Tuesday, December 18, 2012

Indian River Commission reaches new agreement with Piper Aircraft

INDIAN RIVER COUNTY — Piper Aircraft Inc. must keep at least 600 people on staff through 2015 or return $500,000 to the county for each year it fell below that target.

This was the agreement reached in a 3-2 vote Tuesday by the County Commission, ending a recent issue over a $4 million part of a grant the commission gave Piper in 2008.

The agreement allows the company to keep $2 million, but subjects the remaining half to repayment if the company can't maintain its staff level.

This story will be updated

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