The Los Angeles City Council on Tuesday approved a plan allowing SpaceX to build and operate a facility at the Port of L.A., where the Hawthorne space company will produce its next-generation BFR rockets and spacecraft.
The vote gives formal approval to a plan that got the greenlight last month from the L.A. Board of Harbor Commissioners [latimes.com].
During a presentation to the council, L.A. City Councilman Joe Buscaino said the project could result in up to 700 new jobs.
Under the terms of the deal, SpaceX will have an initial 10-year lease with two additional 10-year extension options. The company's initial rent will be $1.38 million a year, with annual adjustments based on the Consumer Price Index, but it can offset a total of $44.1 million in rent by making improvements to the Terminal Island site at Berth 240 in its first 20 years of tenancy.
Previously: SpaceX to Begin BFR Production at the Port of Los Angeles [soylentnews.org]
Related: SpaceX to Launch Five Times in April, Test BFR by 2019 [soylentnews.org]
SpaceX Valued at $25 Billion... and More [soylentnews.org]