William Baldwin has been named president of production at the New Jersey-based production company CSC/Cargo Films, one of the key players in the state’s high-profile drive to prevent runaway productions by offering incentives to film-makers.
Since 2001 Baldwin has been a prominent supporter of the Garden State’s campaign, which took a significant step forward last month when Governor James E McGreevey passed the Film Production Assistance Act.
The law provides financial incentives to independent film-makers and loan guarantees through the state’s Economic Development Authority for up to 30% of a film’s budget, capped at $1.5m.
Comerica Bank will allocate officers to determine project viability and will typically put up 30%-40% of costs, while the balance will come from private investors.
The incentive programme will fund a minimum of eight to 10 films in the upcoming year.
‘It is not only film industry-related jobs that are affected. In addition to hair, makeup, wardrobe, electric and carpenters etc., ancillary industries and small businesses are stimulated as well,’ Baldwin said in a statement.
‘Airlines, car rentals, sanitation, catering, hotels, restaurants, building suppliers and many more will benefit from the increase of film and television production in the state of New Jersey.’
‘Billy brings to the table extensive knowledge of runaway production and entertainment industry expertise that will help to create jobs for the state of New Jersey through film and television production,’ Thomas Colitsas, chief executive officer and founder of CSC/Cargo Films, added.
Colitsas, who has been one of the major drivers behind the Film Production Assistance Act, said every dollar spent on production would return up to three times as much to the state tax base.
CSC/Cargo Films is due to announce its first project shortly and is planning to open a West Coast office in Santa Monica, California.