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Article: Virgin Galactic to Pay New Mexico at Least $27.5M Over 20 Years for Spaceport.
- Article from:
- The Bond Buyer
- Article date:
- March 28, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DALLAS -- Virgin Galactic will pay New Mexico at least $27.5 million over the next 20 years as main tenant at the state's spaceport in Sierra County under a memorandum of understanding signed Tuesday.
Virgin Galactic, a unit of British billionaire Richard Branson's Virgin Group, will pay the state rent of $1 million a year for the first five years and then $1.5 million a year for 15 years for the right to base its suborbital spaceflight operations at Spaceport America.
Virgin Galactic agreed to make Spaceport America its primary launch facility and to locate its worldwide headquarters in New Mexico at an as-yet-undetermined site. The company will also ...