Officials sign agreement to give SpaceX economic incentives for expanding to Coryell County

Posted at 4:04 PM, Sep 24, 2018
and last updated 2018-09-24 20:23:53-04

On Monday, the Commissioner's Court approved an agreement with SpaceX to expand operations into Coryell County with an economic incentive. 

Currently, SpaceX has taxable property in Coryell County appraised at $6 million. Under the agreement, the county would give the company easement in county taxes, if they have properties with a taxable value of at least $7 million. In return, SpaceX must maintain $2 million in payroll of Coryell County residents. 

Space X would also be required to maintain an adequate property and casualty insurance on its buildings.

According to Jack Barcroft with the Coryell County Economic Development Board, aside from new jobs, the agreement will also benefit the county because it will bring additional tax revenue to the area. 

Barcroft's statement on the agreement that would expire in 2048:

The Coryell County Economic Development Board is excited that an innovative company like Space Exploration Technologies, Corp. (SpaceX) is in our marketplace and we are glad to see the Coryell County Commissioners’ Court pass a Chapter 381 Economic Development Agreement to encourage their continued growth in Coryell County. The Coryell County EDB looks forward to working with SpaceX in their future ventures in Coryell County.

The economic incentives would be impacted if the company does not expand within the first five years. In addition, the county can terminate the agreement if it has started to pay SpaceX for the grants but the company does not meet the appraised value or payroll threshold. 

SpaceX has a rocket development facility in McGregor. 

Central Texas News Now reached out to SpaceX on Monday afternoon about the agreement and is waiting to hear back. 

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