• Advocate staff report
• Published: Jan 14, 2010 - UPDATED: 12:59 p.m.

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Red Stick Studio Development LLC has obtained preliminary bond approval to finance its planned 120-acre film studio on South Harrell’s Ferry Road near O’Neal Lane, along with other film facilities.

The Louisiana Public Facilities Authority this week gave preliminary approval for selling $265 million in bonds for a project that eventually could cost $665 million.

Already partly completed is a Southgate Towers post-production studio near LSU. Developer R.W. Day also plans a third film site in the city at a location to be determined.

At South Harrell’s Ferry Road, Red Stick will build multiple professional soundstages for indoor filming, along with support facilities. When all phases of the project are completed, Red Stick would bring nearly 10,000 permanent jobs to Baton Rouge, according to the company.

“Red Stick Studio is a significant project that, when completed, will advance Louisiana’s position as a major center for movie production,” Guy Campbell III, LPFA board chairman, said in a statement.

The latest LPFA step is an early one in a multi-step process to finance the project. The bond sale also must be approved by the State Bond Commission and receive formal approval from the LPFA board. Red Stick is seeking Gulf Opportunity Zone status, which would result in lower tax and interest costs.

The company also has won judgments at two state court levels to receive a 40 percent studio infrastructure tax credit, worth up to $266 million on the entire project.