Restructuring the incentive agreements with Paramount saves the state $21 million, and speeds up the production of the next installment of one of next summer’s most-anticipated films. Directed by Bay, “Transformers 5” will star Mark Wahlberg, reprising his role of Cade Yeager. In addition to Michigan, the movie will film in locations around the world.
“Having one of the highest-profile film franchises created in Michigan is a major economic boost and a testament to the talent of the state’s production community,” said Jenell Leonard, commissioner of the Michigan Film & Digital Media Office.
“The production and economic investment is now happening sooner rather than later, and obviously, the project is a certainty rather than merely a possibility,” she said.
The production anticipates an in-state spend of $80 million and projects making 850 cast and crew hires, 450 of which will be Michigan residents equating to 228 full-time positions. The production also expects to hire 700 extras.
The amended agreement between the film office and Paramount reallocates dedicated funds and meets all criteria for a qualified production in terms of expenditures and personnel hired in Michigan.
While in July the state legislature eliminated the film office incentive program which prohibits the film office from entering into new agreements, agreements with production companies approved before the abolishment of the program must be honored. Because approved Paramount projects had yet to begin production and receive the incentives, state statute allows for funds to be reallocated for qualified productions.
“Michigan has been so welcoming of Michael Bay and the ‘Transformers’ movies over the years and we are thrilled to be returning for this next incredible installment,” said Lee Rosenthal, president of Physical Production at Paramount Pictures.
Paramount had multiple preapproved applications with the Film Office, representing a total of approximately $42 million in eligible incentives. “Transformers 5” takes half the incentives already allocated for Paramount projects. The remaining $21 million will be returned to the state general fund at the end of the fiscal year.
The announcement of “Transformers 5” production comes a month after Viacom’s Comedy Central announced its “Detroiters” series would be filmed in Detroit beginning this summer. The television series did not receive an incentive. Rather, city of Detroit and film office representatives worked together to accommodate crews and budget for the television production.
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