Better to Take City Funds to Gilbert's Casino
I’ve got a bridge to sell you. Cheap. Just send along a big check. We’ll tell you how helpful it was some time in the future.
Mayor Frank Jackson and City Council are ready to give $1.1 million to Nehst Studios to help finance three movies the company expects to make in just over a year, according to a piece by Jay Miller of Crain’s Cleveland Business. It’s a loan that will allow Nehst to arrange $11 million in financing.
(PLEASE, CITY OFFICIALS, SAVE THIS $1.1 MILLION AND SEND SOMEONE OVER TO THE CASINO WHEN IT’S BUILT. BET IT ON SOMETHING. MAKES BETTER BUSINESS SENSE.)
I wonder who at City Hall has the expertise to invest more than a million bucks on some Hollywood (made in Cleveland) movies. Oh, hell, details, details.
The film, Miller writes, will also benefit from $7 million in Ohio tax credits.
Hey, let’s find some more goodies for these guys. I’m sure that Cuyahoga County will chip in with some Arts and Culture money.
Miller doesn’t cite a source of the city funds. They were voted out of the Council’s economic development committee. I suspect it comes from UDAG repayments. These are subsidies given, usually at no interest and for up to 20 years before they are repaid, by the city via federal funds. When repaid they go back to the city.
Since most of these funds were used for downtown projects – such as Tower City and the Key Center and Marriott Hotel for our friends the Ratners and Dick Jacobs – the funds should be used for Cleveland’s neighborhoods.
But they’ll be going to this New York film company, which now also has offices in the Cleveland Convention Center. Rent free, of course. With option to renew. Hilarious.
Here’s a bit about the film company:
http://nehst.com/_media/_pdf/ClevelandBootcamp.pdf
And all you Clevelanders lining up for parts in these Cleveland-produced movies bring cash.
Desperate people do dumb things.
_________________________________________________
A commenter on Cleveland.com gave a link to a piece done some years ago in the Village Voice.
It may give some insight into the chap who's heading the film company just given a $1 million plus loan to leverage a much larger loan for the film company.
It would have been nice if someone on City Council asked some sharp questions before voting for the $1 million loan. There's still time before the measure is passed by the full City Council.
Here's a link to the piece:
http://www.villagevoice.com/2001-07-17/film/the-shooting-gallery-1991-2001/
Comments
The Port Authority - and Cuyahoga County and the City of Cleveland - may want to do some more in depth research to insure that NEHST actually has the rights to all three films; that is, can NEHST even (legally) get any revenue from all three films? In particular Cleopatra Smiles
I'm sure the Port Authoriy, County, and City are already aware that Ari Friedman of NEHST worked for Bernie Madoff, and his son (Andrew Madoff) is one of --- possibly the only --- outside investor in NEHST? And that Larry Meistrich walked away from millions in debt from the Shooting Gallery. And, that there is an artists' lien against one of their films, Running America, due to a legal filing in NYC. Right?
No accusations. Just a warning to do more research, as I can only hope that everyone has done ALL of their due diligence in order to protect those that might invest in these bonds.
The main harbor Expert -- as well as Cuyahoga Region and also the Metropolis associated with Cleveland -- might would like to complete a few much more thorough Best coffee makers analysis in order to guarantee which NEHST really has got the privileges to any or all 3 movies; that's, may NEHST actually (lawfully) obtain any kind of income through just about all 3 movies? Within specific Nefertiti Smiles
Very nice article indeed.
Mike,
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The Port Authority - and Cuyahoga County and also the Metropolis of Cleveland - might want to complete some much more in depth study to insure that NEHST really has the rights to all 3 movies; that's, can NEHST even (legally) get any income from all 3 movies? Specifically Cleopatra Smiles
I'm certain the Port Authoriy, County, and Metropolis are currently conscious that Ari Friedman of NEHST labored for Bernie Madoff, and his son (Andrew Madoff) is 1 of --- probably the only --- outdoors investor in NEHST? And that Larry Meistrich walked away from thousands and thousands in debt from the Shooting Gallery. And, that there's an artists' lien towards 1 of their movies, Operating America, because of a authorized filing in NYC. Proper?
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The Port Authority - and Cuyahoga County and the City of Cleveland - may want to do some more in depth research to insure that NEHST actually has the rights to all three films; that is, can NEHST even (legally) get any revenue from all three films? In particular Cleopatra Smiles
I'm sure the Port Authoriy, County, and City are already aware that Ari Friedman of NEHST worked for Bernie Madoff, and his son (Andrew Madoff) is one of --- possibly the only --- outside investor in NEHST? And that Larry Meistrich walked away from millions in debt from the Shooting Gallery. And, that there is an artists' lien against one of their films, Running America, due to a legal filing in NYC. Right?
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