38 Studios bonds sold

PROVIDENCE, R.I. – Curt Schilling's video game company is a step closer to having a Rhode Island address. The sale of bonds to finance a state guaranteed loan has closed.

The company will get $13 million immediately and the remainder of the $75 million over the next 15 months provided certain benchmarks are met.

Critics of the arrangement fear Rhode Islander taxpayers will be stuck with the tab because Schilling's company has no prior track record.

At a press conference Wednesday, Rhode Island Economic Development Corporation director Keith Stokes suggested the deal cannot be reversed. "From our standpoint," he said "the board of directors which are duly authorized through the EDC by statute to make this type of transactional decision has done that and it was approved by the board."

Schilling's company was given the loan guarantee on the condition that he relocate to Rhode Island from Maynard, Massachusetts and create 450 high paying jobs.

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