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AEDC board approves restated Sharpened Iron Studios agreement worth up to $1 million
The board heard the Sharpened Iron Studios film-studio project on June 15, 2020 (40 staff, a $14 million, 22,000-square-foot studio) and on June 22 approved a restated location incentive agreement: $500,000 reimbursed on completion of $500,000 in construction and renovation, tied to 40 jobs averaging $55,000 for five years, with repayment terms if the company does not perform, plus $500,000 paid at $100,000 a year for five years based on $2.5 million in local spending each year.[1][2][3]
Kevin CarterLaura StreetBrian HeinrichAmarillo Economic Development Corporation (AEDC)Sharpened Iron Studios, LLC
What the sources say
- ✓ Verified
The June 22, 2020 minutes describe the restated agreement's Section 2 as a $500,000 reimbursement on completion of $500,000 of construction and renovation, tied to 40 jobs at an average $55,000 ($2.2 million annual payroll) for five years with repayment guidelines if the company does not perform, and a further $500,000 paid at $100,000 a year for five years based on $2.5 million in local spending a year. Director Street moved, Director Heinrich seconded, and the changes were approved. The January 31, 2025 project report lists Sharpened Iron Studios at $1,000,000 with $500,000 paid in prior years.[2][1][3]
- Incentive
- $1,000,000
- Paid prior years
- $500,000
