WATERFORD, Mich. - May 27, 2010 - The Oakland County Economic Development Corporation (OCEDC) today authorized the issuance of $28 million worth of tax exempt bonds to finance the Michigan Motion Pictures Studios L.L.C. film studio proposal on the former General Motors Co. Centerpoint East Campus in Pontiac.
The OCEDC board approved the project, which is more commonly known as Raleigh Michigan Studios. It clears the way for the construction of an 185,000 square foot studio and renovation of another 425,000 square feet of the former GM property. The $60 million project is expected to be completed by the end of the calendar year.
"We're pleased the board approved the financing, which will help solidify the long-term growth of the film industry in Oakland County and in Michigan,” Oakland County Executive L. Brooks Patterson said. "Such growth depends on the ability of the industry to build studios such as this. This is an exciting day for Pontiac, Oakland County and the state."
The OCEDC board is appointed by the county executive and approved by the Board of Commissioners. It is comprised of bankers, real estate developers, lawyers and members of the community. State law gives the board the authority to issue tax exempt bonds to stimulate the economy, create jobs and increase the tax base.
Since its inception 30 years ago, the OCEDC has funded 104 projects, totaling $675 million in investment while creating or retaining more than 12,000 jobs.