Sedgwick County would loan Figeac Aero North America, a French company planning to make Wichita a key player in its business growth, $250,000 under a plan commissioners will consider Wednesday.
Figeac earlier this year purchased aviation supplier Sonaca NMF Wichita with plans to grow. It wants to make its plant at 9313 E. 39th St. North in Wichita its North American headquarters.
A staff report that commissioners received says the company would not expand in Wichita without the forgivable loan. Figeac would use the money to buy land in the Webb Business Park near Webb Road and 40th Street North.
To get the money, Figeac would agree to add 200 full-time jobs paying an average annual salary of at least $39,520 during the next five years.
It would add 50 jobs in the first year with average hourly wages at $19, or a $39,520 annual salary. In the second year, it would add 35 jobs with an annual salary of $40,706. It would add another 35 jobs in the third year with an annual salary of $41,927. In the fourth year, it would add another 35 jobs at an annual salary of $43,185. In the fifth year, it would add 45 jobs with an annual salary of $44,480. Total wages would be just less than $8.4 million.
The company would be expected to repay the loan at 5 percent annual interest if it didn’t make its job targets.
Commissioners will vote on the loan at their regular weekly meeting at 9 a.m. Wednesday on the third floor of the courthouse, 525 N. Main.