Title
APPROVAL OF A RESOLUTION AUTHORIZING A FORGIVABLE LOAN TO TRIUMPH AEROSPACE SYSTEMS-WICHITA, INC. OF WICHITA FOR ECONOMIC DEVELOPMENT INCENTIVES, AND AUTHORIZING THE INTRA-FUND TRANSFER OF BUDGET AUTHORITY.
Presented by: Sherdeill Brethett, Economic Development Coordinator.
RECOMMENDED ACTION: Approve the resolution and authorize the Chairman to sign.
Body
Triumph was founded as Lee Aerospace in 1989, was acquired by the Triumph Group in October 1999, and officially became Triumph Aerospace Systems in June 2006. The Wichita location designs, developments, tests and manufacturers a variety of assemblies including aircraft windows, sheet metal assemblies (wing spars and leading edges), pilot control wheels, cockpit sunvisors, and autoclave/oven cured composites parts for the aerospace industry. Triumph builds complex assemblies for aerospace companies including programs such as the Cessna CJ4 tail and main fuselage, and Cessna CJ & TEN wing spar assemblies, among others. Triumph Aerospace Systems currently employs about 180 employees at their 34th Street facility, as well as additional employees at sister operations at other locations in Wichita and Wellington. Greater Wichita Economic Development Coalition ("GWEDC"), Sedgwick County, the City of Wichita and the State of Kansas have developed an incentive package, subject to approval by governing bodies, which includes forgivable loans from the county and city.
The company is asking for approval of the Economic Development Loan Agreements at this time. The city agreement is scheduled to be considered by City Council on August 6th.
Triumph is currently bidding on two phases of a work package from a Canadian OEM (in business since 1970), that could result in significant growth, adding in excess of 100 jobs in the first phase of the project. The work packages would include fuselage assembly for a small aircraft. The aircraft has a current backlog of about 100 requiring Triumph to move quick...
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