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
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Courteney Cox says her partner Johnny McDaid once broke up with her in therapy
Courteney Cox's longtime partner Johnny McDaid once broke up with her in a therapy session.
Are Canadians getting sick from expired food?
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Body of Quebec man who died in Cuba found in Russia, family confirms
A Montreal-area family confirmed to CTV News that the body of their loved one who died while on vacation in Cuba is being repatriated to Canada after it was mistakenly sent to Russia.