New Mexico – New Mexico's film industry got a boost as Santa Fe County agreed to lend $6 million to a production company to build a film studio near Santa Fe.
County commissioners unanimously approved the loan Friday at a meeting packed with film workers.
The county will generate $6 million through the sale of bonds backed by gross-receipts tax revenue.
Santa Fe Studios is the production company that will build the new studio. It will provide a $2 million letter of credit or escrow payment to secure the loan.
If Santa Fe Studios defaults on the loan, the International Alliance of Theatrical Stage Employees Local 480 would take over studio operations for the county.
The $40 million four-stage studio complex will be built on 65 acres on New Mexico 14.
Information from: The Santa Fe New Mexican, http://www.sfnewmexican.com
Copyright 2009 The Associated Press.