University Daily Kansan / Wednesday, August 26, 1987
Campus/Area
9
Film studio plans get back on track
By LINDA WARD
Staff writer
Plans to build a 28,000-squarefoot movie studio in Lawrence are on track again after a delay of several months.
The Internal Revenue Service recently approved the sale of industrial revenue bonds for Oread Studios, which should open the studios to investors, said Ray Barmby, vice president of Blunt Ellis & Loewi, a Kansas City, Kan. brokerage firm.
Barmby said Oread Entertainment Group Inc., which is the parent company of Oread Studios, had hoped that the bonds would be given tax-exempt status.
But although the bonds approved by the IRS will be taxable, the project would still be attractive to investors and would possibly attract new lenders who previously were not interested in tax-exempt bonds, he said.
Bond sales are expected to begin in four to six weeks, he said.
hurt us."
The Lawrence City Commission approved the sale of the bonds for the $3.5 million studio in February. Revenues from the bond sales can be used only for the cost of the land, building and equipment, Barmby said.
Marcus McCloud, a Lawrence resident who will be the general manager of Oread Studios, said yesterday that the group wanted to begin bond sales as soon as possible so construction could begin late this fall. He said the studio could be completed by late summer of 1988
Oread Entertainment plans to build the studio on a 7.7-acre tract of land in the University Corporate Research Park, 15th Street and Wakarusa Drive.
McCloud said the primary function of Oread Studios would be to provide a center for the production and distribution of theatrical, industrial and educational films.
According to the plan, the building would include studio offices, two sound stages and classrooms available for the KU theater and media arts department.
Lisa Jones/KANSAN
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