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Keystone Aviation Utah to add HondaJet

Written by thomas · Filed Under Aeronautics News 

December 11, 2008

thomas

Salt Lake City – Governor’s Office of Economic Development (GOED) Business Development Board met today and 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.

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About Honda Aircraft Company, Inc.
Honda Aircraft Company, Inc., is a wholly owned subsidiary of Honda Motor Co., Ltd.
Founded in Japan in 1948, Honda began operations in the U.S. in 1959 with the
establishment of American Honda Motor Co., Inc., Honda’s first overseas subsidiary.

The HondaJet advanced light jet is Honda’s first-ever commercial aircraft and lives up to the company’s reputation for dynamic performance together with superior efficiency.  The HondaJet delivers class-topping cruise speed and fuel efficiency, greater luggage capacity, and a more spacious cabin with seating for seven people, compared to other similarly sized aircraft. All major assembly and testing of the prototype HondaJet have been conducted in Greensboro, NC, where Honda Aircraft Company has established its world headquarters and R&D facilities.  Production of the HondaJet will take place on the same Greensboro campus.  Working closely with the U.S. Federal Aviation Administration, Honda Aircraft Company anticipates its first test flight of a conforming model in mid-2009, with the overall timetable targeting type certification in 2010. Deliveries of the HondaJet are scheduled to begin in 2010.

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