XCOR, Midland Work Out Deal on Texas Hangar

XCOR_SXC_logoThe Midland Development Corporation and XCOR have struck a deal relating to the company’s hangar in Texas.

XCOR agreed to give Hangar A — or half of the building XCOR occupies at the Spaceport Business Park — back to the city. The more than 40,000-square-foot space would cost about $7.5 million to build, which is the same amount of tax revenue that MDC gets in one year.

XCOR will also pay $6,000 a month to lease its remaining half, or Hangar B.

In exchange, the MDC passed an agenda item reimbursing XCOR for about $795,500 for improvements to Hangar A…

(XCOR has) come to the conclusion that they basically had more space than they really needed at this point,” said Robert Rendall, MDC board member. β€œAt the same time, we had prospects that are interested in coming to the Spaceport business park, so it was just a good opportunity for us to relook at their needs and our needs and possibly provide space for other companies that wanted to come in without having to build them a building right now.”

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