PRESS RELEASE: COBRA KAI ACADEMY
For Immediate Release
Wichita Falls Flight Academy to Receive Economic Incentive Package to Stimulate Growth
Wichita Falls, TX (April 7, 2015) – Wichita Falls City Councilors today approved an incentive package to Cobra Kai Flight Academy to help this locally owned business continue to grow. The primary incentive provides a $140,000 forgivable loan towards the purchase of a flight simulator to be located at their flight school at Kickapoo Airport. Cobra Kai Flight Academy is committed to create five new jobs and retain 13 jobs during the five-year agreement. The Wichita Falls Chamber of Commerce helped facilitate the incentives first through the Wichita Falls Economic Development Corporation (4A Board), then on to the Wichita Falls City Council today for final approval.
Cobra Kai is implementing a $600,000 expansion of its flight school at Kickapoo Airport by purchasing additional hangar space and acquiring five planes. The 4A Board will provide a $140,000 interest free forgivable loan towards the expansion costs in order for the company to purchase a Redbird Flight Simulator. The flight simulator will maximize the capacity to train flight school students by offering repetitious flight scenarios while minimizing costs of fuel and airplane maintenance.
“We are excited to partner with the Wichita Falls Economic Development Corporation and the City of Wichita Falls in the purchase of a new flight simulator. The assistance helps us minimize debt payments and open up cash flows for healthy growth,” said Martin Bohn, owner of Cobra Kai Flight Academy.
Cobra Kai Flight Academy operates out of Kickapoo Airport. The flight school opened in January of 2014. They are accredited by the FAA, which allows Cobra Kai to recruit students from around the world. Classes consist of Instrument Ground School and Private Pilot School.
The owner, Martin Bohn, is a German native and a former fighter jet trainer from Sheppard Air Force Base through the ENJIP agreement. He and his family currently reside in Wichita Falls.
The media is invited to tour the facility on Tuesday, April 7th at 2pm. Officials from the WFEDC and Cobra Kai will be available for comment.