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
Asking rent prices up 9.3% across Canada, Ontario sees only decline: report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
Prince William says wife Kate is 'doing well'
Prince William said on Friday his wife Kate was 'doing well' in a rare public comment about the Princess of Wales as she undergoes preventative chemotherapy for cancer.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Ontario coroner to investigate death of man who suffered cardiac arrest while waiting in ER
A provincial coroner will be investigating the death of 68-year-old David Lippert, who suffered a cardiac arrest while waiting in a crowded emergency room in Kitchener, Ont.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
'Irate male' assaulted Newfoundland officers with block of cheese, police say
Police in Newfoundland say patrol officers were assaulted Thursday by a "very irate male" wielding a block of cheese.
Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
Canadian Blood Services apologizes to LGBTQ2S+ community for discriminatory blood donation policy
Canada's longstanding blood donation policy that prevented sexually active men who have sex with men and some trans people from donating blood and plasma was harmful and discriminatory, Canadian Blood Services acknowledged on Friday, in issuing an apology to the LGBTQ2S+ community.