...That includes roughly 60 acres south of Woodville Alton Road — the proposed development site — and about 120 acres on the northeast corner of Woodville Alton Road and the Exit 2 interchange, most of which is currently zoned residential, said Ralph Palumbo of Providence-based Halden Acquisition Group, which would develop the land along with Pacifica Ventures of Santa Monica, Calif...

...The proposal...would require a 20-percent state tax credit on “costs associated with construction,” or roughly $15 million, according to Hal Katersky, Pacifica Ventures’ chairman...The studio could also tap into the state’s 25-percent film production tax credit, Jeff Neal, a spokesman for Governor Carcieri, told The Journal Thursday...

...In addition to the state tax credits, Katersky said he intended to apply to the Hopkinton Town Council for tax increment financing.

Under the town’s tax stabilization policy, the project would be eligible for a five-year phase-in of property taxes.

No plans have been filed with the town yet, but town officials have said they welcome the proposal, saying it fits with the town’s redevelopment plans...

...But yesterday, the Narragansett Indian tribe raised concerns over the location of the project — potentially within historic tribal lands — and its impact on the groundwater and wetlands area...

Full Story: Developer of proposed studio secures land options Source: Providence Journal, February 9th, 2008 Author: Maria Armental Added on February 11th, 2008 at 11:05 am, by Judy He