Keystone Aviation, LLC to add full service facilities for new HondaJet
Dec. 12, 2008, Salt Lake City, UT - Governor’s Office of Economic Development (GOED) Business Development Board has approved an Economic Development Tax Increment Financing (EDTIF) incentive for Keystone Aviation, LLC, doing business as HondaJet Northwest.
December 12, 2008 By Carey Fredericks
Dec. 12, 2008, Salt Lake City, UT – Governor’s Office of Economic Development (GOED) Business Development Board has approved an Economic Development Tax Increment Financing (EDTIF) incentive for Keystone Aviation, LLC, doing business as HondaJet Northwest. Keystone Aviation doing business as Million Air performs aircraft maintenance and repair services, charter flights, and ground operations at the Salt Lake airport. The company will be operating a wholly owned subsidiary which will do business as HondaJet Northwest.
The capital investment in the new subsidiary will be in excess of $3 million and as much as $5 million. The EDTIF incentive is for $1.74 million over a ten year term. EDTIF incentives are post performance based tax credits of a portion of new state tax revenue collected from payroll, sales and corporate income taxes previously paid.
The HondaJet operation will add over 70 new full-time positions with average wages exceeding 125% of the Salt Lake County average wage. Salaries paid over the 10 year life of the incentive will exceed $18.5 million and new state tax revenue will be over $8.7 million during the same period.
“This new HondaJet operation is a win for everyone involved, the State, Keystone, Honda and the traveling public. This new advanced light jet lives up to the company’s reputation for dynamic performance together with superior efficiency. The fact that our Utah operation has been selected to service HondaJet speaks well to the quality of our current operations and workforce,” said William Haberstock, CEO.
“The fact that HondaJet has selected Keystone to service their new cutting edge business jet is not only a credit to their firm it also shows the continuing strength of the Utah economy. This announcement continues the tradition of the State having a significant expansion or relocation announcement every month for the past 28 months, said Jason Perry, GOED Executive Director.
Keystone Aviation, LLC, dba Million Air, corporate headquarters are located at the Salt Lake International Airport and the company currently has 250+ employees in both Salt Lake City and Provo. The company also has subsidiary operations in Oregon and Arizona operating under the commercial names Northwest Aircraft in Oregon and Arizona Piper in Arizona.
In addition to the wide range of FBO services they also offer a state of the art passenger terminal, 275, 000 SF heated aircraft hanger space, a lounge and a complete business facility for customers. The Salt Lake City fixed base operation, Million Air, was recently ranked top 1% in the nation as the ‘Most Outstanding FBO in North America, South America, Central America and the Caribbean’.
The Governor’s Office of Economic Development and the Economic Development Corporation of Utah cooperated in assisting Keystone with their expansion plans.