Motown Motion Picture Studios
| Industry | Motion picture |
|---|---|
| Founded | 2011 |
| Headquarters | Pontiac, Michigan, United States |
| Products | Movies |
Number of employees | 12[1] |
| Website | Michigan Motion Picture Studios |
Motown Motion Picture Studios (now known as Michigan Motion Picture Studios) is located in the Detroit suburb of Pontiac. The studios were first developed in 2009 when the state had a generous film tax credit promoted by the governor at the time, Jennifer Granholm. The studios opened in 2011 and Raleigh Studios of Hollywood took over management of the facility, changing the name to Raleigh Michigan studios. Raleigh Studios of Hollywood operated the studio, totaling 535,000 square feet (49,700 m2) at the Pontiac Centerpoint Business Campus, until August 2012.[2][3]
Michigan officials initially considered the studio to be a significant economic engine, since it was intended to establish the state as a legitimate contender in the 12-month-a-year film business.[4] The studio received a number of preferential tax treatments as well as $70 million in financing provided by municipal bonds guaranteed by funds in the State's pension system.[1]
Gov. Rick Snyder's 2011 rollback of state film credits caused some film producers to bypass the Michigan studio [5][6][7][8] resulting in the studio investors to miss scheduled debt servicing payments and in August 2012 the studio defaulted on the entire $630,000 payment on the bond.[1]
In August 2012, Raleigh Studios ended their management agreement with the studios. The owners of the facility then changed the name to Michigan Motion Picture Studios.[2]
References
- 1 2 3 http://www.nytimes.com/2012/12/04/us/when-hollywood-comes-to-town.html?hp&gwh=2FCE2963874A3D8F76DBB3359028AFB7
- 1 2 http://www.freep.com/article/20120808/BUSINESS06/308080025/Raleigh-Studios-changes-its-name-to-Michigan-Motion-Picture-Studios
- ↑ Ratney, Ruth L. (February 10, 2009)$150 million in new Detroit facilities. Chicago Reel. Retrieved on March 26, 2009.
- ↑ USA Today (February 3, 2009).Film production studios coming to Michigan cities. Retrieved on March 27, 2009.
- ↑ http://online.wsj.com/article/SB10001424052748704657704576150423558011608.html
- ↑ http://www.nytimes.com/2012/12/04/us/when-hollywood-comes-to-town.html
- ↑ http://money.cnn.com/2011/03/21/news/companies/michigan_film_industry.fortune/index.htm
- ↑ http://www.dispatch.com/content/stories/business/2011/03/26/ohio-gains-from-michigan-governors-push-to-slash-film-tax-credits.html