Thu, Sep 24, 2009
Orlando Company Continues To Refine Aircraft
The Las Cruces, New Mexico city council voted Monday night to
cancel a lease held by the Orlando-based Rocket Racing League for
parcels at the Las Cruces International Airport because, it says,
RRL did not complete its facilities as required by the lease.
The Las Cruces Sun-News reports that the lease required RRL to
construct hangars and other facilities on six 10,000 square foot
parcels by a deadline which was not met. The state had halted
construction because of a problem with firewalls in the buildings
but RRL was eventually given variance on that issue to allow
construction to continue. RRL had sought #3 million from the
New Mexico State Legislature for continued construction, but was
not able to secure the funding.
In canceling the lease, Councilor Gil Jones said "I think we all
supported the dialogue around this project. No one, as I recall,
was opposed to the mission of RRL. But I think everyone recognized
it was a risky venture. I hope they continue to find success
elsewhere."
In an e-mail responding to a television station inquiry about
the story, Rocket Racing League COO Michael D'Angelo said "(I)n May
we closed a $5+ million dollar financing round. In such an
economy as now exists, this capital raise is a testament to the
Rocket Racing League's ability to execute, and the viability and
potential of the business model to become a mainstream
multi-platform motorsports company based on competitions involving
manned rocket powered vehicles and players in other domains.
It's also a reflection of our ability to remain agile and
restructure where it makes good business sense.
So, in this challenging economic environment the Rocket Racing
League made a strategic business decision to forgo the building of
hangars on the leased parcels in favor of investing available
resources in technology development including enhancements to
aircraft & rocket engine design, raceway avionics and gaming
elements. The Rocket Racing League acknowledges and appreciates the
three years of partnership shared with the Las Cruces International
Airport, the city of Las Cruces, the state of New Mexico and, most
importantly, the local fans in the community in and surrounding Las
Cruces. We anticipate that when the time is right, Las Cruces
will be among the cities we look at for rolling out key segments of
the league."
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