VALCOM EXPANDING.Byline: Greg Hernandez Staff Writer VALENCIA - ValCom Inc. plans to build a film and television production studio in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. to add to its studio operations in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Palm Springs. ValCom, based in Valencia, is buying 160,000 square feet of buildings on 7.5 acres for $2.5 million, and the deal is in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. . The property, in the downtown area of Las Vegas, is now the home of Lear Entertainment. ``You couldn't get a better location in town,'' Vince Vellardita, ValCom chairman and chief executive officer, said Friday. ``Las Vegas is the fastest-growing city in the U.S., an entertainment capital with the facade of the casinos and the different entertainers in town. I think the timing was right and the deal was right.'' ValCom, which has long-term contracts with Paramount Pictures for the hit CBS (Cell Broadcast Service) See cell broadcast. series ``JAG'' and ``NCIS NCIS Naval Criminal Investigative Service NCIS National Coroners Information System (Australia) NCIS Nebraska Career Information System NCIS National Crime Intelligence Service NCIS National Coalition of Independent Scholars ,'' will use a $10 million bond to renovate the property into a state-of-the-art facility that, company officials said, will be one of the largest independent studios in the country. The studio will also offer animation services to the entertainment industry. ValCom already owns and operates approximately 200,000 square feet of commercial building space with 12 film and television production sound stages on 12 acres of land. The Las Vegas facility being purchased by ValCom is owned by the estate of Moya Olsen Lear, wife of Lear Jets creator Bill Lear William (Bill) Powell Lear (26 June 1902 – 14 May 1978) was an American inventor and businessman. He is best known for founding the Lear Jet Corporation, a manufacturer of business jets. . As part of the deal, Lear Entertainment CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Marilee Lear and other company executives will sit on ValCom's board of directors and serve as consultants. ``With both ValCom and Lear Entertainment ambitiously making their mark in the entertainment world, I believe this is the perfect opportunity for both companies to become more prosperous as one major production company,`` Marilee lear said in a printed statement. Marilee Lear has made a mark at casting for a multitude of television shows and feature films shot in and around Las Vegas, including ``Rush Hour 2,'' ``Go,'' ``Lethal Weapon 4,'' ``Con Air'' and ``Casino.'' Escrow on the purchase is expected to close on Feb. 27, and work is scheduled to start just a few days later on construction of a backlot backlot Noun an area outside a film or television studio used for outdoor filming and some renovations on the land. ``We are thrilled with the opportunity to acquire this facility, and we will continue renovations for a prestigious production operation,'' Vellardita said. Greg Hernandez, (818) 713-3758 greg.hernandez(at)dailynews.com |
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