SpaceX will build Big Falcon Rocket in Los Angeles rent free for 20 years

The Mayor of Los Angeles, Eric Garcetti, confirms that the SpaceX Big Falcon rocket will start production development in Los Angeles.

Los Angeles officials said Monday that a tentative lease agreement would allow SpaceX to take over a dormant building at the port in a move that could bring as any as 700 jobs to the area.

The deal is expected to be approved by board of harbor commissioners on Thursday.

SpaceX won’t have to pay rent for the facility for more than two decades. It will get more than $40 million in rent credits for renovating and upgrading the facility, which has been vacant since 2005. The company will not receive any subsidies from the city.

The Big Falcon Rocket is at the heart of CEO Elon Musk’s plan to settle a colony of humans on Mars.