Central City Studios complex awaits gov’s approval after City authorizes $40 million bond

The fate of the proposed Central City Studios, the largest studio complex between the coasts, is in the hands of Gov. Rod Blagojevich.

The Governor’s Office is in the process of carrying out due diligence on $40 million in state empowerment bonds toward construction of the complex, after the Chicago City Council authorized the bond issuance Jan. 11.

“We think this is a good project to create jobs and augment the governor’s efforts to bring more development to the state through this industry,” said Lena Parsons, deputy communications director for the Governor’s Office.

“We’re eager to see it completed, but we need to be sure that all the parties involved can meet their obligations” before the bond can be issued, Parsons said.

The City Council’s Jan. 11 ordinance increased the empowerment zone bond issuance from $25 million to $40 million, to cover “increased construction costs as well as capital interest and other related costs not previously calculated,” according to Mayor Richard Daley’s Press Office.