Close to a done deal for Detroit movie studio

It looks like the 385,000-sq. ft. Michigan Motion Picture Studios — the former GM Pontiac plant — is finally coming to life. County officials have stated the sale for the property has closed and financing is nearly complete.

A 185,000-square-foot addition is planned for the facility, and studio heads are looking to hire as many local contractors as possible, according to the Oakland Herald.

County officials have put their own backing behind the project. The Oakland County Economic Development Corp. is in the process of selling $28 million in bonds to support the studio.

Numerous investors have also given support, including Walbridge CEO John Rakolta; Alfred Taubman, founder of the Taubman Company of Bloomfield Hills; and talent agent Ari Emanuel, brother of President Barack Obama’s chief of staff, Rahm Emanuel.

State officials have said the studio could produce as many as 3,500 direct and 1,500 indirect jobs. Studio renovations could start in the coming months.

Many announcements about new stage facilities have been made since Michigan initiated its fast-acting 42% filmmakers tax incentives in 2008, but Michigan Motion Picture Studio will be the first actually go into business.