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Colorado Revised Statutes Title 24. Government State § 24-48.5-115. Film, television, and media--duties--loan guarantee program

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(1) There is hereby created within the Colorado office of economic development the Colorado office of film, television, and media, the head of which shall be the director of the Colorado office of film, television, and media. The director of the office shall be assisted by a staff to fulfill the office's mission to promote Colorado as a location for making films. Beginning on July 1, 2012, the director of the office shall report to the director of the office of economic development.

(2) The office shall:

(a) Market Colorado as a destination for making feature films, television shows, television commercials, still photography, music videos, and new media projects;

(b) Assist production companies that are interested in conducting production activities in Colorado in scouting appropriate locations in the state for the production company's film;

(c) Assist state and local government agencies and organizations in the creation of permitting criteria for production companies that plan to conduct production activities on state or local government property;

(d) Assist production companies in determining the appropriate state or local government agencies to contact to apply for a permit to conduct production activities on state or local government property;

(e) Serve as a general liaison for production companies and assist in coordination efforts among production companies, any state or local government agency, and local businesses and individuals before, during, and after the production company conducts production activities in Colorado;

(f) Serve as a resource for local governments and communities around Colorado when a production company approaches the local government or community regarding the possibility of conducting production activities on the property of the local government or within the community;

(g) Administer the performance-based incentive for film production in Colorado as specified in section 24-48.5-116;

(h) Administer the loan guarantee program as specified in subsection (3) of this section;

(i) Conduct educational seminars to promote the film industry and people working in the film industry in Colorado;  and

(j) Perform any other duties in furtherance of the office's mission as deemed necessary by the director of the office and the director of the office of economic development.

(3)(a) The office, with prior approval from the Colorado economic development commission created in section 24-46-102, may enter into a contract or other agreement, or both a contract and other agreement, with a production company to guarantee loans obtained for purposes of financing the production activities, not to exceed twenty percent of the entire budget for the production activities.

(b) The office shall employ the following criteria in determining whether to award a loan guarantee:

(I) The experience, professional qualifications, and business background of the production company shall be such as to give the production activities a reasonable chance of success;

(II) The production company shall be bonded by a major bonding company;

(III) The production company shall have contracted with a major sales company with experience and standing in the film industry, and such sales company shall provide sales estimates that support full repayment of the loan to be guaranteed;  and

(IV) The film and the production activities shall result in a positive reflection on the state.

(c) The office may reject any application for a loan guarantee pursuant to this subsection (3).

(d) The office may provide loan guarantees for production activities;  except that such loan guarantees shall be limited to twenty percent of the entire budget for the production activities. Loan guarantees may only be provided to feasible production activities for an amount that is the least amount necessary to cause the production activities to occur, as determined by the office, with prior approval from the Colorado economic development commission. The office may structure the loan guarantees in a way that facilitates the production activities and also provides for a compensatory return on investment or loan guarantee facility fee to the office based on the risk of the production activities.

(e) The office may charge a loan guarantee facility fee calculated on the outstanding principal, which fee shall be collected from the eligible borrower by the eligible lender and paid to the office. Moneys collected shall be deposited in the Colorado office of film, television, and media operational account cash fund created in section 24-48.5-116(5).

(f) Moneys paid to satisfy a defaulted loan made pursuant to this subsection (3) shall only be paid out of the Colorado office of film, television, and media operational account cash fund created in section 24-48.5-116(5).

(g) No guarantee agreement made by the office pursuant to this subsection (3) shall constitute or become an indebtedness, a debt, or a liability of the state, nor shall such loan guarantee the giving, pledging, or loaning of the full faith and credit of the state.

(4) No later than July 1, 2017, the state auditor shall complete a performance audit of the office, the performance-based incentive program for film production in Colorado specified in section 24-48.5-116, and the loan guarantee program specified in subsection (3) of this section. The state auditor shall present the performance audit report to the legislative audit committee. After the performance audit report is released by the legislative audit committee, the state auditor shall provide copies, in accordance with section 24-1-136(9), to the finance committees of the house of representatives and senate.

Cite this article: FindLaw.com - Colorado Revised Statutes Title 24. Government State § 24-48.5-115. Film, television, and media--duties--loan guarantee program - last updated January 01, 2022 | https://codes.findlaw.com/co/title-24-government-state/co-rev-st-sect-24-48-5-115/


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