Schilling's Company Moves Closer to RI

PROVIDENCE, R.I. (AP) - Curt Schilling's video game company is taking a step closer to relocating to Rhode Island.

The Rhode Island Economic Development Corp. announced Wednesday that the sale of bonds to provide the financing package has closed and 38 Studios will receive $13 million as the first installment of the bond sale proceeds. The company will receive the remainder over the next 15 months.

38 Studios is receiving a $75 million loan guarantee from Rhode Island to move from its current location in Maynard, Mass.

The company is promising 450 high-paying jobs in Rhode Island, with one of the highest unemployment rates in the nation.

Some have opposed the loan guarantee as too risky because the company doesn't have a proven track record.

The retired major league pitcher founded the company in 2006.

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