NM politicos are still basking in the glow of their massive giveaway to NBC/Universal. But, a closer look at the LEDA agreement with the City of Albuquerque yielded this interesting proviso:
In other words, if the State spends less than $50 million annually on film subsidies or reduces the generosity of its subsidy program below 25%, we walk.
That’s not exactly the kind of long-term relationship that supporters are claiming we’ll have with NBC/Universal and other Hollywood companies that come here, but Hollywood is a mobile industry and if New Mexico isn’t dishing out the subsidies they’ll do their level best to find someone who will.
HT: Danny Seymour
Is NBC renting or buying the new studio? If they are investing their own money in bricks and mortar that’s a good sign, but this agreement sounds more like a tenant that will pick up stakes if New Mexico outlaws late-term abortions.
You’d think that after what has happened in North Carolina and Georgia, New Mexico would want to avoid Hollywood blackmail.
We are spending massive amounts of money to attract an industry that provides few jobs and very little tax revenue while at the same time putting every road block we can think of in the path of the oil and gas industry, which provides many jobs and massive amounts of revenue to New Mexico.
I think we have some politicians that are willing to give away our hard earned tax money so that they can hob nob with the Hollywood crowd.