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N.M., Branson Agree on Spaceport Lease

By Jishpar     Mar 27, 2007 in Technology
British entrepreneur Richard Branson and the state signed a 37-page memorandum of agreement Monday
New Mexico officials have set the ground work to lease part of its commercial spaceport to Virgin Galactic as a base for its space tourism company. They have leased 83,000 square feet of hanger and terminal space. They have to pay $1 million per year for the first five years of the lease and $1.5 million per year for the remainder of the term. It also will pay user fees and ground rent.
To lease this - the company has to pay the state $27.5 million over 20 years.
Since this has not done legally Rick Homans the scretary of State Economic Development asked the agreement to be signed within three months.
Already America has launched a rocket from a temporary launch pad. Keeping in view of the coming five years they are expecting to create a home for public space flight in future. They have already alloted $115 million for the project and expects about $25 million in federal funds.
The website of Virgin Galactic's say there aim is to provide suborbital flights to the general public and also start the commercial operations in later years. But they haven't fixed up the date of the launch.
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