economic development

EDC makes final allotment to 38 Studios

THE R.I. Economic Development Corporation made the final allotment of its $75 million loan guaranty to video game company 38 Studios LLC.
Posted 11/16/11

PROVIDENCE – The R.I. Economic Development Corporation made the final allotment of its $75 million loan guaranty to video game company 38 Studios LLC.

The $1.58 million was released on Nov. 8 for creating an additional 125 jobs. The company has received funds based on milestones, such as relocating to downtown Providence - which it did in April - job creation, and others.

On Oct. 26, 38 Studios was paying salary and taxes for 270 employees, 261 of which were full-time employees and nine paid interns from Rhode Island institutions.

The average wage for 251 employees, who qualify under the required milestone, is $83,426.83 – which is “significantly higher” than the $67,500 required, the EDC said.

On Nov. 1, the trustee of the account, BNY Mellon, made a $2.65 million interest payment from the capitalized interest account.

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