Privately-funded film studio in Sudbury will generate $60M in annual revenue: report
Out of the ashes of the controversial Kingsway Entertainment District, funding is already in place to build a new $40 million film studio on the same piece of land in Greater Sudbury.
A report headed to city council Dec. 13 said private investors have committed $17 million for the construction of the 116,000-square-foot Freshwater Production Studio on The Kingsway, pending municipal support.
“The developer has committed land valued at $2.4 million in addition to design and construction services,” the report said.
“The balance of financing is secured through a bank loan.”
Plans for the studio were publicized in August, when officials outlined their plans to the previous city council.
The direction at the time was for staff to return with a report outlining what other cities have offered film studios, and what role Greater Sudbury could play.
Ontario's film and TV industry contributed a record $2.88 billion to Ontario's economy in 2021, creating 48,135 high-value full-time equivalent direct and spin-off jobs.
“This represents an increase of 92 per cent over the previous year,” the report said, adding that a recovery from COVID-19 is at least partially responsible for the spike in activity.
“Prior to the pandemic there was a steady increase in production impact with $2.16 billion in direct spending in 2019 creating 44,540 jobs.”
Greater Sudbury has become a major production centre, with the city attracting 165 film and TV projects in the last 10 years, with a total local direct impact of more than $216 million.
Options for the city to support the project include under community improvement plans, which offer tax rebates once the project is completed.
The city could also share in the cost of road improvements in the area that will be required to access the site, as well as reduction in development charges.
The studio is looking for the equivalent of $7 million of support from the city through a combination of programs.
Read the full report here.
CTVNews.ca Top Stories
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
NEW Iconic Canadian song turns 50
Andy Kim's 'Rock Me Gently' is marking a major milestone, as it celebrates its 50th anniversary.
Oprah Winfrey: I set an unrealistic standard for dieting
Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets.
Prince Harry, Meghan arrive in Nigeria to champion the Invictus Games and meet with wounded soldiers
Prince Harry and his wife, Meghan, arrived in Nigeria on Friday to champion the Invictus Games, which he founded to aid the rehabilitation of wounded and sick servicemembers and veterans, among them Nigerian soldiers fighting a 14-year war against Islamic extremists.
Countries struggle to draft 'pandemic treaty' to avoid mistakes made during COVID
After the coronavirus pandemic triggered once-unthinkable lockdowns, upended economies and killed millions, leaders at the World Health Organization and worldwide vowed to do better in the future. Years later, countries are still struggling to come up with an agreed-upon plan for how the world might respond to the next global outbreak.
Toronto police called to Drake's Bridle Path mansion for another alleged intruder on Thursday
Toronto police say a man who allegedly attempted to access Drake’s Bridle Path property was taken to hospital on Thursday after an altercation with security guards.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Flat tire on a highway? Here's why you shouldn't try to fix it
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.
Storm-battered U.S. South is again under threat. A boy swept into a drain fights for his life
Dangerous storms crashed over parts of the U.S. South on Thursday even as the region cleaned up from earlier severe weather that spawned tornadoes, killed at least three people, and gravely injured a boy who was swept into a storm drain as he played in a flooded street.