Memo Regarding Ordinance Authorizing the Interim City Manager to Execute Documents Necessary to Implement a Ten-Year Lease and an Option to Purchase with SpinLaunch Inc., a California Corporation, for Building 530, at 120 West Oriskany, October 16, 2018
2. Draft Form Lease
SpinLaunch is a spaceflight technology development company working on catapult technology to move payloads to space. The company was founded in 2015, by CEO Jonathan Yaney. The company has been working on an electric-powered kinetic energy launch system that starts by whipping the spaceflight vehicle around on a centrifuge, then catapults it spaceward at hypersonic speeds. As of February 2018, the company was operating as a stealth startup, and was working to raise $30 million in funding to support Research and Development (R&D) operations. Recently, SpinLaunch announced reaching its investment goal by an investment syndicate including Airbus Ventures, GV (formerly Google Ventures) and Kleiner Perkins.