Carter Aviation Technology, which makes "personal aircraft vehicles", entered an agreement with AAI, which licensed the technology, and the City of Wichita Falls.
That agreement states if the business meets certain criteria, AAI would loan a certain amount of money to Carter Aviation.
Then the 4A board would match that amount.
Jay Carter Jr., the CEO of Carter Aviation, says AAI has provided the money, but his company's agreement with AAI has been altered, so he hopes the 4A board will make the same changes to the agreement, so Carter Aviation can receive the rest of the loan from the board.
"To help things out, Carter has said we'd be willing to put up all of our hard assets which amounts to about $2.7 million. We're saying we'll put up all of that as assets for those final two loan payments," he says.
The loan amount totals a little under a million dollars.
This will be up for discussion at the 4A board meeting tomorrow afternoon.
Dave Lilley, a 4A board member, says Carter Aviation has always been a good partner with the board, and has a good approach to job creation.
Carter says if additional funding is received, he hopes his company can create dozens if not hundreds of jobs in the city.
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