Along with other major studios, Ashby intends to bring film production to the companyﾒs planned $76 million state-of-the-art production facility.
This announcement comes as the company plans to begin actual construction of its Gold Rock Creek Film and Production studio in East Grand Bahama in fewer than 30 days.
Last April, the government signed a heads of agreement with the company for the construction of the facility on a 3,500 acre decommissioned U.S. missile base.
Ashby is planning to secure a $250 million production fund, which will be the basis of a co-production treaty between the Bahamas, initiating with Canada and the UK, and expanding to other countries that form part of the International Co-Pro Treaties.
The costs for production would thereby be split between the countries participating in the co-production, with the distribution returns allocated according to the percentage of investment, the company said in a release.
For example, a Bahamas company owning a 50 percent stake would contribute 50 percent of the required investment and receive 50 percent of the distribution returns.
CEO of Ashby Corp., Hans Schutte, commented, ﾓWe are working closely with the government of the Bahamas to establish incentive programmes to entice more film production companies to the Bahamas. We believe the islands offer everything a production could need.ﾒ
Mr. Schutte, a Dutch investor, added, ﾓOur vision is to see the Bahamas participating in the business of lucrative offshore movie production financing.ﾒ
The Grand Bahama project, will include, a minimum of three film/television production sound stages; a television studio, including a satellite uplink capability and a music recording studio. ﾠIt will also include motion picture; television and music, pre and post-production facilities, along with a cinema.
Furthermore, it will include all the infrastructure and support buildings, including a130-room hotel, necessary to make the Grand Bahama production facility a full-service facility.
According to the company, ﾓThe Bahamas Film Studios Production Center and Movie Theme Park will offer not only a unique world-class entertainment complex to the tourist industry but a state-of-the-art film production facility geared to cater to the global film community.ﾒ
Revenues will be generated through production commitments, admission fees, concession receipts, and animal and movie products merchandising, according to company officials, who say the additional revenue streams will include music recording facilities and theme-based bars and restaurants.
The developers have committed to constructing within the complex an authentic, turn-of-the-century Bahamian village.
Craig Woods, Bahamas film commissioner, told the Journal last week that the facility will be a tremendous piece of infrastructure for the country as it will allow the Bahamas to attract and accommodate film, television and commercial production.
The Bahama Journal
