HomeMy WebLinkAbout2008 LoPresti Agreement•
ECONOMIC DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF SEBASTIAN AND
LOPRESTI SPEED MERCHANTS. INC.
THIS AGREEMENT, made and entered into this 2°d day of April, 2008, by and between the CITY OF
SEBASTIAN, (hereinafter referred to as the City) a municipal corporation existing under the laws of the State of Florida,
and LoPresti Speed Merchants, Inc. (hereinafter referred to as LoPresti). The term of this agreement shall be for ten (10)
years; from January 1, 2009 through December 31, 2019.
WITNESSETH:
WHEREAS, the City is the owner of certain property located in the County of Indian River County, Florida; and
WHEREAS, the certain property is being used for the operation of the Sebastian Municipal Airport (hereinafter
referred to as the "Airport"); and
WHEREAS, LoPresti has agreed to enter into a lease with City for certain property available at said airport for
those activities consistent with or in support of an aviation manufacturing facility; and
WHEREAS, City recognizes the designation of aviation as a `targeted industry' to attract jobs and economic
development; and
NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the receipt and sufficiency
of which are hereby acknowledged, the parties have agreed as follows:
1. LoPresti will move its existing business operation to the Sebastian Municipal Airport.
2. LoPresti will move, and/or establish, forty-five (45) jobs at its operation at the Sebastian Municipal Airport
within nine (9) months of occupancy. That number shall be maintained as a minimum for the duration of
their tenancy at Sebastian Municipal Airport.
3. LoPresti agrees to establish the U.S. East Coast sales/marketing/distribution center for the Fury aircraft at the
Sebastian Municipal Airport.
4. The City of Sebastian shall rebate to LoPresti eight thousand four hundred dollars ($8,400) per year if the
minimum number of jobs are maintained at LoPresti throughout the year.
5. It is agreed that acts of God or unusual events will nullify this agreement.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written.
ATTES~
Sally Maio, C~,ty Clerk
Approved. as to Form and Legality for
Reliance by the City Of Sebastian only:
Rich Stringer, Attorney
OF,tSEBASTIAN
Al ~ Cloy Manager
LOPRES EED C S C.
Curtis LoPresti, President