Posted at: 08/10/2013 2:55 PM
By: Mike Anderson, KOB Eyewitness News 4
LAS CRUCES, N.M. (AP) - The state's investment officer says movies have been a lackluster investment for New Mexico.
Steven Moise appeared Friday before a legislative interim committee to provide an overview of the investment council's history with Hollywood.
He said only two of 24 movies that the state invested in turned a profit for New Mexico.
The Las Cruces Sun-News reports (http://bit.ly/1621E9z) that the state made mostly interest-free loans of more than $243 million to.
In return, the state was to share in the profits.
Most of the loans were made between 2002 and 2008.
The investment council in 2011 stopped the practice.
While still offering loans to filmmakers, the terms are more like those a bank would offer.
Officials say no deals have been struck under the new interest-bearing arrangement.
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