Thursday, July 10, 2008

Studio Complex Advances

By Rosalie Rayburn
Journal Staff Writer
      Hollywood movie producer Steve Perry, the man behind Masque Entertainment, has set an aggressive schedule to break ground on movie production and sound stage complex in Rio Rancho by late September.
    The Rio Rancho City Council helped move Perry a step closer to that deadline on Wednesday by approving a resolution allowing the city to issue industrial revenue bonds to build the complex.
    Perry, the principal of Los Angeles-based Masque Entertainment, made a presentation to councilors at the meeting. He told them that the amount of the bonds has not been determined. He said he is working with local attorneys and accountants to fine-tune the details and expects to have complete figures late this week or early next week.
    Councilor Larry Naranjo asked Perry if he foresaw Masque needing any further help from the city.
    “Not at present,” Perry said. He characterized the bonds as a “tool that lends credibility to our banking relationships.” He said he is working with a “consortium of two investment banking systems” to shore up financing for the project.
    “We don't want free land or a zoning change. We are self-sufficient,” Perry told councilors.
    In an interview later, Perry said the production complex would consist of several buildings ranging from 130,000 square feet to 200,000 square feet and a 600-slot parking garage to be built on a 35-acre industrial zoned site north of the New Mexico National Guard Armory, near U.S. 550. Masque is negotiating to purchase the land from AMREP Southwest.
    Perry said his attorneys are requiring that he keep the cost of the land and the production facility confidential.
    “All I know is that it's less money than some of these movies that I've made,” Perry said.
    His movie production career stretches back more than 30 years.
    His credits include high profile blockbusters like the “Lethal Weapon” series and “Rocky.”
    In his presentation, Perry said New Mexico has done a good job of attracting movie producers.
    But once filming is complete, film companies leave the state to do post production work in California, Canada or other locations.
   

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