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AXR > SEC Filings for AXR > Form 8-K on 22-Mar-2013All Recent SEC Filings

Show all filings for AMREP CORP. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for AMREP CORP.


Other Events

Item 8.01. Other Events.

Reference is made to the Current Report on Form 8-K of AMREP Corporation (the "Company") filed May 23, 2012, reporting the demand of a State of Florida agency that the Company's Palm Coast Data LLC subsidiary ("PCD") repay within 60 days $1,200,000 of the $3,000,000 incentive award PCD received from the State in connection with the project in which the Company's subscription fulfillment services operations were consolidated at PCD's Palm Coast, Florida facility. The demand was made as a result of PCD's failure to meet certain performance requirements of the award agreement related to jobs and capital expenditures. Reference is also made to the Company's Current Report on Form 8-K filed June 15, 2012, reporting that the May 2012 demand was withdrawn in order that the State of Florida agency may explore with PCD a comprehensive approach to addressing the performance requirements of the award agreement.

On March 19, 2013, PCD received a notice from the State of Florida agency demanding the return within 60 days of $1,305,480.73 of the $3,000,000 incentive award as a result of PCD's failure to meet certain performance requirements of the award agreement for 2010, 2011 and 2012.

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