LARGO, MD—Organizers of the upcoming trade mission by Prince George's County to China next month say that one of the projects they will seek funding from Chinese investors for is a proposed $125-million film and television studio.
County Executive Rushern L. Baker, III and officials with the Prince George's County Economic Development Corp. will be visiting China on a trade mission from Sept. 4-12. Baker and others will be seeking financing for the mixed-use project to be developed by entrepreneur A.K. Adams, director of Potomac Entertainment Opportunities, LLC, a subsidiary of the Benjamin Banneker Development Corp. Adams, along with other partners in the project, including Rhonda Dallas, executive director of the Prince George's Arts and Humanities Council, and local labor union officials met with the EDC international team last week to discuss the upcoming trade mission and how it could attract foreign investors and partners for the project.
The film and television studio venture is expected to create more than 1,400 jobs in Prince George's County.
"We have been impressed by how the Economic Development Corporation has been 'hands-on' in cultivating the success of this project and preparing us for all aspects of this mission," Adams states. "We are excited to learn about the market opportunities and partnerships we will be exposed to on this mission. This preparation will be critical to the success of our project. Our goal is to create an exciting haven for the creative economy to thrive at National Studios and share unique stories out of this studio that provide a significant cultural impact."
EDC officials note that there are currently at least seven television productions with storylines centered on the District of Columbia, including the award-winning series "House of Cards" and "Veep," which have generated thousands of jobs and millions of dollars in economic impact, due in part to Maryland's Film Tax Incentive program. Yet the region currently lacks the necessary infrastructure to support additional productions, they say.
"This is how we roll in Prince George's County," adds EDC President Jim Coleman. "Having a well prepared delegation of serious business leaders and developers sends an important signal to the international community that Prince George's County is serious about development. It also shows our business community that the county is willing to do whatever it takes to ensure that your projects are successful and able to generate tax revenue to sustain and improve Prince George's County."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.