DOVER, DE - The Delaware Film Initiative Bill, House Bill 250, has been released from the House Economic Development/Banking/Insurance/Commerce Committee. The next step for the legislation is a vote in the House of Representatives.

Rep. Helene Keeley (D-Wilmington South) is the primary sponsor of the legislation.

Brian Sowards, Vice President of The Delaware Film Company worked with legislators, producers, and banking officials to draft the bill. He said the Delaware Film Initiative allows banks to provide upfront loans to qualified feature films.

"These are films which already have 70% of their financing, international distribution lined up, and are bonded and insured. They've got top Hollywood stars, stars who often bring in over $100 million in sales for the movies they act in, and we're limiting the program to films that only cost $15 million or less to make." Sowards says. "Most importantly, we structured these loans so that all their monthly payments are set aside upfront. That means the state can guarantee these loans without an appropritation from the general fund or the bond bill. Based on the results we've seen in states like New Mexico, Pennsylvania, and Louisiana, the state of Delaware could literally create over 1,000 jobs this year without spending a dime."

T.J. Healy II is with the Location Managers of America Guild and is part of the team that brought "Dead Poets Society" and "The Village" to Delaware. Healy testified for the Delaware Film Initiative during the House Committee Hearing.

"I've been working to bring film projects to Delaware for 21 years," Healy said. "This legislation will help attract quality projects here. If a new film initiative program is going to start, let it start here."

Healy told the House Committee that many of the locations he managed for films like "The Perfect Storm" continue to see a huge impact from tourism long after the production has finished.

Christopher Stout, Founder the Delaware Film Company, said this initiative could lead to an unprecedented arts renaissance for the state.

"We are seeing talented high school and college students leave the state every year to pursue their careers in the entertainment industry," said Stout. "With this initiative, we will be able to offer those students the opportunity to grow creatively right here in Delaware. I can see all of our colleges and universities offering exciting programs in everything from screenwriting to set design."

As announced last week, Firstar Films may film the next Keanu Reeves project in Delaware if House Bill 250 is passed.

"We have been looking at using the subsidy from New York's 30% film tax credit as collateral for a loan. However, Delaware's proposed loan program provides us with a straight-forward and less expensive financing solution," said Geoffrey L. Taylor, Executive Vice President and General Counsel of Firstar Films. "Delaware's incentive program can shift film production and result in spending millions of dollars in Delaware."

"Having been involved in financing a number of feature films over the years, I'm impressed with the proposed program in Delaware," said Scott Fischer, President of Firstar Films and producer of such films as "The Bank Job" and "The Forbidden Kingdom.". "It would solve a financing challenge experienced by many A-list projects here in Hollywood, and that may make it the smartest incentive program in the country. The Initiative immediately attracted our attention for our next film project with Keanu Reeves, currently slated to be shot in Buffalo, NY."

Terry Beaver, President of the Delaware Film Company, said if the Delaware Film Initiative is passed by the General Assembly, then Delaware can expect many more projects like this one to be offered to the First State.

"This incentive is the solution to a financing dilemma that a $60 billion industry has been trying to solve for 30 years. I am confident House Bill 250 will make Delaware the first state every serious producer considers for their film projects," Beaver said.

Joe Defilippis, Jr. is a General Contractor and Owner of Professional Builders Inc, which has been operating in Delaware since 1972. He worked on the set of "Dead Poet's Society" as an apprentice, and now he sees an opportunity to make a dream come true - to build a sound stage in Delaware.

"My dream was to work on movies, and if you can work with your hands you can do anything with a little guidance," Defilippis said. "I could go to Pennsylvania to build a sound stage, but I'm a Delawarean and I still think this is a small state with gigantic possibilities. The people in it generate a lot of energy, thinking outside the box all the time. What we've got to get people to understand is that jobs are one thing, but this is bringing more business - I mean I've seen these people working on the films spend hundreds and hundreds of dollars at local retailers, sub shops, car rentals, limos, vacation houses. It's business for everybody."

The Delaware Film Initiative would pour $50 million in the state's economy this year.