Board approves deal for Schilling's co.
Officials hope deal will encourage relocation
Updated: Friday, 20 Aug 2010, 10:14 AM EDT
Published : Monday, 26 Jul 2010, 6:16 PM EDT
PROVIDENCE, R.I. (AP) - Rhode Island's Economic Development Corporation has approved a $75 million loan guarantee to a game development company founded by former Boston Red Sox pitcher Curt Schilling.
The offer is aimed at encouraging the company, 38 Studios, to relocate from Massachusetts to Rhode Island.
The EDC board approved the offer Monday after concluding that the company offered growth opportunity and could help drive the state's economy.
The offer represents 60 percent of the maximum $125 million loan guarantee allowed under state law.
The company says it could bring 450 direct jobs to the state by the end of 2012 and would pay a penalty if it falls short. But some are concerned by the size of the loan guarantee and that the company doesn't have a proven track record.
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