Harbor commissioners for the Port of Los Angeles have approved a lease with SpaceX under which Elon Musk’s company will build a research, development, manufacturing and recovery facility at a dilapidated terminal.
The lease agreement, which the harbor board approved on Thursday, now goes to the Los Angeles City Council for a vote.
SpaceX would pay $1,699,990 during the first year, with the cost adjusted annually according to the consumer price index (CPI). Assuming SpaceX renews the lease for years 11-30, total lease payments through year 20 would total $52,888,933.(more…)