Providence, R.I. – It's a deal. The state Economic Development Corporation has agreed to guarantee a $75 million revenue bond for a start up video game company founded by former Red Sox pitcher Curt Schilling.
The vote was 9 to 1 with EDC board member Karl Wadensten dissenting. It means Curt Schilling will bring his video game company, 38 Studios LLC, to Rhode Island from its current home in Maynard, Massachusetts.
As part of the loan guarantee Schilling promised to bring 450 high paying jobs to the state by the end of 2012. And to skeptics who say Rhode Island is investing in a risky enterprise, Schilling says he has invested a significant amount of his personal wealth into the company.
If the venture fails, Rhode Island would have first dibs on the company's assets. There are also 7,500 penalties for each job promised that is not produced.