Medient Studios, Inc. has announced that the Effingham County Industrial Development Authority (Effingham IDA) and Medient Studios, Inc. (Medient) have executed a Memorandum of Understanding (MOU) for the development of a movie studio, entertainment facility and campus in Effingham County, GA.
The MOU is the memorialization of an agreement with Medient that will create in excess of 1,000 permanent jobs with an initial capital spend in excess of $90 million on a property located 15 miles from the Savannah/Hilton Head International airport.
The project will feature:
- a vertically integrated movie and electronic games production facility with a fully functional campus in the style adopted by the technology industry;
- a pipeline that will facilitate the simultaneous production of movies in multiple languages and electronic games allowing simultaneous release of the same content to diverse audiences, thereby maximizing revenue; and
- a combination of state approved tax credits, technology and equipment efficiencies, and insourcing to dramatically reduce the cost of film production while generating high quality content in the most successful movie genres.
Designed to be environmentally conscious and self-sustainable, the campus will include the application of solar and hydro technologies. The Master Plan has been completed and is being submitted to the County for formal approval. Construction is expected to commence in summer, 2013.
The project will be the largest in the US and as much of the site will be open to visitors, it is also expected to become a major tourist destination in the country.
The Effingham IDA will enter a 20 year capital lease with Medient and provide $1.25 million for site development.
John Henry, CEO of the Effingham IDA, stated, “This project truly has the potential to be a game changer for this entire region. We believe that our area will see significant benefit from this project for years to come.”
Mr. Manu Kumaran, chairman and CEO of Medient, stated, “We are delighted that we have the opportunity to build our ‘Disneyland meets Googleplex’ mega campus in Effingham County, and we are grateful to the Effingham IDA in reaching this agreement in such a professional and efficient manner. We are confident that this exciting project will become a prototype of environmentally sustainable construction, management and living while also promoting a public/private partnership for the region and for the state. We look forward to the project enhancing and participating in the local community, becoming an undertaking of which we can all be proud.”
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