Sat, Jan 16, 2010
City Council Cites Potential Job Losses In Recession
The Sebastian, FL City Council has voted to defer lease
payments on facilities rented by LoPresti Aviation for nine months.
The council said it was concerned about the possibility of job
losses during a recession.
"We hit bottom about six months ago,and are struggling like
everybody else," company president Curt LoPresti told the Treasure
Coast news site TCPalm. He said the company has returned its
primary focus to aftermarket sales for aircraft. He estimated it
would take about nine months to bring sales back to previous
The vote Wednesday by the council will allow LoPresti to stop
making rent payments of about $3,700 per month until November. The
company leases hangar and some office space at Sebastian Municipal
Sebastian City Manager Al Minner said the rent is being
deferred, not forgiven. LoPresti will have to make the payments, as
well as stay current on its lease, beginning in November.
LoPresti holds a 15 year lease on a hangar that was recently
built at a cost of $1.4 million. Mayor Richard Gilmore, who voted
against the lease deferral, said city employees have be required to
take furloughs during the recession to help the city balance its
books. LoPresti said the company, which employs about 20 people,
has cut some salaries, and is hoping to avoid layoffs.
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