April 3, 2017 (Midland, Texas) – The Midland Development Corporation (MDC) approved a term sheet that outlines the dual strategies of funding part of The University of Texas at the Permian Basin’s (UTPB) new College of Engineering building, and transforming UTPB’s Center for Energy and Economic Diversification (CEED) building into a makerspace/incubator.
The MDC will provide up to $5 million over a five-year period to help complete UTPB’s proposed College of Engineering building. Contingent upon this, up to 10,000 sq. ft. of space in UTPB’s CEED building will be used to house a makerspace/incubator.
Now that the term sheet has been approved by the MDC, and pending the City Council’s approval, UTPB and the MDC will negotiate the terms of an agreement to provide UTPB up to $5 million to build out classrooms, laboratories, and associated facilities to be located on the third floor of the newly-established College of Engineering building.
A makerspace and a business incubator are similar in nature. The main idea is to provide a place where people with shared interests can gather to network, share knowledge and ideas, and equipment.
“This strategic partnership between all of the parties involved is a win-win for our community,” said Councilman J.Ross Lacy. “Education is the single greatest component in driving a strong economy that not only diversifies, but allows us to grow and expand.”
MDC Board Vice Chairman Keith Stretcher said, “With this partnership we can allow Midland youth to go from high school, to college and straight into our local workforce as an engineer – this is exactly what we’ve been missing and we will continue to expand upon in the future.”
The Midland Development Corporation (MDC) promotes the City of Midland and incentivizes qualified employers who create and retain a diversified job market in the greater Midland, Texas, region. MDC promotes business expansion and job creation through an established business climate and a strong community. MDC is an effective steward of sales tax revenue to efficiently grow Midland’s economic stability and the quality of life.
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