PUEBLO, Colo. (AP) — The city is seeking to reclaim $2.37 million in incentives to Adam Aircraft, which fell short of promises to provide 448 local jobs for seven years.
Layoffs wiped out most of its local work force.
The privately owned aircraft developer said last month that it laid off 170 employees in Centennial, 80 in Pueblo and 50 in Ogden, Utah. Its plant in Pueblo was manufacturing tail sections for planes.
The company was given three years to create the jobs in Pueblo before facing potential fees for missing the target. The ramp-up period ended Feb. 6, 2006. Adam Aircraft could get credit for employing between 80 and 90 people, though, City Manager David Galli said.
The city was waiting for an official head count from the company before deciding how much to seek in repayment.
''Our goal now is to make sure we protect the city's investment and we're prepared to do whatever we need to do to get the taxpayers' money back,'' Galli said.
The city had made $3 million available to the company from collections of a half-cent sales tax for economic development, based on Adam's promise that it would provide 448 employees for seven years or pay for the shortfall every quarter, Galli said.
Of the $3 million, about $2.37 million was spent on a building and equipment to lure the company to town. Galli said the city owns the building and has placed liens on equipment Adam purchased with the money.