XCOR Aerospace To Be Headquartered In Midland 07/09/12
CBS 7 News
July 9, 2012
Midland, TX - A new company is coming to the Tall City bringing jobs and the opportunity for an "out of this world" experience. The Midland Development Corporation and the Midland City Council have approved a $10 million incentive to bring "XCOR Aerospace" to west Texas.
Space travel is coming to west Texas. The Midland Development Corporation who landed the deal hopes "XCOR Aerospace" will diversify the economy.
"We're not even on land anymore, we're talking space, this is truly a diversification effort and we hope it brings in more aviation companies as well," said Laura Roman, Chairman, The Midland Development Corporation Board of Directors.
XCOR Represenatives say Midland is the perfect place to do business.
"I see Midland as a innovated town, it's a town of risk takers and educated risk," said Andrew Nelson, Chief Operating Officer, XCOR Aerospace.
The MDC is offering a $10 million incentive, half of that to be awarded based on performance.
"They have to maintain a payroll of $12 million for 5 years," said Roman.
And Laura Roman with the MDC says it's a promising investment.
"This company is not just one "fly-by-night" company, they have a true foundation and expert team to make this a reality," said Roman.
"The city fathers are seeing a great future and this industry is ready to go commercial, this is the business to be in, it's the next big thing," said Nelson.
XCOR will be bringing in over 100 jobs in the first year and will be launching test flights from Midland International. Representatives say they plan to stay in west Texas for decades to come.
XCOR plans to begin renovating this facility next January. They hope to have their first spacecraft off the ground in 18 to 20 months.