Kane Studio’s ambitious project in Chattahoochee Hills, a rural community just 30 minutes south of Atlanta, was put on hold due to a strike by writers and actors. The proposed $700 million development would span over 1,600 acres and potentially include 32 sound stages. However, according to reports from the Altanta Business Journal, Kane Studio CFO Joe Briner stated that in order for the project to be financially feasible and secure financing, they require a tax abatement from Develop Fulton – the county’s development authority. This is necessary for essential infrastructure such as roads, sewers and electricity.
After much deliberation by officials at Develop Fulton who voted with majority approval (6-2), preliminary approval has been granted for a property tax break worth $40 million over ten years towards this project.
Despite this positive step forward with securing funding through tax breaks,the ongoing Hollywood strike coupled with high interest rates poses potential challenges that could jeopardize the success of this venture.
