City to meet with movie studio developer as expiration date looms

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CHARLOTTE – The city’s Economic Development and Global Competitiveness Committee will meet Thursday to hear an updated presentation from Studio Charlotte Development on the company’s plans for the former Eastland Mall site.

On Oct. 1, the city entered into a six-month period of exclusive negotiations with Studio Charlotte to hear the particulars of the developer’s plans to create a $300 million movie studio complex on the 80-acre site of the former mall. That period expires March 31.

To this point, not much negotiation has taken place. In November, the city met with Studio Charlotte and CEO Bert Hesse told city officials that he would need about $38 million in public assistance – $13 million in the form of the donation of the mall site and more than $24 million in tax incentives – to complete the project.

After the November meeting, Brad Richardson, the city’s economic development director, said he didn’t think the city would be able to offer that amount of assistance on the project, and that Studio Charlotte needed to come back with very specific numbers before the dialogue could continue.

The city is expecting specifics at the meeting Thursday, which will be held at noon at the Charlotte-Mecklenburg Government Center, at 600 E. Fourth St. in Uptown. No action is required at the meeting, and another meeting with Studio Charlotte is scheduled for March 20.