A top Rhode Island economic official says he expects to close by mid-September on a controversial $75 million state loan guarantee for the video game company of former Red Sox pitcher Curt Schilling.
Economic Development Corporation head Keith Stokes says that’s a bit later than the August 31st closing date that was anticipated when the deal was approved July 26th. Once the loan closes, 38 Studios would receive $15 million from lenders, backed by a state guarantee, to help the firm to move from Maynard, Massachusetts, to Rhode Island.
Stokes says such a process typically takes 30 to 60 days, and there’s nothing unusual about the delay, which happened within the past week.
Independent gubernatorial candidate Lincoln Chafee, who opposes the deal, says the delay would give people more time to express concerns.