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July 21, 2019, 10:53:10 am
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Author Topic: $500 Million investment in Downtown  (Read 8441 times)
« on: June 11, 2005, 07:26:57 pm »

I was reading this story today forom the Daily Oklahoman.  I will quote it since some of you can't log in.

"$500 million facility for Tulsa

Other incentives enacted last week will award state income tax credits of up to 25 percent to companies that build production facilities in Oklahoma and give state taxpayers who invest in projects produced in Oklahoma a 25 percent income tax credit on profits made, if they reinvest their profits in another Oklahoma project.

The former comes just in time for an investor group called East Village Studio Project, which is planning a $500 million production facility and hotel on 115 acres in downtown Tulsa, with retail shops and different architectural developments on different streets.

"We've been negotiating with the city for the past 15 months," said Pete Rommel, owner of Hotel Savoy and a partner in the project.

Construction is expected to begin by the fourth quarter, Rommel said.

The reinvestment incentive was the brainchild of his partner and certified public accountant Fred Imel, said Paul Tompkins, president of Crazy Fish Films and Vision Pix.

"It's a no-lose proposition for the state," he said. "It encourages local and studio companies to come here and reinvest. And if they don't have any income to offset, it doesn't matter anyway."

Tompkins, an Oklahoma City native who spent 20 years behind the camera in LA working on "Dallas," "LA Law," and "Matlock," is trying to raise $12 million to shoot three films and a TV series in Oklahoma, including a comedy titled "There Goes the Groom" about a man turned on his head two days before his wedding to a Nichols Hills' heiress. "

Is this an old story?  Or is this something that is actually going to happen?  I thought it was a new proposal because I didn't see anything in it about DESCO being the development team for this.
« Last Edit: June 12, 2005, 08:15:56 pm by nuclear_2525 » Logged
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