EUE/Screen Gems wants studio in Atlanta

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EUE/Screen Gems wants studio in Atlanta
May 13, 2010
Atlanta Business Chronicle

he Atlanta City Council’s Finance Executive Committee has proposed the city lease the Lakewood Fairgrounds to film and television company EUE/Screen Gems, which wants to build a studio complex.
EUE/Screen Gems wants to lease 30-acres from the Lakewood Fairgrounds property and create a studio for television, commercial, digital and film production. Plans include a multi-million dollar phased renovation for property development and outfitting, such as building a large, state-of-the-art sound stage, developing office space, and building a mill shop, lighting and grip facilities.
The 50-year lease would start at $250,000 per year and rise to $600,000 in the 10th year. The lease would be adjusted for market conditions every 10 years. An initial capital investment of $6 million in first two years would be required.
The city said the deal would more than 1,000 new job opportunities.
The city council will vote on the measure May 17.
“This agreement will increase our ability to successfully compete with other states and cities who are vying for business within the entertainment industry,” Mayor Kasim Reed said in a statement. “While we are in the midst of an unfavorable real estate market and very challenging economic times, the proposed deal allows us to make an advantageous investment in Atlanta’s future.”


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