Lubbock isn't writing Riata off just yet. The Lubbock Reese Redevelopment Authority received a letter on Thursday from Riata acquisitions canceling a multi-million dollar deal for it to occupy and maintain a jet service company at Reese Center. After negotiations Friday afternoon Riata is reconsidering its options. Reese was supposed to finalize Riata's 99-year lease by the end of this month. Now, Riata is asking to extend negotiations.
If successful, the lease would allow Riata to use 39 buildings, five hangars and two runways at Resse Technology Center.
It would also generate 800 jobs and $7.6 million in revenue to the City of Lubbock.