Posted Wed, Jul 28, 2010 by Martuk
Earlier this month we reported that Maynard-based 38 Studios were considering a possible move to Rhode Island to secure up to $75 million in loans under relief provisions available for high-tech companies. According to The Boston Globe, 38 Studios founder Curt Schilling has gotten the offer and is taking Rhode Island up on the deal. The report states that the state would issue bonds to generate the $75 million, and Schilling’s company would receive the cash in stages as it added jobs and met predetermined goals.
The new loan offers are dependent on 38 Studios meeting certain milestones of which the developer will also be putting up its assets and intellectual property as collateral. This is great news for the studio, which has been funded in large part by Schillings own personal fortune. The Rhode Island offer will help drive 38 Studios development of their RPG Kingdoms of Amalur: Reckoning and their upcoming MMORPG, codenamed Project Copernicus.
The report also includes a press conference video with Curt Schilling explaining the move and addressing some concerns voiced by some Rhode Island citizens about the size of the loan to the studio, which Schilling vows to protect it as he does his own investments in the company.