A multi-million dollar contract between the Lubbock Reese Redevelopment Authority and Riata Acquisitions has officially expired. Riata is an Austin based aviation maintenance company. The Reese Authority was supposed to finalize Riata's 99-year lease by the end of this month. Last week, Riata asked to extend the negotiations another 30 days. But on Tuesday night Delbert McDougal says Reese will not extend negotiations but would reconsider if Riata puts forth another contract deal in the future.
The lease would have allowed Riata to use 39 buildings, five hangars and two runways at Reese Technology Center. It was supposed to generate 800 jobs and $7.6 million in revenue to the City of Lubbock economy.