On Nov. 4, the Midland Development Corporation (MDC) unanimously passed resolutions to amend a lease agreement with Castelion Corporation and to update the Economic Development Agreement with Starfighters Space Texas.
The lease agreement with Castelion Corporation was for an approximate 125-acre tract of land located in Section 33, Block 40, T-1-S, T&P RR Co. Survey in Midland County. The amendment includes a provision for the construction of a Lease Road, with costs estimated at $60,000.
According to the meeting agenda, both the MDC and Castelion Corporation will share the construction costs, with MDC contributing up to $30,000. Within 10 days of receiving notice from Castelion that a contract for the construction has been executed, MDC will remit payment for 50% of the total construction price, provided that amount does not exceed the agreed cap. Any costs above the estimated total will be the responsibility of Castelion.
The second resolution included the approval of an amendment to the Economic Development Agreement with Starfighters Space Texas Inc., now renamed Starfighters International Inc. This amendment includes provisions for payment to the newly named company.
The next MDC board meeting is Dec. 2.