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Michigan Motion Picture Studios $28 Million Bond Approved

Movie studio is a go for Pontiac

Louis Aguilar/Detroit News

Michigan Motion Picture Studios L.L.C. film studio got final approval for $28 million in bond financing, the last hurdle to build a major film complex at General Motors Co. Centerpoint BusinessCampus in Pontiac.

Michigan Motion Pictures Studios

The board of the Oakland County Economic Development Corp. gave final approval this morning of the bond.

“It’s a green light, it’s a go,” said Mary Langhauser, Oakland Co. supervisor for financial¬†services, who attended the meeting.

Michigan Motion Picture Studios intends to build a new 185,000-square-foot building in addition to renovation of the current GM structure. The overall project will cost an estimated $60 million.
Partners in the studio expect to sell up to $28 million in bonds, with $18 million of the debt insured by the State of Michigan Employees Retirement System, according to Oakland County officials.
Of the remaining $32 million for the film project, Michigan Motion Pictures expects to be reimbursed $3.8 million for infrastructure improvements at the site through an allocation to the city of Pontiac under the American Recovery and Reinvestment Act.
Linden Nelson is chairman and CEO of Michigan Motion Picture Studios. Other partners include Raleigh Studios; A. Alfred Taubman and the Taubman family; Walbridge Aldinger CEO John Rakolta; and William Morris Endeavor Entertainment L.L.C.
In a separate announcement, Allen Park-based Global Renaissance Entertainment Group’s Wylie Studios said it’s “committed” to building a studio complex in downtown Detroit or Allen Park, the company said in a press statement. The plan is to make six major films there over the next three years, according to the film and television production company.
“The movie industry is blossoming in Michigan, and we are finalizing our location for a major studio complex to meet the needs of our productions,” CEO Arthur Wylie said. “We have committed our future to movie-making in the Detroit area.” Wylie said he hopes the company can build the studios at Allen Park alongside its corporate headquarters and education institute, but there are several attractive options in the downtown Detroit area.

Louis Aguilar / The Detroit News

laguilar@detnews.com (313) 222-2760

Article:

http://detnews.com/article/20100527/BIZ/5270445/Movie-studio-is-a-go-for-Pontiac

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