State House News Service
November 12, 2009
Patrick administration officials are engaged in “ongoing” discussions with the
developer of a proposed Plymouth movie studio. Private funding sources for the
project collapsed this week.
“We have been in discussions with Plymouth Rock about whether there are other
ways through other programs that we might be able to provide some assistance on
public infrastructure,” Gov. Deval Patrick’s top budget aide, Jay Gonzalez, told the
News Service Thursday. Gonzalez noted that any state support would only be “a
small piece” of the $550 million the developer is seeking to finance the project.
In June, state officials rejected the developer’s application for up to $50 million in
support through a special borrowing program called I-Cubed, saying the expected
tax revenue generated by the project wouldn’t be sufficient to make up for the cost
of the investment, particularly when existing tax credits for the film industry are
taken into account.
Gonzalez reiterated the governor’s support for the studio and said the funding
collapse was a direct result of the private finance market, which has suffered along
with the national economy.
November 12, 2009
Patrick administration officials are engaged in “ongoing” discussions with the
developer of a proposed Plymouth movie studio. Private funding sources for the
project collapsed this week.
“We have been in discussions with Plymouth Rock about whether there are other
ways through other programs that we might be able to provide some assistance on
public infrastructure,” Gov. Deval Patrick’s top budget aide, Jay Gonzalez, told the
News Service Thursday. Gonzalez noted that any state support would only be “a
small piece” of the $550 million the developer is seeking to finance the project.
In June, state officials rejected the developer’s application for up to $50 million in
support through a special borrowing program called I-Cubed, saying the expected
tax revenue generated by the project wouldn’t be sufficient to make up for the cost
of the investment, particularly when existing tax credits for the film industry are
taken into account.
Gonzalez reiterated the governor’s support for the studio and said the funding
collapse was a direct result of the private finance market, which has suffered along
with the national economy.
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STATE EYEING HELP FOR PLYMOUTH ROCK STUDIO
by Roland Hansen
by Roland Hansen
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