Mon, Jul 09, 2012
City Council, Economic Development Entity To Vote Monday On Incentive Package
XCOR, which is developing the Lynx suborbital spacecraft, is considering a move out of Mojave, CA for Midland, TX, according to several media reports. The Midland City Council and the Midland Development Corporation (MDC) will reportedly vote Monday on whether to approve an incentive package for the commercial space company.
The incentive package is reportedly worth about $10 million, and would establish XCOR's corporate headquarters in Midland, according to a report in the Midland Reporter-Telegram. MDC board secretary Robert Rendall told the paper that he was not aware that "this industry is as mature as it is. I'm excited we've got the opportunity to get in on the ground floor."
XCOR said that Midland has been on its short list for a while, citing a business-friendly climate as well as open space around Midland International Airport. XCOR COO Andrew Nelson also said the weather was an enticement.
The incentive package breaks down like this; $2 million for establishing the headquarters in Midland, $3 million toward lease payments and capital improvements on the existing hangar, and $5 million in performance incentives tied to payroll requirements which would increase each year. The target number for XCOR would be a $12 million payroll within five years.
The XCOR incentive package is on the agenda for a special meeting of the MDC to be held Monday.
One source at XCOR said that the company would be "expanding" into Midland, and not decamping from Mojave entirely. And, the Space News Journal notes that Midland International Airport does not hold a launch site operators license, meaning it is not one of the U.S.'s designated spaceports, and it is not known if they plan to seek such a license.
A news conference is scheduled for Monday afternoon in Midland.
More News
Takeoff Roll The process whereby an aircraft is aligned with the runway centerline and the aircraft is moving with the intent to take off. For helicopters, this pertains to the act>[...]
“We’re proud of the hard work that went into receiving this validation, and it will be a welcome relief to our customers in the European Union. We couldn’t be mor>[...]
Also: 1800th E-Jet, Uncle Sam Sues For Landing Gear, Embraer Ag Plane, Textron Parts A friend of the family reported that Lt. Col. (Ret.) Richard Glenn Rutan flew west on Friday, M>[...]
Also: Virgin Galactic, B-29 Doc to Allentown, Erickson Fire-Fighters Bought, FAA Reauthorization After dealing with a big letdown after the unexpected decision by Skyreach to disco>[...]
"Aircraft Spruce is pleased to announce the acquisition of the parts distribution operations of Wag-Aero. Wag-Aero was founded in the 1960’s by Dick and Bobbie Wagner in the >[...]