PROVIDENCE — Former
The Rhode Island Economic Development Corp. said yesterday that the sale of bonds to provide the financing package has closed and the company, 38 Studios, will receive $13 million as the first installment of the bond sale proceeds.
The company will receive the remainder over the next 15 months.
It is receiving a $75 million loan guarantee from Rhode Island to move from its current location in Maynard, Mass. It has said it will move to Providence and promises to deliver 450 high-paying jobs by the end of 2012.
Schilling, a former All-Star who also pitched for the
He founded the video game company, named after his old uniform number, in 2006.
The bond sale closed on Tuesday, Election Day, and though the deal has been a contentious political issue for months, EDC spokeswoman Melissa Chambers said the timing was a coincidence.
Some, including independent Governor-elect Lincoln Chafee, have opposed the loan guarantee as too risky because the company doesn’t have a proven track record of success.
Chafee, who had threatened to block the deal and even talked of possibly suing the board if the deal soured, struck a more conciliatory tone yesterday, saying he would do everything necessary to protect the interests of the taxpayers.
“Too often in the past we have failed to monitor economic development deals to ensure that commitments be kept,’’ Chafee said in a written statement. “That will not be the case here.’’
