EFFINGHAM CO., GA (WTOC) - The Effingham County Industrial Development Authority has announced that the June 19 meeting of the board approved the bond resolution with Medient Studios, Inc. The bond resolution will allow the formal process to begin for the issuance of Industrial Development Bonds related to the move studio mega-development in Effingham County. The IDA authorized the bond resolution as the terms and conditions of the Memorandum of Understanding are being successfully fulfilled.
The IDA authorized up to $300 million to facilitate the capital expenditure of the project. Upon successful issuance of the bonds, the construction phase on the 1,500 acre studio campus will begin. Officials say the project will bring more than 1,000 direct jobs to the community.
The parties are now finalizing the remaining closing conditions and definitive agreements, which are scheduled to be complete by July 17.
"This is an extremely ambitious project, and I am pleased that Medient continues to demonstrate its ability to deliver on its commitments at every stage of the process. We are delighted that criteria we set in the MOU are being met and Medient can begin to develop the property as envisaged in the MOU," said Mr. John Henry, CEO of the IDA, in a press release.
"We are excited and happy that the operational phase of the project will soon commence and look forward to the opening of the facility. The IDA and Dennis and John have been extraordinary partners and we are privileged to have their support," said Mr. Manu Kumaran, chairman and CEO of Medient, in a press release.