NEW ZEALAND, New Zealand, Feb 11, 2018 /PRNewswire/ — The New Zealand Industry Development Agency (NZIDA) today announced that it will receive $100 million from the Ministry of Business, Innovation and Employment (MBI) for New York City’s newest movie theater expansion.
The New York Metropolitan Opera will add theaters at 125,000 square feet of new space at the Grand Central Terminal (GCT), the New York Times reports.
MBI is the Government agency responsible for New World Cinema, which is a major driver of the local film industry in New Zealand.
The New Zealand Ministry of Economic Development (MEED) will provide $10 million in funding to the theater expansion project.MBI will be responsible for financing the expansion project through a capital grant of $35 million and the development of the existing film stock at the new location.
The New York Met’s Cinematheque will be the sole owner of the theater.
New Zealand Film Corporation is responsible for the production of films, films and television programs in New York.
The film company was established in 1872 by British inventor Charles Dickens, who was an avid film enthusiast.
Today, New York is the world’s third-largest film industry and has a total of more than 4,000 film festivals.