Dear Mr Henry, I'm writing with respect to a news article about the recent, and final, approval of Moon River Studio's Development Schedule. I'm a common shareholder of the company.
In it, the reporter describes Moon River Studios ambition to contruct a 90-million studio complex. "The first phase of the project...will include two 20,000 square-foot stages, one 20,000 square-foot office building, one 20,000 square-foot warehouse, two soccer fields and associated parking and infrastructure."
He also points out that one IDA member abstained from voting because he felt that pertinent information about the company's financial viability were missing: "Knowlton said he wanted additional information before he could vote for it, including having an outside firm vet the capability of the current operators of Moon River to pull off the project and an analysis of what incentives others have given for similar projects. He said those are precautions he would take if he or his family were investing in a project."
So, my question to you and other IDA members would be this: If Mr. Knowlton did not have enough information to make a sound decision on the development plan, why did you? What makes you believe that Moon River Studios, absent of any revenue-generating assets, cash position or disclosed financial backing, would be in a good position to manage this project with no harm to tax payers or the local community?
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