NEWS: Friday July 23, 2010

Jul 23rd @ 11:45 am in News by Scott Staley

Huge announcement for Montrose!
EXTRA sign 072310
(Photo by Janine Mayfield)

Over a hundred people turned out for the official announcement of EXTRA Aircraft choosing Montrose as their US Headquarters and aircraft production center. EXTRA Aircraft is based out of Germany and makes the only carbon composite aircraft in the world. President Ken Keith said what’s so great about Montrose is how it already appears to be taken care of, and that things weren’t “dressed up” to impress them.  There are already potential buyers that flew specifically into Montrose today to demo the plane, dubbed “The Spirit of Montrose.” This company is expected to generate $1.5 million dollars into the Montrose community in the first 5 months of it being here.
(Posted 11:44a)

ken keith & plane EXTRA 072310
(Ken Keith, President EXTRA Aircraft, alongside “The Spirit of Montrose”. Photo by Janine Mayfield)

Official Press Release from Montrose County:
The Montrose County Board of County Commissioners is pleased the aircraft manufacturing company Extra, previously code-named “Thunder” has decided to locate its North American manufacturing facility in Montrose.  Extra is currently located in Germany and has been searching for a North American location the last several months.

“We are excited about the possibility of 200 new jobs coming to our community and we look forward to working closely with Extra once our due diligence is complete,” said Jesse Smith, Montrose County Manager.

The County is still in the due diligence process and will complete this process before moving forward on authorizing financing, securing land and negotiating contracts.  As communicated at the public hearing on July 1st, the Board’s support of this project is contingent on satisfaction of the following five conditions:

1. Full disclosure to, and discussions with the public, by the County
2. Full financial due-diligence of the subject company, performed by the County, to the full satisfaction of the County
3. Full compliance with all applicable provisions of the Colorado State Constitution, Statutes, and regulations
4. A signed agreement containing performance measures, with appropriate financial penalties for non-compliance
5. Secure appropriate funding

These five conditions remain a part of the deal and the Board’s intent to provide what is described below is expressly contingent on these conditions being met to the full satisfaction of the Board.  Subject to these conditions, the Board is willing to consider for approval the following:

1. The Board will lease pursuant to a standard airport lease the southerly hangar on the Airport located at 6181 64.50 Road, consisting of approximately 6000 square feet of hangar space, to Extra for up to two years at $0.18 per square foot per year and subject to retention of space in the building necessary to accommodate existing County communications equipment and facilities located in and at that building.
2. The Board will lease pursuant to a standard airport lease such additional land adjacent to the hangar referenced above as is sufficient for location of a modular office facility and necessary parking at $0.18 per square foot per year for up to two years, location and size of leasehold to be agreed and set forth in the lease.
3. It is understood and intended that the above two leases are intended to be temporary facilities for Extra to manufacture aircraft pending its completion of construction of a manufacturing facility at another on-airport location.  However, if Extra needs to extend either of the above two leases beyond the two year period referenced above, pending completion of the other facility, the lease rate shall increase to $0.35 per square foot per year for each year or portion thereof in excess of this first two year period.
4. The Board will purchase at fair market value approximately 7.68 acres of additional property currently located off airport in the aerospace research park and pursuant to federal land acquisition guidelines necessary to make the purchase eligible for FAA reimbursement of land acquisition costs.  This property would be identified on the MTJ airport layout plan as airport property.
5. The Board will lease per a standard airport lease a portion of this property to Extra initially sufficient to construct a 25,000 square foot manufacturing facility with consideration of expansion of the leasehold to accommodate a 50,000 square foot facility.
6. The Board will grant real and personal property tax abatements of up to 50% on real property taxes for a period of up to five years (as available for possessory interest tax) and on personal property taxes for a period of up to 4 years on such personal property taxes in accordance with the Montrose County Board of County Commissioners’ Resolution No. 26-1996 and applicable Colorado State statues and Colorado law.
Source: Press Release   (Posted 12:29p)

red plane EXTRA 072310
(An aerobatic plane on display at Montrose Regional Airport. Photo by Janine Mayfield)

Official Press Release from Governor Bill Ritter:
Gov. Bill Ritter today applauded the creation of 220 new jobs in Montrose by Germany-based EXTRA Aircraft, which has chosen the Western Slope for its new North American aircraft manufacturing facility. The state’s Office of Economic Development partnered with the City of Montrose, County of Montrose and Montrose Economic Development Corp. to help recruit the company to Colorado.

“Even in these tough times, Colorado continues to attract world-class companies and jobs thanks to our low-cost, high-quality and business-friendly strategies,” Gov. Ritter said. “Colorado’s spirit of innovation and strong manufacturing sector are helping to drive our economy forward, and it’s my privilege to welcome EXTRA Aircraft to the Centennial State and the Western Slope. Congratulations to all of the partners who helped make this project a reality.”

The state is supporting the project through its Colorado First and Existing Industry job-training program and other incentives.

Colorado Economic Development Director Don Marostica attended today’s announcement ceremony in Montrose.

“EXTRA Aircraft’s arrival means 220 good-paying jobs for hard-working Coloradans,” Marostica said. “This is another reason why financial experts like CNBC, Forbes and the American Legislative Exchange Council all agree Colorado is one of the best states in the country in which to do business, and that we have one of the strongest economic outlooks for the future.”
Source: Press Release   (Posted 11:45a)

rolls royce logo EXTRA 072310
(EXTRA Aircraft planes have a Rolls Royce engine. Photo by Janine Mayfield)