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First "Private" Spaceport Tainted by State Involvement

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12/13/2005

According to this article, Richard Branson's Virgin Galactic space venture will set up shop in the Southwestern US. Unfortunately,

"New Mexico announced an agreement Tuesday for the state to build a $225 million spaceport."

It seems that the state of New Mexico has been buffaloed into subsidizing the venture because of the usual tripe about job creation, etc., with the company claiming that the venture would "give birth to a new industry in New Mexico."

The article cited seems to indicate that Virgin Galactic may eventually repay the state of New Mexico for the costs associated with the project.

"Virgin will have a 20-year lease on the facility, with annual payments of $1 million for the first five years and rising to cover the cost of the project by the end of the lease."

You can read the company's press release here.

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