38 Studios Closes Funding Deal With Rhode Island EDC

| 6 Nov 2010 01:38

Funding for the developer has gone through, despite frustration and concern from the governor-elect.

imageEven with the Rhode Island governor-elect Lincoln Chafee disappointed and weary of the outcome, former baseball player-turned-38 Studios founder Curt Schilling has closed a deal with the Rhode Island Economic Development Corporation, in which the studio has purchased $75 million in bonds for the assistance of the expansion of the studio as well as its relocation to Rhode Island.

Gamesindustry.biz reports that the move is expected to create 450 jobs as well as initiate the development of the gaming industry in the state of Rhode Island. Under the deal, 38 Studios will receive $13 million immediately, with the rest coming to the studio during the next 15 months provided that it reaches certain employment milestones.

In response to the close, governor-elect Lincoln Chafee has issued a statement expressing his disappointment in the deal, stating that he "would have preferred that the EDC honor my request to defer the closing so that I would have had a chance to formally contribute to the process". "Now that it has closed, I will do everything in my power to protect the interests of the taxpayers of our state," Chafee said.

"I will continue to carefully monitor further steps taken by the EDC. It is my intent to ensure that the state fulfills any and all of the commitments made by the EDC. I will, however, ensure that 38 Studios fully and completely comply with each and every commitment that it has made to the taxpayers of Rhode Island," he added.

38 Studios currently has two projects in development with the MMORPG codenamed Project Copernicus and the RPG Kingdoms of Amalur: Reckoning under development by Big Huge Games.

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