FilmInvest Projected Investment Up To $90M
The company that has been negotiating to purchase the Bahamas Film Studios at Gold Rock Creek in Grand Bahama is putting together its final submissions for the government. According to head of Bahamas FilmInvest International Owen Bethel, the company is expected to go before the company by the end of December. "We are presently preparing the submission to the government for approval because the land is leased from the government and therefore we need the approval to take on the heads of agreement for the arrangement," he said. Bahamas FilmInvest International (BFI) is an affiliate of Montaque Capital Partners & Montaque Corporate Partners, based in Nassau. The group specializes in developing film and television projects based in The Bahamas, and was reportedly partnering with a group of international investors in the acquisition of the Studio. Mr. Bethel said there are still a number of obstacles that the company has to overcome. He said the government has to approve of all of the investors. "There is the fact that other than myself the investment group consists of foreigners who are required to be approved by the government as investors," he said. Mr. Bethel said the company is in the process of finishing its proposals. "We hope to have that process in terms of the submissions to government concluded early into next month and get approval from government early into the New Year," he said. "We have not had any active discussions with the government and we don’t want to do that until we have prepared the full proposal in terms of what we intend to do for them." The studio sits on 3,500 acres, which is currently being leased by the government. The studio houses a tank, which was used in the Disney blockbuster movies Pirates of the Caribbean II and III. Last year, the Toronto-based Golden Creek Enterprises said that the company was set to spend $75 million to upgrade the property. However, Mr. Bethel said BFI would have to spend much more. "Now there is a need to build a sound stage and to further develop the various prop sets such as the warehouses and the dressing facilities and so forth," he said. "All of these would be necessary to complement the studio and the sound stage." "We know that from the first proposed date it would have ran us into $90 million plus," Mr. Bethel added. When completed the property is expected to include a film studio, resort, residential area and theme park. "We are looking forward to beginning a project that we know will benefit Grand Bahama and ultimately The Bahamas," Mr. Bethel said.
December 6, 2007
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