“The Nehst film projects consist of the financing and production of three feature films to be produced in Cleveland. These feature films are separate and apart from two film projects Nehst has already produced in Cleveland. The financing for the three pending film projects is a combination of public and private funds.
The Nehst film projects have started pre-production in Cleveland. Production and photography has been delayed from its original timeframe and will begin in the first quarter of 2011. The issues relating to the timing have revolved around the ability of Nehst to schedule the necessary talent for the films. It is our understanding that these projects will be filmed one after the other to maximize use of Ohio film crews.” - Ken Silliman, Chief of Staff
This is very similar to the response we received from Garth Woodson of the Cleveland-Cuyahoga County Port Authority on October 1, 2010:
Thank you for your interest in the Port Authority and the Nehst Creation, LLC film projects. To better answer your questions, here is some background:
The Nehst film projects consist of the financing and production of three feature films to be produced in Cleveland. The financing for these projects is a combination of public and private funds. The Nehst film projects have started pre-production in Cleveland. Production and photography has been delayed from its original timeframe and will begin in the first quarter of 2011. The issues relating to the timing have revolved around the ability of Nehst to schedule the necessary talent for the films.
The Cleveland-Cuyahoga County Port Authority will be a (non-recourse) conduit issuer of a short-term taxable revenue note in an amount up to $5.2 million that will represent approximately 45% of the total project financing. The equity contribution by Nehst is expected to be approximately $6.5 million, which represents the remaining 55% of the estimated total project cost of $11.7 million. Please note the Port Authority was the conduit issuer of the bonds, and has no obligation for its repayment and did not investment any of its own funds in the project.
The debt financing closed June 24, 2010 and the funds reside with the bond trustee. According to the Trust Agreement, project funds will not be released until equity funds and completion bonds are secured and in place. The City of Cleveland and Cuyahoga County guarantees will not be enforceable until the equity, debt and completion bonds are all on hand with the trustee.
We are confident in Nehst’s commitment to complete the three films included in this financing.
Garth E. Woodson
Assistant Vice President, Development Finance
Cleveland-Cuyahoga County Port Authority
I just came across this blog and had to comment. The Mayor and the port authority are both taking the Nehst BS. FACT: filming is not happening because Nehst does not have their end of the funding secured at this point. NO OTHER REASON... well, one other, actually. It seems they have no idea what they are doing. Why can't one person in the state of Ohio investigate this and have Nehst prove that the ONLY reason is talent. Give me a break.
ReplyDeleteAnd if I were Nehst I would not admit that in a million years: "We are a powerhouse production firm that does not know how to secure casting." HAHAHAHA!!! It's sad that a an elected official actually believes that nonsense.
Public Funding!! Are you serious??? Why in hell would public funding be spent on indie films?? Why not just throw the money into Lake Erie? That would be a better use of funds. The city should look into "The Shooting Gallery".
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