Saturday, September 12, 2009

County Backs Loan for Santa Fe Studios

From the Santa Fe New Mexican:

Development of complex off N.M. 14 could begin within weeks

Phaedra Haywood | The New Mexican
9/11/2009 - 9/12/09
Santa Fe County will lend $6 million to a production company to build a film studio complex on N.M. 14 near the Penitentiary of New Mexico.

County Commissioners approved the loan unanimously Friday morning in a special meeting held in a chamber packed with local film union members.

The county will generate the $6 million for the loan through the sale of bonds backed by gross-receipts tax revenues.

Executives of Santa Fe Studios — the entity that will use the money to build the studio — will provide a $2 million letter of credit or escrow payment to secure the loan.

If Santa Fe Studios defaults on the loan, the International Alliance of Theatrical Stage Employees Local 480 would take over operating the studios on behalf of the county.

Though the general terms were agreed to in Friday's meeting, several specifics of the deal have yet to be finalized...

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