized by
Paragraph 5.0(g) is elected.
(d) For each investment performance date specified in Paragraph 5.0 (f)(5),
certify and submit documentation demonstrating that at least SO percent of the total capital
investment performance requirement specified in Paragraph 5.0(f)(5) has been made in tooling.
13745/01/00234567.DOCv51
10
equipment, and facility and infrastructure improvements at the Indian River County facilities as
of the dates specified in that paragraph (or that any required sanction has been paid), and that
those capital investments continue to be located in Vero Beach, Indian River County, Florida as
of December 31, 2015, or later year if the extension authorized in Paragraph 5.0 (f) is elected.
This provision shall not prevent the Closing Fund Awardee from disposing of any assets no
longer useful to the Project, so long as the Closing Fund Awardee does not remove that
equipment from Indian River County for the purpose of operating in another location. Such
certification and documentation must be submitted by April 30 of the year following each of the
relevant investment performance dates.
(e) Certify and submit documentation to support the fulfillment or
substantiation of the certifications specified in Paragraphs 5.0(b), (c), (d), (e), and (f).
(f) Notify County in writing of any material developments that impact the
implementation or operation of this Agreement or the Project. Such material developments will
include, but not be limited to, announcements with regard to the Project, cancellation of the
Project, major announcements with respect to the new Piper Jet or other aircraft, lavoffs, or
majority change in ownership of the Closing Fund Awardee.
(g) Maintain personnel and financial records and reports related to the jobs,
wages, cumulative capital investment, and product development activities and expenditures
related to the Project and to decisions of the Board of Directors associated with their
commitments to the location of design, development, and production and/or assembly of the
PiperJet or other aspects of the Project.
{3745/01700234567.DOCi 5 }
11
8.0 LIABILITY AND INDEMNIFICATION: County will not assume any liability
for the acts, omissions to act, or negligence of the Closing Fund Awardee, its agents, servants, or
employees; nor will the Closing Fund Awardee exclude liability for its own acts, omissions to
act, or negligence to County for actions under this Agreement nor will the Closing Fund
Awardee assume liability for County's actions nor shall County exclude its liability to the
Closing Fund Awardee. In addition, the Closing Fund Awardee agrees that County shall not be
responsible for any injury or property damage resulting from any activities conducted by the
Closing Fund Awardee under this Agreement. County will not hold the officers, board
members, and shareholders of the Closing Fund Awardee personally liable for any act or
omission of the Closing Fund Awardee.
To the extent permitted by law, the Closing Fund Awardee agrees to indemnify and
hold County harmless from and against any and all claims or demands for damages resulting
from personal injury, including death or damage to property, arising out of any activities
performed under this Agreement and will investigate all claims at its own expense. However,
neither County nor any agency or subdivision of the State of Florida waives any defense of
sovereign immunity or increases the limits of its liability upon entering into this contractual
relationship. Indemnification by the Closing Fund Awardee applies only to liability to the
extent sovereign immunity is not available.
9.0 DUTIES OF COUNTY: County agrees that the Closing Fund Awardee will be
eligible to receive payments totaling up to TWELVE MILLION DOLLARS ($12,000,000) from
the County, contingent upon meeting the requirements established in Paragraphs 5.0(b), (c),
(d), and (e) of this Agreement. The payments will be made within 30 days of verification by
{3745/01/00234567.DOCv5)
12
County, that the Closing Fund Awardee has met the conditions specified in Paragraphs 5.0(b),
(c), (d), and (e) of this Agreement, as applicable (or has paid any sanctions for failure to meet
such requirements). County will act expeditiously in verifying that the Closing Fund Awardee
has met the conditions referenced above.
10.0 TERMINATION AND SANCTIONS:
(a) This Agreement may be terminated by County only if (i) there is a
decision by the Closing Fund Awardee not to proceed with the Project in Indian River County,
(ii) the Closing Fund Awardee defaults in the payment of any sanction provided for in this
Agreement for more than 30 business days after written notice of such default is given to it (or
within 30 business days of a final determination of the amount owed if the sanction is disputed or
appealed), (iii) during the Performance Term of this Agreement the Closing Fund Awardee is
convicted of a crime material to this Agreement (that is, specifically and directly related to the
performance of this Agreement) (and such conviction, if appealed, is upheld) and the board of
directors of the Closing Fund Awardee has not taken all reasonable steps within its reasonable
control to prevent a recurrence of such crime, (iv) during the Performance Term of this
Agreement the Closing Fund Awardee is found to be in violation of a provision of the Florida
Administrative Code or the Code of Federal Regulations material to this Agreement (that is,
specifically and directly related to the performance of this Agreement) resulting in material
sanctions against the Closing Fund Awardee (and such found violation, if appealed, is upheld)
and the board of directors of the Closing Fund Awardee has not taken all reasonable steps within
its reasonable control to prevent a recurrence of such violation, or (v) an event has occurred
which results in the termination of the OTTED Closing Fund Agreement.
13745/01/00234567.DOCv5 )
13
(b) A termination will result in the loss of eligibility for receipt of the Closing
Fund Award payments previously authorized; but not paid. If any of the Closing Fund Award
payments have been made to the Closing Fund Awardee, the Closing Fund Awardee may be
required to repay a prorated portion of the grant amount paid, and any relevant penalties and
interest, as outlined below in paragraphs (d), (e), (f), and (g) of this section.
(c) Notwithstanding Paragraphs (a) and (b) above, in the event that County
fails to pay the Closing Fund Awardee a Closing Fund Award payment, to which the Closing
Fund Awardee is entitled under this Agreement, as a result of insufficient County funds or for
any reason whatsoever, the Closing Fund Awardee shall have the right, in addition to any other
remedies available hereunder or under applicable law, to terminate this Agreement and may
retain any Closing Fund Award payments that is not subject to conditions/sanctions under
Paragraphs (d), (e), (f), or (g) of this Section that was previously paid to the Closing Fund
Awardee under this Agreement.
(d) In any year in which the actual number of jobs for a job creation or job
maintenance phase scheduled in Paragraph 5.0(f) of this Agreement falls below 80 percent of
the number of jobs so scheduled, the Closing Fund Awardee shall repay an amount equal to
one-seventh of the Closing Fund Award payments received plus interest on the amount repaid.
If in any year the actual number of jobs is at least 80 percent of the jobs scheduled in Paragraph
5.0(f) of this Agreement, but less than the number of jobs required in that Section, the Closing
Fund Awardee shall repay a pro rated share of one-seventh of the Closing Fund Award
payments received plus interest, as determined in Paragraph 10.0(g), on the amount repaid (for
example, if the actual number of jobs is ninety (90) percent of the scheduled jobs, then the
13745/01/00234567.DOCv5 }
14
Closing Fund Awardee would be obligated to repay ten (10) percent of one -seventh of the
Closing Fund Award payments received plus interest, as determined in Paragraph 10.0(8) of
this Agreement).
(e) In any year the average wage falls below the average wage -required by
Paragraph 5.0(f)(4) of this Agreement, the Closing Fund Awardee shall repay one -seventh of
the Closing Fund payments received plus interest, as determined in Paragraph 10.0(8) of this
Agreement, on the amount repaid.
(f) If the Closing Fund Awardee's capital investments have not reached 80
percent of the investment level scheduled in Paragraphs 5.0(f) of this Agreement by the dates
specified in Paragraph 5.0(f) of this Agreement, the Closing Fund Awardee shall repay a
prorated share of the Closing Fund Award payments received, plus interest, as determined in
Paragraph 10.0(g) of this Agreement, on the amount repaid.
(g) The interest rate shall be determined by the annualized average interest
rate earned by the County on funds invested by the County (schedule to be provided by the
County) at the end of the performance period for which the condition was not met, which
interest shall apply to the year for which the applicable shortfall occurred. Additional interest
may be imposed for any period for which the required performance report is over due, or
during which period the Closing Fund Awardee, after being notified by County in writing of
any inadequacies in the performance report and/or the supporting documentation and being
provided a 60 day period to cure any such inadequacies, has failed to correct the specified
inadequacies. The annualized average interest rate earned on funds invested by the County as
of January 2008 was 4.59 percent.
{3745/01 /00234567.DOCv5 }
15
(h) In no year shall the amount required to be repaid exceed the largest of the
individual amounts determined in Paragraphs 10.0 (d), (e), or (f), and total cumulative sanction
repayments over all years shall never exceed the value of the total award paid, plus interest. For
example, if the Closing Fund Awardee fails to meet the 80% tests both in Paragraphs 10.0(d) and
(e), the sanction would be one-seventh of the award payments received, not two -sevenths.
(i) The Closing Fund Awardee shall have 60 days to cure any alleged breach
of this Agreement; provided, however, that nothing herein shall extend any date required to meet
a Performance Condition as set forth in Paragraph 5.0(f). Any required repayment, interest
and/or penalty, is due to County within sixty (60) days of receipt of written notice from County,
after which additional interest at the rate determined in Paragraph 10.0(g) of this Agreement,
shall begin to accrue on the repayment amount due, including any interest on that amount, as
determined in Paragraphs 10.0 (d), (e), (f), or (g). However, such repayment and interest shall
not be due, nor any additional interest accrue on the repayment and interest due, until any appeal
of County's decision shall have been completed in accordance with Section 16.0 hereof.
0) County, or its designated agent, may, with reasonable notice, visit the
Closing Fund Awardee's Indian River County facilities to visually verify the fact that the capital
investment has been made and that ongoing manufacturing operations continue. In no event
will the County request more than 3 site visits per calendar year.
(k) Except as otherwise specified herein, this Agreement shall not be
terminable by the parties and County shall have no right to withhold award payments except
for failure of Award Conditions and no right to require repayment of awards except for the
sanctions described in this Paragraph 10.0.
13745/01/00234567.DOCv5)
16
11.0 INDEPENDENT CAPACITY OF THE CLOSING FUND AWARDEE: The
parties agree that the Closing Fund Awardee, its officers, directors, agents, and employees, in
performance of this Agreement, will act in the capacity of an independent contractor and not as
an officer, employee, or agent of the County. The Closing Fund Awardee is not entitled to
accrue any benefits of County employment, including retirement benefits and any other rights
or privileges connected with employment. The Closing Fund Awardee agrees to take such
steps as may be necessary to ensure that each subcontractor of the Closing Fund Awardee will
be deemed to be an independent contractor and will not be considered or permitted to be an
agent of the Countv.
The Closing Fund Awardee has no authority to, and shall not pledge the County's credit
or make County a guarantor of payment or surety for anv contract, debt, obligation, judgment
lien, or any form of indebtedness.
12.0 LEGAL REQUIREMENTS:
(a) This Agreement is executed and entered into in the State of Florida, and
will be construed, performed, and enforced in all respects in strict conformity with local, state,
and federal laws, rules, and regulations. Both parties agree to abide by all applicable laws in
the performance of this Agreement. Each party will perform its obligations in accordance with
the terms and conditions of this Agreement. Any and all litigation arising under this
Agreement shall be brought in the appropriate Circuit Court in Indian River County, Florida,
applying Florida law.
13745/01/00234567.DOCv5 }
17
(b) If any term or provision of this Agreement is found to be illegal and
unenforceable, the remainder of this Agreement will remain in full force and effect and such
term or provision will be deemed stricken.
13.0 PUBLIC ENTITY CRIMES: The Closing Fund Awardee affirms that it is aware
of the provisions of Section 287.133(2)(a), Florida Statutes, and that at no time has the Closing
Fund Awardee been convicted of a Public Entity Crime.
14.0 UNAUTHORIZED ALIENS: County and the Closing Fund Awardee recognize
that employment of unauthorized aliens, by any contractor or subcontractor, of the Closing
Fund Awardee, is unlawful as described by Section 274A(e) of the Immigration and
Nationalization Act. The Closing Fund Awardee agrees to comply at all times with the
applicable laws regarding the employment of unauthorized aliens. The Closing Fund Awardee
shall provide in its Project subcontracts that its subcontractors shall comply with all laws
relating to the employment of unauthorized aliens.
15.0 NON-DISCRIMINATION: The Closing Fund Awardee will not discriminate
against any employee employed in the performance of this agreement, or against any applicant
for Project employment because of age, ethnicity, race, religious belief, disability, national
origin, or sex. The Closing Fund Awardee shall use its reasonable best efforts to provide a
harassment -free workplace, with any allegation of harassment given priority attention and
action by management. The Closing Fund Awardee shall insert a similar provision in all
subcontracts for services covered by this Agreement.
13 745/0 1/00234567.DOCc5 }
18
The Closing Fund Awardee affirms that it is aware of the provisions of Section
287.134(2)(a), Florida Statutes, and that at no time has the Closing Fund Awardee been placed
on the Discriminatory Vendor List.
16.0 DISPUTE RESOLUTION: In the event County, or County's agent, believes that
the Closing Fund Awardee may not have satisfied an Award or Performance Condition; may be
subject to sanctions; or may have committed a breach of this Agreement, County, or County's
agent, shall discuss the issue with the Closing Fund Awardee's contract administrator, listed in
Paragraph 2.0 of this Agreement. If this discussion, and any additional information or
documentation provided by the Closing Fund Awardee, fails to resolve the issue to the Closing
Fund Awardee's satisfaction, County or County's designee, will provide the Closing Fund
Awardee with written notice thereof, and the Awardee shall have up to sixty (60) days to
provide additional information or clarification or to cure such failure, violation or breach.
During such 60 -day period County and/or its agent will work with the Closing Fund Awardee
and attempt to settle the issue through informal consultation and negotiation in good faith and
a spirit of mutual cooperation. At the conclusion of that period, if the issue has not been
resolved, County shall issue its formal decision and the Closing Fund Awardee shall have 20
days from the receipt of formal notification of the decision to file a claim with the Circuit Court
in and for Indian River County. Failure to file a claim within such time shall constitute a waiver
of all rights by the Closing Fund Awardee to challenge such decision.
17.0 ATTORNEY FEES: Neither party shall be liable to pay attorney fees, interest, or
cost of collection.
13745/01/00234567DOCO)
19
18.0 TRAVEL: There shall be no reimbursement of travel expenses exceeding the all-
inclusive funds allocated in this Closing Fund Agreement.
19.0 PRESERVATION OF REMEDIES: No delay or omission to exercise any tight,
power, or remedy accruing to either party upon breach or default by either party under this
Agreement, will impair any such right, power or remedy of either party; nor will such delay or
omission be construed as a waiver of any breach or default or any similar breach or default.
20.0 ACCOUNTING AND AUDITS: The Closing Fund Awardee agrees:
(a) To maintain books, records, documents and other evidence (excluding
email) according to generally accepted accounting principles ("GAAP"), procedures, and
practices that sufficiently and properly reflect all costs of any nature expended in the
performance of this Agreement, and retain said copies for a period of five (5) years after
termination or the conclusion of this Agreement. If any litigation, claim, negotiation, audit or
other action involving the records has been started before the expiration of the five (5) years, the
records shall be retained until completion of the action and resolution of all issues which arise
from it.
(b) To comply with Exhibit B to the OTTED Closing Fund Agreement and
other auditing and reporting requirements of the OTTED Agreement. The Closing Fund
Awardee shall provide the County annually the single audit required by Florida Statutes
Section 215.97. The Closing Fund Awardee shall also deliver to the County at the same time
as it delivers to OTTED a copy of the documentation required by Sections 5.0 and 7.0,
which shall not vest audit rights in the County. The County, in the person of the county
administrator or his or her designee, shall have the right to not more than three meetings each
(3745/01/00234567.DOCv5}
70
year with the CFO of the Closing Fund Awardee or his or her designee to clarify the single
audit report and/or the Sections 5.0 and 7.0 documentation. Notwithstanding anything to the
contrary contained in this Agreement, the right to receive the single audit and the Sections 5.0
and 7.0 documentation, the site visit rights under Section 10.0(j) and the meeting rights granted
by this Subsection 20.0(b) shall be the only auditing, reporting, or monitoring rights of the
County. Information provided to the County shall be held confidential as authorized in
Sections 288.075, 288.1067 and 288.9520, Florida Statutes, and any other applicable
statutes.
(c) To include the aforementioned audit and record keeping requirements
and the provisions contained in "Exhibit B" to the OTTED Closing Fund Agreement in contracts
and sub -contracts entered into by the Closing Fund Awardee with any party for work required
in the performance of this Agreement.
21.0 PUBLIC RECORDS: The Closing Fund Awardee must allow public access to all
public records made or received by the Closing Fund Awardee in conjunction with the Closing
Fund Award and this Agreement to the extent required by Chapter 119, Florida Statutes, except
materials that relate to methods of manufacture or production, potential trade secrets,
potentially patentable material, actual trade secrets, business transactions, financial and
proprietary information, board minutes, legal and legal -related documents, all documents
referenced in Paragraph 7.0(g) above and agreements or proposals to receive funding that are
received, generated, ascertained, or discovered by County, as exempted in Sections 288.9520,
288.075, and 288.1067, Florida Statutes, or other sections of the Florida Statutes. Refusal of the
13745/01 /00234567.DOCv5 }
21
Closing Fund Awardee to allow access to records as provided in this Paragraph shall constitute
grounds for unilateral cancellation of this Agreement.
The Closing Fund Awardee must make publicly available, upon request, the following
information: the name of the business, the amount of the Closing Fund Award payment, the
number of actual new full-time equivalent jobs created, and the amount of capital investment
completed.
22.0 NON -ASSIGNMENT: Neither party may assign, sublicense or otherwise
transfer its rights, duties, or obligations under this Agreement without providing prompt
written notice to the other party. If the Closing Fund Awardee assigns this Agreement in
connection with a sale of all or substantially all of its assets or the assets of the Piper Jet division
or other major division, it may require the assignee to assume all of its obligations hereunder in
writing, in which case the Closing Fund Awardee shall be released from such obligations
provided the assuming party has financial resources equal to or greater than the original
Closing Fund Awardee. A sale and leaseback of any portion of the Project shall not impair any
rights of the Closing Fund Awardee to receive or maintain Awards.
23.0 FORCE MAJEURE. Neither party shall be liable in damages or have the right to
terminate this Agreement for any delay or default in performing hereunder if such delay or
default is caused by conditions beyond its control including, but not limit to Acts of God,
Government restrictions, terrorism, insurrections and/or any other cause beyond the reasonable
control of the party whose performance is affected.
24.0 ENTIRE AGREEMENT: This instrument embodies the entire agreement of the
parties. There are no provisions, terms, condition, or obligations other than those contained in
{3745/01/00234567.DOCv5 }
22
this agreement, and this agreement supersedes all previous communication, representation, or
agreement, either verbal or written, between the parties. No amendment will be effective
unless reduced to writing and signed by an authorized officer of the Closing Fund Awardee
and the authorized agent of County.
26.0 DUPLICATE ORIGINALS: This Agreement is executed in duplicate originals.
IN WITNESS WHEREOF, County and the Closing Fund Awardee have caused this
agreement to be executed and delivered by their duly authorized representatives.
INDIAN RIVER COUNTY, FLORIDA
AUTHORIZED SIGNATURE Date
TITLE:
ATTEST:
CLERK:
Chairman
List of Exhibits:
Exhibit A: Reserved
PIPER AIRCRAFT, INC.
TITLE:
Exhibit B: Criteria for Measurement of Achievement of Terms for New Full-time
Equivalent Jobs and Average Annual Wage (where applicable)
Exhibit C: Award and Performance Conditions Matrix
13745/01/00234567.DOCv5 1
23
this agreement; and this agreement supersedes all previous communication, representation, or
agreement, either verbal or written, between the parties. No amendment will be effective
unless reduced to writing and signed by an authorized officer of the Closing Fund Awardee
and the authorized agent of County.
26.0 DUPLICATE ORIGINALS: This Agreement is executed in duplicate originals.
IN WITNESS WHEREOF, County and the Closing Fund Awardee have caused this
agreement to be executed and delivered by their duly authorized representatives.
INDIAN RIVER COUNTY, FLORIDA
AVJFHORIZ) D SIG,NATUREY. 29 dDate
113 den
-
a+auwu
CLERK:
JK
BMTON
List of Exhibits:
Exhibit A: Reserved
PIPER AIRCRAFT, INC.
AUTHORIZED SIGNATURE Date
TITLE:
WITNESSES:
Exhibit B: Criteria for Measurement of Achievement of Terms for New Full-time
Equivalent Jobs and Average Annual Wage (where applicable)
Exhibit C: Award and Performance Conditions Matrix
(3745/01/00234567. DOCvS l
23
EXHIBIT A
{3745/01/00234567. DOCv5)
GENERAL PROJECT
OVERVIEW
Piper Aircraft Inc.
Name of Business
FOR EFI USE ONLY
Date Received Date Revised Date Completed
Project Number
Contact Enterprise Florida to discuss your project and application before submitting a
formal proposal. The completed and signed application must be filed with:
Enterprise Florida
The Atrium Building, Suite 201 • 325 John Knox Road
Tallahassee, Florida 32303
Phone: 850.298.6620 9 Fax: 850.298.6659
http!/www_eflorida coml
Page 1 of 15
Project
Ospre
Project
Title or
Code
Name (1-5
word description)
FOR EFI USE ONLY
Date Received Date Revised Date Completed
Project Number
Contact Enterprise Florida to discuss your project and application before submitting a
formal proposal. The completed and signed application must be filed with:
Enterprise Florida
The Atrium Building, Suite 201 • 325 John Knox Road
Tallahassee, Florida 32303
Phone: 850.298.6620 9 Fax: 850.298.6659
http!/www_eflorida coml
Page 1 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
A. Name of Business Unit: Piper Aircraft, Inc.
B. Mailing Address: 2926 Piper Drive
Sheet Address
Vero Beach MA 32960
City State Zip Code
C. Name of Parent
Company: American Capital Strategies Ltd.
D. Primary Business Unit Contact: Michael Kelley
Title: Chief Financial Officer
Mailing Address: 2926 Piper I
Street Address
Vero
FL 32960
state Zip Codt
Telephone:
(772)299-2361
Fax:
(772)978-6562
Email:
mike.kelley@piper.com
Website:
www.piper.com
E. Business Unit's Federal Employer Identification Number:
F. Business Unit's Unemployment Compensation Number:
G. Business Unit's Florida Sales Tax Registration Number:
H. Is the business unit minority owned?
Yes ❑ No ® If yes, explain:
23-2809685
SUI -ID 2437843-8
41-8012262640-8
I. What is the business unit's tax year (ex: Jan 1 to Dec 31): Jan 1 to December 31
PROJECT2. OVERVIEW
A. Which of the following best describes this business unit':
❑ New business unit to Florida
® Existing Florida business creating and / or retaining jobs2,1
963 If an expansion, how many jobs are currently in the expanding
business unit?
B. How many individuals are employed at all Florida locations? 963
C. Are any jobs being transferred from other Florida locations"?
963 jobs would
stay in Vero Beach
or would move to
one of the two
Yes ❑ No ❑ If yes, how many jobs and from where? cities outside of
' Must be a separate business unit or reporting unit of a business unit that is or will be registered with the State of Florida
for unemployment compensation purposes.
A QTI Tax Refund award cannot be granted for existing Florida jobs.
' Incentives may not be used in connection with a project that involves the relocation of jobs from one Florida community
to another except in certain circumstances as described in statute.
" Incentives may not be used in connection with a project that involves the relocation of jobs from one Florida community
to another except in certain circumstances as described in statute.
Page 2 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
Florida being
considered at this
time.
Why are these jobs moving and why is it justified in light of the statutory language
governing the applicable incentive program(s)?
Piper Aircraft is engaged in the design and development of the new PiperJet. As the
Company prepares to introduce an innovative product line and make a substantial
investment in technology, equipment, and tooling, executives are evaluating the
long-term suitability of the current location in Vero Beach, an analysis that requires
the serious examination of several alternative locations. The ultimate location
decision will be based on careful, detailed analysis of various factors, including
operating costs, business climate, quality of airport facilities, labor quality and
availability, taxation, quality of local educational institutions, and other location
factors.
PLEASE NOTE: The existing job figure above is the base number of jobs at the
company when discussions with Enterprise Florida began and the application was
first filed in April 9, 2007. Since that time, Piper has added 51 full-time jobs. (This
figure does not include independent contractors, many of whom are highly -paid
professionals with valuable engineering expertise). For the Closing Grant contract,
the company seeks to use the 963 as the starting employment number.
D. Give a full description of this project, including the primary business activities
/ functions:
Piper Aircraft is a leading general aviation manufacturer that builds aircraft for every
aviation mission, from trainers and high-performance aircraft for personal and
business use, to turbine -powered business aircraft. Recently, the Company
announced plans to expand into the jet market. Deliveries of the new jet are
expected in 2010.
The planned launch of the PiperJet is the catalyst for an examination of the optimal
location for the Company's headquarters and manufacturing operations in the long
term. The Company is evaluating the suitability of its existing Vero Beach facility and
conducting a nationwide search for locations that may provide more cost-effective
and productive.
At this time, the Company is considering three locations for its international
headquarters and manufacturing operations: Vero Beach, FL; Okalahoma City, OK;
and Albuquerque, NM.
Aviation & Aerospace
E. What is the project's Targeted Industry(ies)5: Manufacturing
F. Break down the project's primary function(s) and the corresnondina wanes -
Business Unit Activities
NAICS Code
Project
Function
Annualized
Wage ($)
total = 700
Piper's
current
annualized
Aircraft Manufacturing
336411
100%
average
5 Refer to the QTI Target Industry list.
Page 3 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
wage is
$45,900,
excluding
benefits
G. What is the project's proposed location address:
The Company is considering several locations: The existing site at Vero Beach
Aiprort, Will Rogers World Airport in Oklahoma City, and Double Eagle II Airport in
Albuquerque, NM.
Street Address
urzy State Zip Code
What is the project's current location address (if different):
see address on page 1
Street Address
H. Is the
project
location
within a current
or proposed Brownfield site / area?
Yes
❑
No ®
If yes, attach a copy
of the official document designating the Brownfield area.
Is the
project
location
in an Enterprise
Zone?
Indian River County/Vero
Yes ® No ❑ If yes, which zone? Beach
Is the project location in a designated Rural area?
Yes ❑ No ® If yes, which Rural area?
I. Which of the following describes the applicant's operations (select all that apply):
❑ Multi -state business enterprise
® Multinational business enterprise
❑ Florida business enterprise (eligible for Brownfield Redevelopment Bonus incentive only)
J. Which of the following describes this business unit (select all that apply):
❑ Regional headquarters office
® National headquarters office
❑ International headquarters office
❑ This is not a dedicated headquarters office
K. What is the estimated percentage of gross receipts or final sales resulting from
this project that will be made outside of Florida (if sales is not a reasonable
measure, use another basis for measure and provide explanation below): Piper's sales in
Florida are $25 million and outside Florida are $175 million.
87.5% of Explain, if necessary: Piper sells aircraft through a national and
sales are international network of dealers.
outside FL
A. How many jobs* are expected to be created as part of this
project? See exhibit A
B. If an existing business unit, how many jobs are expected to be
retained as part of this project? (jobs in jeopardy of leaving Florida
should only be included here; these jobs are not eligible for QTI) 963
e A'full time equivalent job" means at least 35 hours of paid work per week.
Page 4 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
C. What is the anticipated annualized average wage (excluding
benefits) of the new to Florida jobs created as part of this
project? (Cash payments to the employees such as performance bonuses
and overtime should be included. The wage reported here is only an estimate
of the average wage to be paid and will not be used in the certification,
agreement, and claim evaluation process.) See exhibit A
D. What is the annualized average value of benefits associated with
each new job created as part of this project? See exhibit A
E. What benefits are included in this value? (health insurance, 401(k) contributions,
vacation and sick leave, etc.)
We are working to quantify the total value of benefits to be provided to new employees,
who will receive the full range of benefits now provided by the Company, including:
• Health insurance: Blue Cross/Blue Shield of Florida (Plan 708)
• Dental benefits
• Life Insurance with MetLife
• Short- and long-term disability benefits
• 401K Plan through MassMutual
A. Describe the capital investment in real and personal property (Examples:
construction of new facility; remodeling of facility; upgrading, replacing, or buying new
equipment. Do not include the value of land purchased for construction of a new building):
PLEASE SEE EXHIBIT B
B. Will this facility be:
❑ Leased space with renovations or build out
❑ Land purchase and construction of a new building
❑ Purchase of existing building(s) with renovations
❑ Addition to existing building(s) (already owned)
® Other (please describe in 4A above) SEE EXHIBIT B.
C. List the anticipated amount and type of major capital investment to be made by
the applicant in connection with this project: (attach separate schedule if investment
will be made over more than three years)
PLEASE SEE EXHIBIT B
D. What is the estimated
Year 1
Year 2 Year 3
Land
expanded facility?
$
715,000 s.f.
$
$
Construction / Renovations
Manufacturing Equipment
R&D Equipment*
Other Equipment (computer
equipment, office furniture, etc.
Total Capital Investment
D. What is the estimated
square footage of the new or
The current
facility is
expanded facility?
715,000 s.f.
At this time,
Page 5 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
E. When is the final location decision anticipated (date)?
F.
What
is
the
anticipated
date
construction will
begin?
G.
What
is
the
anticipated
date
operations will
the company plans to
adapt existing facilities for
PiperJet production.
November 2007
At this time, the company
plans to adapt existing
facilities for PiperJet
production. However, if
demand for the PiperJet
or other products exceeds
current assumptions, the
Company may expand
existing buildings or add
one or more new
buildings.
June 2010 for launch of
expand, or remain in Florida?
This location decision will be made by Piper's Board of Directors, with
recommendations from Piper's executive team. The Board will weigh business
costs and other location factors critical to the successful development and
manufacture of high-quality aircraft. Piper's ability to manage operating costs and
achieve tax certainty will enable the Company to direct resources to research and
development, production and other investments that impact competitiveness.
Business incentives will play a major role in assisting the Company in managing
costs and reaching its business objectives for expanding its existing product base
and the development and production of the PiperJet.
B. What other cities, states, or countries are being considered for this project?
Oklahoma City, OK and Albuquerque, NM.
C. What advantages or incentives offered by these locations do you consider
important in your decision?
Incentives
The Company is actively engaged in serious negotiations with state and local
officials in other locations. We have received revised offers of benefits from New
Mexico and Oklahoma. Each jurisdiction is able to direct substantial resources to
recruit a Project of this scope and economic impact.
Incentives proposed include: contributed land; subsidized facility development
and below-market lease rates, low-cost financing; significant grants for job
creation and capital investment; workforce recruitment assistance and significant
training grants; infrastructure grants; property tax abatements and exemptions;
direct equity investments and substantial utility rate discounts. Revised offers
have included additional grant funding for research and development, as well as
offers of free or highly subsidized temporary space to facilitate a transition from
Vero Beach.
Page 6 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form'
(lock) button on the Forms toolbar.
The Company and its consultants are in close communication with officials in the
other states to discuss the project and a potential move in detail and to continue
to refine and customize the offers of incentives based on the Company's unique
needs. The incentives we consider most compelling are:
• Offers of free land and facility — These benefits would provide a new,
state-of-the-art facility, which would enhance competitiveness and reduce
operating cost.
• Cash grants for job creation in excess of $25 million and climbing.
• Potential equity investment and/or 0% financing to assist in R&D
investment.
• Assistance with relocation costs for equipment and people.
• Substantial training grants and payment of 50% of production employees'
wages during the first 6 months of employment, up to 1,040 hours.
Other Advantages
The other locations under consideration pose several advantages for the Company:
• Larger base of production/manufacturing workers and engineers from
which to recruit.
• Greater number of colleges and universities with aviation -related
programs, from vocational -level and community college, through master's
and Ph.D.
• No threat of hurricanes or other destructive storms.
• Potential to save more than $2 million in property insurance annually.
• Closer proximity to commercial airports.
• Lower utility costs (rates more than 50% lower).
D. Indicate any additional internal or external competitive issues impacting this
project's location decision?
Piper's plan to develop the PiperJet is the catalyst for a critical look at the
Company's facility needs and the best location for growth in the long term. As
described in this application, we are evaluating several locations which are
suitable for their weather, airport facilities and business climates and are
conducting further due diligence on facility development costs and labor cost and
quality. We have found that competing locations are far more competitive than
Florida in terms of utility costs, real estate costs, business incentives, property
insurance, and weather patterns.
A. Provide a brief synopsis of the special impacts the project is expected to
stimulate in the community, the state, and the regional economy. Include the
impact on indicators such as unemployment rate, poverty rate, and per capita income.
Recently, the Indian River County Chamber of Commerce commissioned an
updated economic impact study by the Washington Economic Group, which
estimates Piper's annual economic impact on the Indian River County region at
$518 million per year. Enterprise Florida has received copies of this study.
Page 7 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form'
(lock) button on the Forms toolbar.
Piper Aircraft offers engineering, manufacturing and production employment,
with opportunities to enhance skills and advance in one's career. The relocation
of this Company from Vero Beach would pose a significant, negative, long-term
impact to the local economy.
B. Provide a summary of past activities in Florida and in other states particularly
as they relate to environmental or growth management impacts. For example,
what kind of corporate citizen has the applicant been? Also list awards or commendations.
Environmental Impacts
Piper Aircraft, Inc. has been performing groundwater remediation under a 1997
Consent Decree with the U.S. Department of Justice and the EPA to reduce the
concentration of Trichloroethylene (TCE) on Piper's property in Vero Beach.
Two, circulation cell technology, vacuum -vaporized wells (UVB pump and treat
units) installed during 1998 continue to operate on the site. These UVB pump
and treat wells, along with natural attenuation, continue to reduce solvent
concentrations and have also been effective in maintaining hydraulic control of
the solvent plume. In an effort to accelerate remediation efforts, Piper has
proposed a phased approach of injection of bioremediation product developed
by Regenisis Inc., Plano, Texas. On April 17, 2007 EPA and FDEP completed a
review of the NPL Site Bioremediation Pilot Study Proposal and concurred with
the proposed project. Phase 1 of this pilot study was completed in July 2007
and tested bore water/soil samples for preliminary evaluation of the vertical
contamination of chlorinated solvents. Phase 2 of this pilot study will allow for
accelerated bioremediation utilizing the Regenisis product. It is anticipated that
the injection phase of this project will commence late 2007 or early 2008.
Corporate Citizenship
Piper is a strong corporate citizen, active in a number of areas, including the
United Way, which presented the Company a Torchbearer Award in 2006. The
Company is a major participant in the American Cancer Society Relay for Life.
Piper sponsors four scholarships for local high school students at $1,000 per
year, renewable up to 4 years and participates with the local school district to
provide space, mentors and work assignments for about 35 "at risk" students.
Their classroom space is at Piper, where the students have employee mentors
and learn work skills while working part-time. Also in support of education,
Piper underwrites the Regional Science Fair.
Piper provides over 6,000 s.f. of office space and utilities on the Piper campus
free of charge to the Education Foundation of Indian River County and the
Indian River County Boys & Girls Club.
The Company is also actively involved in numerous sponsorship programs
(DARE, placing newspapers in classrooms, local little league teams, Project
Graduation, etc.)
Piper also participates in the local Chamber of Commerce and Workforce
Development activities.
Page 8 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form'
(lock) button on the Forms toolbar.
C. List and explain any criminal or civil fines or penalties or ongoing
investigations that have been imposed upon the company, its executives, or
its affiliates and any recent bankruptcy proceedings of the applicant or its
parent company.
Not applicable.
D. Provide any additional information you wish to be considered as part of this
incentive application or items that may provide supplementary background
information on your project or company.
The Innovative PiperJet
The PiperJet is a revolutionary new aircraft, and will be built using state-of-the-
art design and manufacturing processes. Key features and capabilities include:
• Cruising speed of up to 360 knots
• Maximum operating altitude of 35,000 feet
• Range of 1,300 nautical miles and full -fuel payload of 800 pounds
• Navigation, situational awareness and system information will be delivered
through next -generation technologies
• Advanced avionics and guidance systems
• High-speed, natural -laminar flow wing enhanced fuel economic and
performance
• Advanced metal bonding allows improved strength and manufacturing
integrity
• Innovative development and design process incorporates all stakeholders in
the process: designers and manufacturing engineers, sales and marketing
professionals, customers, customer service specialists, suppliers, vendors,
and dealers.
Piper's Heritage
Piper's rich legacy is born of 70 years of unparalleled history, with more than
144,000 aircraft brought to market and more than 160 models certified.
Approximately 90,000 of those aircraft are still flying and being serviced and
supported on every continent by Piper's 65 service centers, 40 dealers and
2,500 field personnel. Piper is the only general aviation manufacturer to build
and offer aircraft for every general aviation mission, from trainers and high-
performance aircraft for personal and business use, to turbine -powered
business aircraft and now, the PiperJet.
Piper has been headquartered in Vero Beach since the 1950s.
You may request that your project information (including information
contained in this application) be confidential per F.S. 288.075, Confidentiality
of Records for a 12 month period, with an additional 12 month extension
available upon request for projects still under consideration.
Please indicate your confidentiality preference: (Does not apply to SDST sales tax
Page 9 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
exemption applicants)
® Yes
❑ No
***Be sure to attach the proper incentive attachment sheet(s)***
Page 10 of 15
GENERAL PROJECT OVERVIEW
Tc adc text outside of the gray fields or click trio statutory reference Ink, oe sabot t it `rotect Forrn"
,I -CK) button on the Forms toolbar.
Application
Scot Butcher
Name
Vice Presiaent
nue
To the best of my knowledge, the
information included in this
application is accurate.
Signafura {Autho i ed Company fficer)
REQUIRED _
Michael Kelley \
CFO
rale
Duff & Phelps_�"LC _ Piper Aircraft_Inc
Company Company ___
2_25 Franklin St. Boston, MA 02110
Address, `different than mailing address
617-378-94C6
'r'hoae Numter
617-507-5899
FaxNumber
_ scct.butc ieranduffaridpheips.com
=mall Address
Name of contact reason, if different than above
?hone Number
Ad ?ro s
"tail Addre,
Address r different than mailinj ac^rese
772)299-2361
Phcne Number
�772i978-6562
Fax Number
Ivlichael.Kelley piper.com
Email Address
j`
{ f
Date
P:19s, 11 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
Exhibit A — Jobs and Wages
Retained Jobs
When Piper began discussions with Enterprise Florida, the Company employed 963 full-
time employees in Vero Beach. The Company submits 963 as the number of jobs to be
retained.
New Jobs
The Company has prepared the following schedule of employment over a nine-year
period. The table shows the estimated number of jobs to be added in each calendar year
and the anticipated total number of jobs at the end of each calendar year. Year 1 is 2007.
(The Company has added 51 jobs during this site selection process, and those jobs are
reported below for Year 1),
During the design, development and production of the Piper7et, employment is expected
to fluctuate according to the stage of the product development cycle. This expansion and
contraction in headcount is typical in aviation manufacturing.
Year
Estimated # Full-
Time Employees at
end of Calendar Year
i
Change in
Employment
from Previous
Year
(Estimated)
Year 1 (2007)
1,014
+51
Year 2 (2008)
1,091
+77
Year 3(2009)
1,102
+11
Year 4 2010
1,064
-38
Year 5 (2011)
11012
-52
Year 6 2012)
1,368
+356
Year 7 2013)
1,354
-14
Year 8 2014
1,328
-26
Year 9 2015)
1,309
-19
At the year of peak employment in 2012, Piper's estimated full-time headcount is 405 net
jobs above the starting, base employment level of 963. At the conclusion of this timeline
in 2015, the estimated number of net new jobs from the project start is 346. These
figures do not include full-time equivalent positions held by independent contractors and
paid directly by the company (see below.)
Independent Contractors
In addition to the full-time employees outlined above, Piper currently employs 125
independent contractors in a variety of roles. The table below shows the number of
independent contractors in a variety of departments when discussions with enterprise
Florida began (a total of 62) and the number in these roles today (a total of 125). The
Page 12 of 15
GENERAL PROJECT OVERVIEW
To add tent outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
number
of independent
contractors at work at Piper
has increased by 63 positions since
the start
of the project.
Indirect
Manufacturing
5
11
The practice of working with independent contractors is common in the aviation industry
during research and development of a new product. Engineers and designers with highly
specialized expertise are hired for the product development phase of the project.
Independent contractors are paid directly by Piper or by an agency and live in the
community for one to three years. Many are leaders in their fields and are highly
compensated for their expertise. For example, those in engineering roles earn
approximately $200,000.
Department/Role
# Independent Contractors at
Start of Project
Current # of
Independent
Contractors
-Engineering Programs
37
76
Indirect
Manufacturing
5
11
Sustaining
Engineering
2
17
Administration
5
7
Sales & Marketing
12
2
Direct Manufacturing
1
12
Total
62
125
Average Wages and Value ofBeneftts — Current
At this time, Piper's annual payroll (with overtime included but without benefits) is $46.5
million. That results in an average wage of $45,900.
With benefits, Piper's payroll is
559.1
million, for average compensation (wages plus
benefits) of $58,200 per employee.
The
value of benefits
is
$12,400 per employee.
Average Wages and Value of Benefits — Projected for New Jobs
As shown above, Piper's estimated annual employment will fluctuate over the next
several years, and estimated average wages will fluctuate as well. The chart below shows
estimated average wages, with and without benefits, for the period from 2007 through
2015.
Page 13 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form"
(lock) button on the Forms toolbar.
Year
Estimated Average
Wages (without
benefits)
Estimated
Average Wages
With Benefits
Estimated Value
of Benefits
Year 1 2007
$451900
$58,200
$12,300
Year 2008
$455600
$585000
$121400
Year 2009
49.6
$46,000
$585400
$125400
Year (20 10)
Year 6 2012)
$46,600
$59,200
$125600
Years 2011
$46,700
$59400
$12,700
Year 6 (2012)
$455000
$57,200
$12,200
Year 7 2013
$45,100
$57,300
$12,200
Year 8 (2014)
$455300
$57,600
$12,300
Year 2015
$45,300
$571500
$12,200
Gross Payroll
The company's estimated payroll is shown below. Numbers are in millions.
Year
Estimated Payroll
Without Benefits
Estimated Payroll
With Benefits
Year 1 (2007)
$46.5
$59.1
Year 2 (2008)
49.8
63.2
Year 3 (2009)
50.7
64.4
Year 4 2010)
49.6
63.0
Year 5 (2011)
47.3
60.1
Year 6 2012)
62.0
78.2
Year 7 (2013)
61.0
77.6
Year 8 2014)
60.2
76.5
Year 9 (2015)
59.3
75.3
Payroll Commitment
It is difficult to predict with certainty the company's employment needs. Piper has
provided estimates of employment and payroll based on current assumptions of market
demand for the PiperJet and other products. Several factors, including the progress of
R&D efforts, improvements to production processes, market demand, economic
conditions, Federal Aviation Administration actions, and much more may impact the
actual demand for full-time employees.
Piper can commit to
an increasing
gross payroll
(assuming no disasters such as terrorism
or a weather-related
event).
Page 14 of 15
GENERAL PROJECT OVERVIEW
To add text outside of the gray fields or click the statutory reference link, de -select the "Protect Form'
(lock) button on the Forms toolbar.
Exhibit B — Investment in Real and Personal Property
Piper will invest in repairs and improvements its existing facilities, maintain equipment
and tooling for its current product lines, and make significant investments in new, highly
sophisticated and unique tooling and other equipment for the PiperJet. (At this time, the
company plans to adapt and improve existing facilities to construct the new PiperJet, and
the schedule above reflects that assumption. However, if demand for the jet and other
models, including the new Piper matrix, exceeds current estimates, it may be necessary to
expand facilities and construct one or more new buildings on the Piper campus.)
In addition, the company will capitalize the costs of jet development.
Investment is summarized in the following schedule. Investment is in millions and totals
$149.9 million.
2008 2009 2010 2011 2012 2013 2014 2015 Total
Facility Improvements - Jet 1500 1000 1000 1500 1500 6500
Normal Facility
Repa,rsllnvestments 3000 3000 500 500 500 800 800 600 9900
Tooling -Jet 6500 10500 800 1500 3000 3000 3000 3000 31300
IT, Equipment, Machinery 3000 3000 4500 4500 4500 4700 5000 5000 34200
Total $12,500.00 $16,500.00 $ 5,800.00 $ 8,000.00 $9,000.00 59,500.00 $10,300.00 510,300.00 $81,900.00
Memo - Jet Development Costs
$ 15,000.00 $19,500.00 $ 22,000.00 $11,500.00
568,000.00
The jet development costs shown include three flying prototypes and soft tooling, in
addition to personnel costs for design. The jet development costs exclude $15.1 million
already invested in 2006 and 2007.
Page 15 of 15
EXHIBIT B
(3745/01/00234567 DOCN5 }
EXHIBIT B
Piper Aircraft, Inc.
Criteria for Measurement of Achievement of Terms for
New Full-time Equivalent Jobs, Average Annual Wage
(where applicable)
Annual certification, as authorized in Section 7.0(c) of this Agreement, must be made in a letter
format clearly certifying the applicable requirements set in 5.0(c), which shall include the
following information and documentation. (For Closing Fund Awardees certified as a QTI
Business, submittal of the required QTI Claim Application and relevant documentation is
required.) Section I of this Exhibit explains how the Annual Certification Period, used in the
calculation of full-time equivalent jobs, average annual wages and the Base Period for those
jobs, is determined. Sections II, III, and IV explain the method that will to be used to determine
the number of full-time equivalent jobs working on the project and the average annual wage
of those project jobs, and the documentation required for jobs and wages.
Although it is not necessary to submit copies of all documentation
to support information included in Annual Certifications
(information such as project jobs and related wages/salaries), the
Closing Fund Awardee must maintain all related forms and
supporting documentation and make these materials available to
OTTED as required in Sections 7.0(f) and 19.0 of this Agreement.
Section I. REFUND AND BASE PERIODS
A. Annual Certification Period -- The Annual Certification Period, for purposes of this
Agreement, is the period from the month the previous certification was submitted
until the effective date of the current certification. For the first certification, the
Annual Certification Period is defined as the period from October 1 to December 31
of the year the first new jobs are scheduled to be measured as specified in Paragraph
5.0(b) of this Agreement.
For subsequent years the Annual Certification Period is January 1 to December 31 of
the current certification year. (See Sections II and III for more detailed discussion of
the method that will be use to evaluate jobs and wages for these periods.)
B. Base Period
-- The Base
Period will be used to calculate the
net new
jobs.
The Base
Period will
be the 12
months preceding the effective
date of
the
Letter of
{3745101/002345 67. DOCv51
Certification, or, if applicable, the Preservation of Inducement, unless otherwise
specified within this agreement.
Section II. PROJECT JOBS DETERMINATION
The following definitions and procedures must be used in determining and reporting
the number of full-time equivalent jobs dedicated to the project.
A. Job Definitions:
1. Full-time equivalent jobs — A "full-time equivalent job" for purposes of this
Agreement shall include full-time jobs and full-time equivalent jobs (based on a
35 hour work week). "Full-time equivalent jobs" shall be counted using the same
methodology whether the work is being performed by an employee of the
Closing Fund Awardee, or of a "Qualified Contract Employee," as defined
herein.
In tabulating hours worked, any paid leave an employee, or "Qualified Contract
Employee" takes during a pay period, such as vacation or sick leave, may be
counted as hours worked. "Qualified Contract Employees" include (a)
employees of employee leasing companies, specialized contractors, and joint
venture partners or licensees operating under agreement with the Closing Fund
Awardee that are performing functions or services of the Closing Fund Awardee
at the Project facility, or at other project sites located within the same Florida
county (subject to normal business travel), only to the extent dedicated to the
operation of the Project; and (b) personnel engaged directly by the Closing Fund
Awardee as independent contractors to which the Closing Fund Awardee issues
an IRS Form 1099. In addition, Qualified Contract Employees shall be subject to
the following additional limitations. Such employees shall:
a. perform ongoing services or functions for the Closing Fund Awardee
that might otherwise be performed by traditional employees, but
which the Closing Fund Awardee has elected to procure through
employment of contract employees due to the specialized nature of
the expertise required or other business purpose;
b. not perform services or functions limited to term of less than six
months;
C. not constitute more than Thirty Percent (30%) of the total New Full-
time Equivalent Jobs claimed by the Closing Fund Awardee in its
annual QTI Tax Refund Claim application, or alternate equivalent
documentation acceptable to County.
(3745/01/00234567.DOCv5}
The total number of full-time equivalent jobs may include both direct and support
jobs for this Project. Direct jobs -- For purposes of this Agreement, "direct jobs" may
include operational or production and related workers assigned directly to the
Closing Fund project.
2. Support jobs -- For purposes of this Agreement, "support jobs" include non-
production, support or overhead workers, such as legal, administrative and
clerical, working at the Closing Fund -approved business unit. The concept for
support jobs is generally only relevant for businesses working on defense or
other government contracts or sub -contracts.
3. New Full-time Equivalent Job -- Full-time equivalent jobs may be counted as new
full-time equivalent jobs only if they result in a net increase in full-time
equivalent jobs at the Closing Fund business over the average full-time
equivalent jobs for the base period, unless otherwise specified in this Agreement.
In no case may jobs or job functions be counted as new, full-time equivalent
project jobs if they are moved from a related business in Florida (including a
business related by virtue of a merger, purchase, or any form of acquisition) to
the Closing Fund Awardee, from another Florida location of the Closing Fund
Awardee to the project location, or from any other Florida business unit. In
addition, no temporary construction jobs involved with the construction of
facilities for the project nor any jobs which have been previously included in any
approved application for annual certification or claims under Sections 288.104,
288.1045 288.106 or 288.1088, Florida Statutes, may be included in full-time
equivalent project jobs.
5. Full-time equivalent direct project jobs — Full-time equivalent direct jobs for the
project may be counted as (a) all direct employees working full time (at least 35
hours a week) on the project, such as production or related work, assigned to and
working exclusively on the project described in this Agreement or (b) the total of
the hours of direct production or related work assigned to the project divided by
35.
6. Full-time equivalent support project jobs -- Full-time equivalent support jobs
may be counted for the project if they are (a) exclusively assigned to and working
at least 35 hours a week on the project described in this Agreement or (b) they
may be estimated by multiplying the total number of all full-time "support jobs"
at the business by the ratio of the number of "full-time direct" project jobs to the
total of all "full-time direct" jobs at the business.
B. Full -Time Equivalent Jobs Calculation:
13745/01/00234567.DOCv5) _
The following method, or a method approved by County which will yield comparable
results, should be used to determine full -time -equivalent employment for each period.
1. Total full-time equivalent project jobs for the Base Period and Annual
Certification Period - For each week in the period, the number of full-time
equivalent project support jobs (as defined above) may be added to the number
of full-time equivalent direct project jobs (as defined above) to obtain total full-
time equivalent project employment for each pay period.
2. Average full-time equivalent project jobs for the Base Period and Annual
Certification Period - Add the project full-time equivalent employment for all
pay periods and divide by the number of pay periods to determine the average
full-time equivalent project employment for the period. This is the full-time
equivalent project jobs that should be reported as annual certification.
3. Net New Job Calculation - To qualify for the annual certification, the difference
between Annual Certification Period and the Base Period, the net increase in
jobs, must be at least as great as the number of full-time equivalent net new jobs
specified in Section 5.0(c)(1) of this Agreement for the Annual Certification
Period.
If the job creation schedule in the Agreement specifies an increase in net new jobs as
a result of a new employment phase since the previous Annual Certification Period,
the actual average employment for the new Annual Certification Period will be
evaluated against an adjusted employment requirement. This adjusted
employment requirement is obtained by averaging the required full time equivalent
employment specified for the previous employment phase for the first nine months
of the year and the new employment phase for last three months of the year. That is,
the Closing Fund Awardee will be expected to maintain the employment established
for the first phase of the project throughout the year, but will only be evaluated
against the additional jobs for the new phase for the final 3 months of the year.
Averages are used rather than a strict month-to-month comparison because it is
understood that there are month-to-month fluctuations in employment due to
turnover and other reasons beyond the control of the business.
Example: If the Closing Fund project involved the expansion of an existing Florida
business with a base full time equivalent employment of 200 and the business had
agreed to create 50 net new jobs by December 31 of the first year and an additional
65 net new jobs by December 31 of second year, the annual certification would be
evaluated as follows:
13745/01/00234567.DOC; 5 }
1. The evaluation for the first year would compare average employment for period
October 1 through December 31 of year 1 against a required number of jobs of
250 (the 200 base jobs, plus the 50 net new jobs scheduled in the agreement).
2. The second year evaluation would compare the average of actual employment
for the period October 1 through December 31 against the 315 cumulative jobs
scheduled for that phase. In addition, to be sure that the jobs for the previous
phase were maintained throughout the year, the average of actual full time
equivalent jobs for the period January 1 through December 31 of the second year
would be compared to an adjusted job requirement obtained by averaging the
scheduled employment for the previous employment phase for nine months and
the new employment phase for three months. In this example the adjusted job
requirement for the second year would be an average of 250 for nine months and
315 for three months or ((9'"250+3'315)/12) = 266.
Once the final phase of a project is reached, the evolution of the
remaining certification will be based on a simple comparison of the actual full
time equivalent employment against the maintenance of the cumulative full time
equivalent employment specified for the final phase.
Worksheets, hard copy and/or electronic format (MS Excel format
preferred), showing these calculations should be submitted vaith the certification.
All hard copies of worksheets should be signed.
Section III. AVERAGE ANNUAL WAGE DETERMINATION
A. Definition - In calculating the project's average annual wage for the Annual
Certification Period (the average wage is not required for the Base Period), the
following payments may be included for all project jobs as determined in Section
II of this Exhibit:
Wages
Salaries
Commissions
Bonuses
Drawing Accounts (advances to employees against future earnings)
Prizes and Awards (if given by employer for employment)
Vacation Pay
Payment to Employees of Difference Between Regular Pay and Jury Pay
Payments to Employees Temporarily Absent While in Military Service
Wages Earned Before Death but Paid After Death
13745 /01/00234567.DocN-51
Dismissal Pay
Sick Pay (not made under a plan or system)
Supplemental Payments (difference between workers' compensation and
employees salary).
Other benefits may only be included in the wage calculation IF, as a business
policy, the employee has the option of accepting the value of the benefits in the
form of cash payments, or can convert the benefit to cash within 12 months of
receipt of the benefit.
B. Calculation of the Average Annual Wage per Full -Time Equivalent Job:
The average annual wage for the Annual Certification Period must be determined in a
manner consistent with the following procedure:
1. Total project wages for certification period -- Actual wages, salaries and other
payments (as listed in Paragraph A above) for all full-time equivalent direct
project jobs (as defined in Section II -A. of this Exhibit) for each pay period
during the certification period are added to an estimate of support project
wages (as determined in Paragraph 2 of this section).
2. Support project wages for certification period -- The total of wages, salaries and
other payments (as listed in Paragraph A) for all support jobs at the business (as
defined in Section II -A.) times the ratio of the number of "full-time direct" project
jobs to the total of all "full-time direct" jobs at the business, calculated in Section
II -A.3. of this Exhibit.
a. If the Closing Fund Awardee defined in this agreement meets the conditions
outlined in Section IV -A. below, the Closing Fund Awardee may simply sum
the quarterly payroll figures reported for unemployment compensation
purposes and divide by the average number of employees (presumed to be
full time equivalent employees if the conditions specified in Section IV -A.
exist). If the number of quarters is less than four, this number should be
multiplied by the inverse of the ratio of the number of quarters in the Annual
Certification Period to four. If any of the quarters in the period has fewer
than three months of employment, that quarter's payroll data should first be
adjusted by multiplying the reported payroll for that period by the inverse of
the ratio of the number of months for which employment data is reported to
three.
(1)
{3745/01/00234567.D0Cv5 )
3. Annualized project wages — Since the first Annual Certification Period is less
than 12 months and some employees may work for less than 12 months during
any Annual Certification Period, it is sometimes necessary to annualize the
average wage for the Closing Fund Awardee or the wages of individual
employees used to calculate the average annual wage. One of the following
methods should be used for that purpose:
a. If the Closing Fund Awardee does not meet the conditions outlined in
Section IV -A, the Closing Fund Awardee must submit the information
indicated in Section IV -B and calculate the average wage by annualizing the
actual wages paid to all Closing Fund Awardee employees during the
Annual Certification Period and summing those figures to obtain a total
annualize payroll for the period and dividing by the average number of
employees for that Annual Certification Period.
b. Worksheets, hard copy and/or electronic format (MS Excel format preferred),
showing these calculations should be submitted with the claim. All hard
copies of worksheets should be signed.
(2) Section IV. EMPLOYMENT AND WAGE DOCUMENTATION
Documentation to support both base period jobs and refund period jobs should include
the following information:
A. If the Closing Fund Awardee is registered as a separate business unit or
worksite, for unemployment compensation purposes, and the employment
information reported reflects the number of full -time -equivalent employees at
the business unit or worksite, the Closing Fund Awardee may simply submit a
copy of the forms that have been submitted for unemployment compensation
purposes (the forms are due to the unemployment compensation agency on the
fifteenth of the month following the end of each quarter) with the applicable
certification documents. The reports submitted should cover the Base Period
defined in Section 5.0(1)(a) of this agreement, and the twelve months preceding
the December 31 certification date.
B. If the Closing Fund Awardee is not registered as a separate business or reporting
unit, or if there is substantial part-time employment or employee turnover
during pay periods, then in addition to the information listed in Section IV -A
above for the Closing Fund Awardee, or the business unit of which the Closing
Fund Awardee is a part, the Closing Fund Awardee must submit a list of all
employees at the business unit or reporting unit, identifying those employees
working at the Closing Fund business during the Base Period and for the twelve
months proceeding the December 31 annual certification date.
3745/01/00234567.DOC% 5)
If an employee was not employed for a full 12 month period, the list should
include the date employment began and/or ended. The list should also identifv
the employees position, title, or job description. If the employee is paid by the
hour, the list should include the number of hours the employee actually worked
during each pay period during the Base Period and during the 12 months
preceding the December 31 annual certification date.
This information should be supplied in both the signed hard copy and electronic format.
(See also wage and salary information referenced in Section III -133. that needs to be
included in this list.) In addition, the Closing Fund Awardee should clearly explain, as a
part of the Closing Fund submission, how the information they are submitting may be
different from the information submitted for unemployment compensation purposes.
For example, it might be the case that the business has a number of part time workers
and therefore the unemployment compensation information overstates the number of
full-time equivalent employees and understates the average wage. Or, it may be the
case that the —Closing Fund business is a part of a larger or statewide reporting unit and
the Closing Fund Awardee cannot be identified within the information submitted for
unemployment compensation purposes. A situation such as this should be clearly
explained in the documentation.
Section V. INVESTMENT
Investment must be documented on a spreadsheet that lists the items, vendors, payment
dates, amount of payments, and check numbers or unique identification of other means
of payment and is accompanied with copies of canceled checks (or documentation of
other forms of payment) for each item. Please submit a signed hard copy as well as an
electronic version of the spreadsheet (MS Excel format preferred).
13745/01/00234567.DOCv5 }
m
3
_,
cr
rt
*I
0
0
m
3 m
d
(n
" ry
0
0
0
O
•
O
O
CD
N
m
^
m
O
33�WONdp��
Nj
N
c
2 m w<mvo
v�
o•�
-.m
n
m_
oQN�
3�W�,u,od.
No
�m
um
O.Qj
N
O
V
m Na
Nm
OO
O..
�
n
n
cn
n
�
91
o'
N
N
Ui
ry
O
O
O
Q
O
o
m
o
T
0
m
N
=.
v
o
d
A
O
O
U
3
�
O
O
O
n
O
O
`
O
N
3
d
p
p
3
�
`
w
o
m
o
N
0
rn
W
m
n
Fn
�
A
�
0
o
�
o
3
a
o
;
S
N
W
Z
o
�
A
O
O
V
QJ
N
X
X
3 n
N
rn
O
O
O
�
W
N
d
j
Mi
W
N
N
X
X
X
N a
N
'
o
d
N
X
X
X
X
3
a
N
W
N
X
X
X
N a
N
N
3
V
O
j
W
N
N
A
vAi
X
X
X
a
N
N
7
W
QJ
N
X
X
N
'
A
co
N
V
O
O
7
�
m
3
_,
cr
rt
*I
m
a
Mi
a
I: l
N
N
N
N
N
N
N
N
N
N
VI
N
N
N
(TI
N
N
N
N
•
O
O
O
O
O
O
O
O
O
�
O
O
O
•
O
O
O
m
Dip
Ag p
rngm
;v civ
DaC�S
J ouo-
C)
On
C)
aU>>
m
m
o
m o
��
m
m
3
no
0
Qam
m
m<
<o
�'�
m
04_�
oo
a
sld
0
0
❑
o
m
�_
J
T<
J
•
SU
6
O N
7
N fA
O
J
D
Q
N
N
N
D
C7
.J.
W
m
p
O
m
x
m
m
m
T1
y_
N
m
m
o
-a
a¢
dJ
3
�O
tp
cp
�
bq
O
J
J
C
a
0
0
0
O
O
m
o
m
O
O
N
m
yi
O
N
A
J
�
x
X
X
x
X
X
x
x
x
o
3
0
o
m
o
?
o
0
v
m
m
m
n�
v
o
m
J
0
X
x
x
x
X
X
x
X
X
o
No
v
�
o
o
n
J
m
v
o
m
o
w+
0
Cn
w
ti
A
x
x
x
X
X
o
coJn
0
0
;
o�
0
N
O
�
N
W
N
O
O
V
N
N
O
x
N
W
N
O
O
m
N
O
r
X
N
O
N
W
N
O
O
O
N
x
N
O
N
N
W
N
O_
O
N
�
O
J
N
x
O
_O
N
N
x
N
O
O
N
W
N
O_
W
N
O
x
N
N
N
W
N
O
A
N
x
N
O
O
N
W
N
O_
N
m
a
Mi
a
I: l