Plymouth Rock Studios First Massachusetts Project to Apply for I-CUBED Infrastructure Fund

Plymouth Rock Studios First Massachusetts Project to Apply for I-CUBED Infrastructure Fund

BOSTON, Jan. 27 /PRNewswire/ -- Plymouth Rock Studios, a $500 million film and television studio based in Plymouth, Massachusetts, became the first development project to apply for Massachusetts' I-CUBED economic incentive package. The provisions to make this program effective were signed into law by Governor Patrick in 2008. The Infrastructure Investment Incentive Program (I-CUBED) helps finance significant new public infrastructure improvements through the issuing of up to $250 million in bonds state-wide for qualifying projects, with a floor of $10 million and a ceiling of $50 million per project. The I-CUBED program is part of an economic stimulus package, which seeks to attract major new private developments that will result in job creation, new tax revenue, increase commercial property value and increase real estate tax revenue.

Chief Financial Officer and Executive of Government Relations for the studio, Joe DiLorenzo, said, "This has been such a wonderful community effort from the start. We're excited to be a catalyst for the industry and bring new opportunities to the Commonwealth."

In 2008, the Town of Plymouth commissioned an independent study on the economic impact of Plymouth Rock Studios. The report concluded a total direct and indirect employment of more than 5,200 with wages estimated to be more than $315 million at full occupancy of the studio complex.

Studies will be conducted to determine how much tax revenue a project is expected to generate. Based on those studies, the Commonwealth will decide whether to approve the project for funding. Then the Commonwealth, the Municipality and the private developer enter into an agreement that lays out the requirements for special real estate tax assessments and payment of the debt service.

About Plymouth Rock Studios:

Plymouth Rock Studios is a $500-million film and television studio complex in Plymouth, Massachusetts, slated to open in 2010 as the world's first LEED(R)-certified, environmentally friendly studio complex. The studio will have 14 soundstages and a 10-acre back lot, plus production offices, post- production facilities, a theater, hotel, and an amenity village. The project provide growth of the entertainment industry in New England. For more information on Plymouth Rock Studios: www.plymouthrockstudios.com or www.HollywoodEastTV.com.

Source: Plymouth Rock Studios

CONTACT: Bob Nolet of Plymouth Rock Studios, +1-508-746-6688, fax,
+1-508-746-9888, bnolet@rockstudios.com

Web Site: http://www.plymouthrockstudios.com/

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