Corbett's support for the shipyard funding had not been assured until now.
Aker, which once employed more than 1,000 at the Navy Yard, has laid off nearly 700 workers since July.
Before any taxpayer money is disbursed, Aker must secure all its remaining financing requirements, have lined up at least $50 million of working capital, and spend at least $40 million on the first of the new ships. Only then can the shipbuilder request the first installment of $21 million from the state, according to the terms.
Aker must commit $210 million to complete the two ships through private investment - its own equity, through a guarantee from its Norwegian parent company, Aker ASA, and private construction financing.
Under the deal, the City of Philadelphia has agreed to defer $8 million in tax-settlement payments due from the shipyard. "Given the shipyard's importance in the city's future, we were willing to extend the payment terms for taxes over the next few years, all without spending additional city tax dollars," Mayor Nutter said.
The shipyard is "vital" to the city's economy and "has meant high-paying jobs for our citizens and has become truly an anchor tenant at the Philadelphia Navy Yard," Nutter said.
Of 500 union Aker employees on the workforce in July, only 120 remain, said Gary Gaydosh, president of the Philadelphia Metal Trades Council, which represents 11 unions. In addition, there are an unspecified number of subcontractors still working, and management.
Aker says about 400 remain on the payroll.
