The City of Redding has approved a signed Letter of Intent (LOI) with Clarity Entertainment, Inc. for purchase of approximately 70 acres in the Stillwater Business Park, on which the firm would construct a film production facility.
The City Council on Tuesday gave approval to continue discussions with Clarity, which has signed the non-binding LOI. The action allows the City and Clarity to begin negotiations on a binding Purchase and Sale Agreement for acquisition of the property. Under the LOI, Clarity would purchase Lots 13, 14 and a portion of Lot 12 from the City for $6,150,656. Clarity will deposit $100,000 earnest money with the City upon acceptance of a formal Purchase and Sale Agreement.
Clarity plans an initial facility of approximately 50,000 square feet. It would be ready for occupancy in spring 2013. The firm plans to employ a minimum of 100 full-time positions within the first three years of operation. The firm produces family programming, including feature length movies, episodic TV programming, and live action/animation features.
Under the City of Redding’s Industrial Development Incentive Policy, the company would receive incentives through Redding Electric Utility, credits of $1,500 per job created, and state tax benefits from Stillwater Business Park’s location within the Shasta Metro Enterprise Zone.
Stillwater, a 678-acre fully entitled business park, is unique in that it is City-developed and owned, and is designed specifically for large-parcel manufacturing needs. For information about the park, contact Pat Keener, City of Redding Economic Development Liaison, at (530) 339-7225 or pkeener@reupower.com.
-from press release
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