Vero Beach, Fla. – The Florida Department of Economic Opportunity and Piper Aircraft Inc. agreed in December 2012 to amend an earlier contract to retain the company’s operations in Florida and increase investment in aircraft manufacturing facilities.
Because Piper is staying in Florida and has exceeded by about $30 million its capital and research and development investment obligations under the agreement, the State of Florida will permit Piper to retain half of approximately $6.6 million in economic development incentives already awarded the company. Piper will be permitted to keep the other half, or about $3.3 million in previously awarded incentives, if it meets certain employment obligations for the next four years.
The amendment calls for Piper to retain a specified number of 650 full-time equivalent positions, with an annual average salary of at least $46,500 for the four-year period. Since the original agreement was signed in 2008, and despite serious global economic challenges, Piper invested more than $100 million in the Vero Beach operation in addition to annual payroll and Florida supplier purchases.