Curt Schilling’s 38 Studios will have to make do with just a $51 million loan from Rhode Island’s Economic Development Corporation (EDC), as around one-third of the original loan amount of $75 million will be held aside for three years worth of repayments on the debt.
WPRI.com reported the news, citing a fact sheet issued by the EDC. After issuing the document, an EDC spokesperson indicated that the organization would no longer speak to reporters about the deal until it was finally closed.
While there was no mention of whether or not 38 Studios might eventually receive the $20 million or so being held aside, it was reported that, if approved, the deal would see 38 Studios receive $13 million right away, with another $38 million dispersed over the next 15 months, providing Schilling’s company meets certain goals and criteria.
Another “success fee” of between $15.3 and $18.8 million could be earned by 38 Studios, though no mention of terms and/or conditions were on the EDC fact sheet.
38 Studios also has until November 30th to find its new home, after which it must sign an enforceable 10-year lease.
The EDC loan helped lure Schilling and 38 Studios from their current Massachusetts home to neighboring Rhode Island and raised the ire of just about every politician in the Ocean State.