Vero Beach and Indian River County officials next week expect to plan when they can hold a special referendum asking local voters to approve $40 million of general obligation bonds as part of a $76.5 million incentive package designed to keep Piper Aircraft Inc. based in the city.
Piper, which manufactures general aviation aircraft, has been based in Vero Beach for 50 years.
Last October, the company announced that it would expand into the jet market with the development of a six-passenger, single-engine, very light jet called PiperJet.
Piper hired a site selection consultant to assess the company's existing operations, as well as anticipated future growth for jet manufacturing.
"Our facilities in Vero Beach have served us well for the last 50 years," Piper officials said in a statement released in May. "As we enter our next generation of production and prepare to launch the PiperJet, we owe it to our employees, customers, and shareholders to make certain that we have the optimal location and state-of-the-art facilities to ensure our competitiveness within the general aviation industry."
The company has been conducting a search and comparing five locations for available real estate, job markets, economic cost factors, and business incentives.
In the last two weeks, Piper narrowed its search for new headquarters and a location to manufacture the PiperJet to Vero Beach, Albuquerque, and Oklahoma City. The short list cut out Florida's only other contending location, Tallahassee, as well as Columbia, S.C.
In Vero Beach, Piper employs 1,050 workers at its plant. The addition of PiperJet to its manufacturing facilities is expected to bring an additional 500 jobs.
But holding a referendum, required by law to increase property taxes to secure the GOs, may come too late for Vero Beach's incentive package to be viable because officials believe the soonest a referendum could be held is in September or October.
Piper is expected to pare its list down to two locations by the third week in July.
