LAWTON – The FISTA Innovation Park is preparing to welcome another tenant.
The FISTA Development Trust Authority, which oversees the Innovation Park, unanimously approved on May 7 a lease agreement with the Addison, Texas-based company Firehawk Aerospace Inc. The company, which designs and manufactures hybrid rocket engines, will lease approximately 150 square feet in the Innovation Park.
Firehawk will rent the space for $1,250 per month for one year but may renew the lease for up to two more years, according to the lease agreement. To exercise that option, Firehawk officials must notify FISTA of their plans at least one month before the lease expires.
If the company decides to renew the lease, the rent will not increase by more than 3% per year.
The lease is for only one office, but Firehawk is considering moving its headquarters from Addison to Lawton, said FISTA President and CEO Dr. Krista Ratliff.
“We’re in the middle of working with Fort Sill to get them range time,” she said. “They do have a contract award which allocates range time, which we have sent over to the Fort Sill team, and we think that we can get them allocated range time based on that contract award that they have currently.”
Ratliff said the company is also working with the Lawton- Fort Sill Economic Development Corp. to find 60 to 70 acres of land that the company could rent or purchase for a testing range.