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Piper reaches compromise with Florida on employment incentives


In 2008, months before the economic recession hit, Piper Aircraft secured $32 million in economic incentives from state and local authorities in Vero Beach, Fla., for meeting future employment targets. But the recession and drop in aircraft sales means Piper has missed those employment targets – it had just 730 at the end of 2011, not the 1,100 it promised to Florida. A new agreement worked out with officials means the company won’t have to repay the $10.6 million in grants it has already collected as long as it meets new, revised employment figures. Piper agreed not to seek payment of the remaining $21.4 million the state once promised it. The company could still be forced to repay some of the grant money if it misses the new employment targets in each of the next four years, which weren’t immediately available.