NEW: Schilling’s 38 Studios Makes $1.125 Million Payment to EDC
Friday, May 18, 2012
The financially troubled 38 Studios video game company owned by former Red Sox pitcher Curt Schilling made its $1,125,000 payment to the Rhode Island Economic Development Corporation shortly before noon today, Governor Chafee said during a press conference.
The majority of the payment came through a wire transfer and $100,000 was paid by check.
Chafee called a press conference to announce a legislative proposal related to tax credits that he says would protect taxpayers. He also indicated that the division of taxation has assumed control the film tax credit program.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Governor said he doesn’t want to state to give up any more money for Schilling’s company, but said it is eligible for tax credits.
Schilling’s company received a $75 million loan guarantee from the state in 2010 to come to Rhode Island. Chafee said the company has spent $49.8 million and the rest of the funds have been put aside to pay bondholders.
