Midland Development Corporation (MDC) convened for a board meeting on July 1 where key resolutions were passed.
The board approved the budget for the 2024-25 fiscal year, which spans from Oct. 1, 2024, to Sept. 30, 2025, with total revenue and receipts amounting to $14,976,644.
An interlocal agreement with the University of Texas of the Permian Basin (UTPB) was authorized, aiming to advertise and publicize Midland to foster new and expanded business enterprises. This initiative will provide capital funding to local business owners and entrepreneurs, helping them develop and grow businesses to enhance Midland’s economic condition. The MDC will fund this program, while UTPB’s College of Business and Office of Innovation & Commercialization will administer it.
A memorandum of understanding (MOU) with Starfighters Space Texas, Inc. was also approved. The MOU, which went into effect July 9, outlines MDC's incentives for the expansion to the Midland International Air & Space Port, creation and retention of jobs within Midland, and relocation of capital assets. The MOU includes an advance reimbursement of $237,000 for relocation costs.
The board also authorized Task Order No. 1 under a master research and development agreement with The MITRE Corporation. This task order, not exceeding $375,000, will cover research and development, systems engineering, and advisory services to advance commercial space and high-speed flight operations in the Permian Basin.
Financial reports were presented and showed a net income of $1,106,860.76 for June 2024, contributing to a year-to-date net income of $6,142,712.89.