An April 28 Indian River County budget resolution approved $ 12 million to keep Piper Aircraft at its headquarters in Vero Beach, Fla., and the state of Florida added another $ 20 million. The agreement with Piper would have to be closed by June 30, and Piper would have to agree to design, develop, produce and assemble the new single-engine PiperJet in Vero Beach and execute an affidavit confirming that it has orders for at least 75 copies of the jet secured by $ 5 million worth of deposits.
According to the budget document, Piper does not plan to build new facilities to accommodate PiperJet development and production but will adapt existing facilities unless demand “exceeds current assumptions. Piper expects to spend about $ 150 million on the PiperJet development program, in addition to $ 15.1 million it has already spent.
CEO Jim Bass said he plans to recommend the $ 32 million agreement to Piper’s board of directors.