AEI Repays Forgivable LoansJuly, 2011A Wichita aviation subcontractor is taking the unusual step of repaying forgivable economic development loans from the city of Wichita and Sedgwick County, fueled by a rebound in the aviation industry. Apex Engineering International, 1234 Wellington Place, repaid a $220,000 note to the county on July 29, according to Sedgwick County documents. And the company has expressed its intention to repay a similar $220,000 note to the city, said Allen Bell, the city's urban development director. Both loans were taken out in the spring of this year, city and county officials said. "This is a good deal," Sedgwick County Manager William Buchanan said. "This is the way economic development is supposed to work. This doesn't happen very often, so we're pretty pleased." Gene Johnson, the company's financial officer, did not return calls Tuesday seeking comment. But in a letter to Sedgwick County, Johnson said the company has had a good business year. "AEI continues to grow through an expansion of capabilities and capacities of which this county incentive package played an integral part," Johnson wrote. "The rebounding market coupled with this has resulted in AEI having a strong first half of 2011." Johnson told the county in the letter that the government's financial shortfalls necessitated repayment of the loan. "AEI is committed to its presence in Wichita," he wrote. "It is that commitment that drives us to this action in an act of good corporate citizenship. "We monitor the local government conditions and see the return of the proceeds at this time to be an opportunity for the county to provide assistance and incentives to other local businesses to achieve the collective goal of a broad Sedgwick County recovery." Source: Wichita Business Journal |
