Texas Tech meets first-stage requirements, making $30 million of the AEDC commitment payable
The City's annual financial reports state that during 2020 the Texas Tech University System met the requirements for payment of the first stages of the AEDC's $69 million commitment, making $30 million of it payable. The same notes report the AEDC had paid $17 million of that amount by September 30, 2021, $22 million by September 30, 2022, $26 million by September 30, 2023 and $30 million by September 30, 2024.[1][2][3][4]
Amarillo Economic Development Corporation (AEDC)Texas Tech University System
The City's annual financial reports state that during 2020 the Texas Tech University System met the requirements for payment of the first stages of a $69 million AEDC commitment, making $30 million of the commitment payable.[1][4]
Commitment
$69,000,000
Payable
$30,000,000
✓ Verified
The AEDC note in each City annual financial report gives the cumulative amount paid toward the $30 million: $17 million as of September 30, 2021 (with $5 million due in 2022 and $4 million each in 2023 and 2024), $22 million as of September 30, 2022, $26 million as of September 30, 2023, and $30 million as of September 30, 2024.[1][2][3][4]