Related: Slow Saturday Special: Day at the Movies
Hollywood S***s on Massachusetts
The Hollywood Heist of Massachusetts
Hollywood Helps Mass. Workers
What Is Wrong With Hollywood
I don't want MY TAX DOLLARS SUBSIDIZING that CRAP!!!!!!
"Plymouth studios on hold as funding collapses; Funding collapses as company cuts tie to financial backer" by Thomas Farragher, Globe Staff | November 10, 2009
GUESS WHO will be PICKING UP the TAB, Bay-Stater?!!
Just weeks before its scheduled groundbreaking, Plymouth Rock Studios said yesterday that its construction funding has collapsed, raising serious questions about the future of its plan to bring a major film and television production facility to the woods of Plymouth. The studio, in a surprise announcement, said it was severing ties with a Florida firm that was to finance its $550 million plan to transform 240 acres of what is now the Waverly Oaks Golf Club into ‘‘Hollywood East.’’
News of the financial turnabout comes just a week after the Globe began making inquiries about the background of the studio’s would-be financier, Prosperity International LLC, of Orlando, Fla.
Studio officials said they had fully investigated Prosperity and were comfortable that it could fulfill its promise to deliver a half-billion-dollar loan amid treacherous economic times.... Studio officials said last week that a broker had recommended Prosperity International and that they had spent months making sure the deal was secure and that the interests of the studio project were fully protected....
‘‘We feel like we were very fortunate, in light of the storms going on in the capital markets, that we were able to land a deal such as the one that we have with Prosperity,’’ Bill Wynne, president of the studio’s real estate arm, said in an interview last week....
But yesterday, the company’s comfort level with Prosperity had evaporated....
Aren't you TIRED OF BEING LIED TO, readers!?
The Globe’s review of Prosperity found that its track record was thin, at best. In one case, for example, a project it claimed to have developed was, in fact, the work of a separate company.
Michael F. Burgess, Prosperity’s principal, could not be reached for comment yesterday. He did not return e-mails or phone calls. A consultant for the firm said Burgess was traveling in South Africa and was not available.... The studio project has raised high hopes on the South Shore, where people have packed studio-sponsored job fairs and officials have projected that more than 2,000 high-income employees would staff the sprawling project of 14 sound stages, a 10-acre back lot, and post-production facilities for movies and television shows....
The studio project has enjoyed wide support in Plymouth, where Town Meeting representatives overwhelming endorsed the project last year, approving a package of tax breaks and an elaborate zoning change.And NOW they want TAXPAYERS to TREAT their TOILET WATER!!!!
Studio officials were disappointed earlier this year when the state denied the project $50 million in infrastructure funding, but they promised that setback would not derail them.
Related: Lights, Camera, CUT!
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Don't cry for them too much; they will still be getting state funding.
