Welcome! Login | Register
 

Best Romantic Weekend Getaways in New England—Autumn is the perfect time of year for…

What to Watch For: Patriots vs. Bears—The Patriots welcome the Bears to Gillette Stadium…

Rhode Island College Football Weekend Preview—Nationally Ranked Bryant returns home, Family weekend at…

$2 Million Donation Presented to The Wheeler School—Wheeler School presented with $2 million donation.

The Scoop: Elorza Requests Investigation Into Possible Ballot Tampering, Fung Tours Brutopia—Welcome back to The Scoop, the 4 p.m.…

RI Department of Health Releases Ebola Update—The Rhode Island Department of Health has releases…

Obama Reschedules Rhode Island Visit—Barack Obama has rescheduled his visit to Rhode…

NEW: Cianci Responds to Mail Ballot Tampering Accusations—Independent candidate for Mayor Vincent Cianci has released…

Rome Packing Co., Inc. Recalls Crab Meat—Rome Packing Co., Inc. has issued a voluntary…

Herb Weiss: Mistaken Identity Can Be Hazardous to Your Business—Eastside customers of The Camera Werks, a long-time…

 
 

NEW: Schilling’s 38 Studios to Owe $395,000 Tax Bill in Providence

Wednesday, May 16, 2012

 

The struggling video game company founded by former Red Sox star Curt Schilling is set to owe the city of Providence nearly $400,000 in tangible personal property taxes, GoLocalProv has learned.

According to the city tax assessor’s office, 38 Studios, which leases space at One Empire Plaza, has a total personal property assessment of $7,091,478. Of that amount, $5,899,436 is the company’s tax responsibility, which amounts to $329,188.52 in annual taxes. The remainder, $1,192,041, is leased equipment which they are also responsible for paying $66,515.88 in taxes on.

So when tax bills go out later this summer, 38 Studios will owe Providence $395,704.40, the assessor’s office said.

The company missed a $1.125 million payment to the Economic Development Corporation (EDC) on May 1, which prompted an emergency meeting held by the EDC board this morning. Schilling is reportedly seeking bridge financing to help keep the company solvent, but the board did not take action during its meeting.

"The RIEDC Board of Directors met in closed session to receive a presentation from representatives of 38 Studios as to the company’s confidential financial status and projections," said EDC spokesman Mike Blazek. "Members of the Board asked many probing questions of the company. After representatives from 38 Studios concluded their presentation, the Board then engaged in extended discussion of confidential financial information. The Board did not take any vote. The company still has the option to cure the existing default by paying the $1,125,000 guaranty fee that is past due. In the meantime, we will continue to talk with 38 Studios and develop additional information, and will resume the Board meeting at our regularly scheduled meeting on May 21. The members of the Board may not discuss the confidential information received and discussed today."

Schilling’s company, which released its first game earlier this year, was wooed to Rhode Island in 2010 with a widely-criticized $75 million loan guarantee.

Dan McGowan can be reached at dmcgowan@golocalprov.com

 


 

 

Related Articles

 

Enjoy this post? Share it with others.