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Law Lures Two Film Studios at $175M-Plus

PHILADELPHIA-Sparked by tax credits covering 25% of production costs, two unrelated film studios are planned in Greater Philadelphia.

By Marita Thomas | Updated on August 22, 2007

PHILADELPHIA- Santa Monica, CA-based Pacifica Ventures has entered into negotiations for a site that would accommodate a one-million-sf studio complex, beginning with a $75-million opening phase of approximately 500,000 sf. An anonymous source confirms that, in an unrelated agreement, another $100-million film studio complex is planned at the former Logan Square shopping center site in Norristown.

Decisions regarding development of both film studios come on the heels of a law passed by the state legislature and signed by Gov. Ed Rendell that offers tax credits for up to 25% of the production costs incurred in this state. It covers the production of films, TV shows and commercials intended for national distribution as long as 60% of the total costs of the projects are incurred in the state.

Pacifica Ventures has identified potential sites in Bucks, Delaware and Philadelphia counties, and Hal Katersky, the company’s owner, tells GlobeSt.com, “we’re in negotiations for our first choice.” He declined to disclose the location, but says he plans to break ground on an initial phase by year-end or early in 2008 and expects to open a year later.

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