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Flyride seeks 3-year, 85% Concord grant tied to $9.5M investment and five new jobs
Summary
Economic development staff presented 'Project Sky' for Flyride (Flyride Holdings Inc.) seeking an 85% three-year grant tied to an estimated $9.5 million in personal property investment; the company projects five new full-time jobs averaging $127,000 and estimates net city revenue of $14,663 over the grant term.
Samantha of the Economic Development Commission presented 'Project Sky' for Flyride Holdings, doing business as Flyride, and summarized the company's request: "Project Sky is Flyride Holdings Incorporated doing business as Flyride." The business would add a jet simulator at 7075 Aviation Boulevard and reported 48 full-time and 22 part-time employees. Samantha said projected investment in personal property is $9,500,000 and the company is asking for a three-year, 85% economic development grant; the estimated grant total was presented as $83,092 with net city revenue during the grant term of $14,663.
Council members asked whether Flyride had previously received an incentive (staff said a prior 2016 incentive likely lasted three years and is concluded). Council discussed Flyride's local economic impact — Samantha said many trainees come from out of town and generate hotel stays and restaurant spending. A council member asked whether Flyride operates other simulator facilities; Samantha said this Concord location is their only simulator training facility, though the simulator could have been placed at a partner location in another state.
No final council action on the grant was recorded in the work session transcript; staff presented the financial terms and local economic benefits for council consideration ahead of a later decision.
