- Parabolic Arc
- June 2, 2023
About $30 Million in Incentives for SpaceX’s Texas Launch Facility
The Valley Morning Star estimates that financial incentives for SpaceX’s spaceport in Texas stand at “about $30 million.” The funding includes:
The McAllen City Commission, as recommended by the McAllen Economic Development Corp., pitched in with $500,000 and the Point Isabel ISD Board of Trustees approved an agreement in exchange for an eight-year limitation on the taxable property value for that portion of the taxes for maintenance and operations, not for debt service.
The Harlingen City Commission, as recommended by the Harlingen Economic Development Corp., provided $450,000; the Greater Brownsville Incentives Corp. provided $5 million; Cameron County provided a tax abatement with a value up to $1.4 million; the state is providing $15.3 million; the Cameron County Space Port Development Corp. submitted an application for $1 million from the Texas Department of Agriculture and another $9 million was pitched to advance STARGATE, including $4.4 million from the state, $4.6 million from the University of Texas System, and $500,000 from GBIC.
STARGATE, which would be the first research center for the new University of Texas Rio Grande Valley, will be a cooperative effort to develop and support phased-array technology for satellite and space vehicle communication.
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One response to “About $30 Million in Incentives for SpaceX’s Texas Launch Facility”
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Lol. And Texas will run around screaming that it is tax rates and lack of regs, while downplaying geography or buyouts like this, for bringing spacex and others to tx.