Friday, July 07, 2006
SWOP homepageSubsidies in the News - New Mexico pays to go Hollywood
karlos says: the following is from Good Jobs First's Subsidies in the News column.
New Mexico pays to go Hollywood
The New Mexico city of Rio Rancho, site of two heavily subsidized Intel semiconductor fabrication plants, is branching out into film production--and is also using public funds to do so. Recently, the Rio Rancho city council approved more than $2 million in subsidies for Lions Gate Entertainment, which plans to build a $15 million studio in the city. Lions Gate is already filming the television series "Wildfire" in Rio Rancho.
The project will also be aided by a $7 million loan from the State Investment Council. This is not the first time Lions Gate and other studios have received help from the Council. Since 2002 the state has lent more than $140 million to film and TV production companies--interest free. So far, very little of that money is being repaid. In an investigation of the program published in May, the Albuquerque Journal found that only two of the 14 loans had been repaid and that none of the movie projects had reported making a profit, from which the state is supposed to receive a share.
also from GJF...
New York follows through on $1.2 billion subsidy for AMD chip plant
In the final hours of its session, theNew York state legislature hurriedly passed a bill that authorized a $1.2 billion subsidy package being used to induce Advanced Micro Devices to build a chip fabrication plant in Saratoga County , north of Albany U.S.
Columnist Bill Hammond of the New York Daily News wrote a satirical memo from AMD chief executive Hector Ruiz to the taxpayers of the state that said: "You, the working stiffs of New York State, are going to help us, a wealthy mega-corporation, buy a shiny new factory...I keep pinching myself to make sure I'm not dreaming...It's an honor to be on the receiving end of such incredible generosity."
subsidies
hollywood
Movies
Film
AMD
Intel
New Mexico pays to go Hollywood
The New Mexico city of Rio Rancho, site of two heavily subsidized Intel semiconductor fabrication plants, is branching out into film production--and is also using public funds to do so. Recently, the Rio Rancho city council approved more than $2 million in subsidies for Lions Gate Entertainment, which plans to build a $15 million studio in the city. Lions Gate is already filming the television series "Wildfire" in Rio Rancho.
The project will also be aided by a $7 million loan from the State Investment Council. This is not the first time Lions Gate and other studios have received help from the Council. Since 2002 the state has lent more than $140 million to film and TV production companies--interest free. So far, very little of that money is being repaid. In an investigation of the program published in May, the Albuquerque Journal found that only two of the 14 loans had been repaid and that none of the movie projects had reported making a profit, from which the state is supposed to receive a share.
also from GJF...
New York follows through on $1.2 billion subsidy for AMD chip plant
In the final hours of its session, the
Columnist Bill Hammond of the New York Daily News wrote a satirical memo from AMD chief executive Hector Ruiz to the taxpayers of the state that said: "You, the working stiffs of New York State, are going to help us, a wealthy mega-corporation, buy a shiny new factory...I keep pinching myself to make sure I'm not dreaming...It's an honor to be on the receiving end of such incredible generosity."
subsidies
hollywood
Movies
Film
AMD
Intel
