Thursday, May 30, 2013

Iron County OKs SyberJet incentive

The Iron County Commission became the final taxing entity in the county to approve an incentive package intended to bring jet manufacturing and 1,200 jobs to the county. Having previously approved the terms of the incentive, the commission voted to approve the plan in full at Tuesday’s meeting. The plan offers a 100 percent tax increment refund for 15 years if the company follows an aggressive employment and capital improvement schedule that will result in 1,200 new jobs paid at least 25 percent over the county average and $400 million in capital improvements over the life of the agreement.

Cedar City, the Central Iron County Water Conservancy District and the Iron County School Board previously approved the incentive.

In 2011, Cedar City-based Metalcraft purchased the assets of the SJ30 light jet program from bankrupt Emivest Aerospace for $3.5 million, and called the endeavor SyberJet. The name of the overall project will be called MSC Aerospace, LLC, if Metalcraft chooses Iron County as the site of the plant that will construct the SJ30. The Spectrum