(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 appro
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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 income tax credit for film production in Colorado as
specified in section 39-22-559.
(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) Repealed.