Bombardier And Learjet NXT Leveraging Funds
Bombardier Aerospace not only expects to produce a new model Learjet (the Learjet NXT) but also reconfigure its Wichita plant over the next two years to the tune of $62.2 million ... it's also hoping Wichita will help finance the effort. Bombardier is seeking nearly $80 million in industrial revenue bonds. The bonds would allow the company to bypass property tax on improvements and sales tax on purchases resulting from efforts to beef up its local facilities to accommodate final assembly, interior outfitting and flight testing personnel and facilities for the Learjet NXT. The company's schedule would see most of the money spent (roughly $62 million) in 2008 and 2009, bringing new jobs to Wichita as a result of its Learjet NXT program, but not necessarily as a result of the bond spending. The Learjet plant currently employs about 2,300 employees. If OK'd by the city council, the bonds would save Bombardier more than $4 million in taxes as it revamped production facilities and added new equipment over the next four to five years.