SpaceX gets 10 years without taxes, $13 million from state fund - Brownsville Herald: Local News

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SpaceX gets 10 years without taxes, $13 million from state fund

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Posted: Thursday, August 21, 2014 10:16 pm

Cameron County’s incentive package proposal for SpaceX has begun to take shape after officials on Thursday approved agreements concerning the company’s plans to construct a launch pad on Boca Chica Beach.

The Cameron County Commissioners’ Court agreed to waive 10 years of county taxes owed by SpaceX, or Space Exploration Technologies Corp., if the company brings its launch operations to South Texas.

Commissioners also approved a draft of an economic agreement with SpaceX that states the responsibilities of each entity involved, including the Cameron County Spaceport Development Corp.

The Spaceport Board of Directors met Thursday afternoon to discuss the agreement and authorize Board Chairman Nick Serafy Jr. to sign it on behalf of the board.

CountyJudge Carlos H. Cascos said the county’s legal counsel decided that the agreement, which was approved in open session, should not be made public until it is signed by SpaceX.

Cascos said he anticipates that the agreement should be finished and available to the public within the next week.

“Until both parties sign off, we don’t have an agreement,” Cascos said.

The Spaceport Board also agreed to accept $13 million from the state’s Spaceport Development Trust Fund.

tjohnson@brownsvilleherald.com

A more complete version of this story is available on www.myBrownsvilleHerald.com.

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