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38 Studios moves next door to Rhode Island for 75 million smackers

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Two weeks ago we reported that Rhode Island was attempting to woo 38 Studios away from Massachusetts with a tempting $75 million loan guarantee. Today we've gotten word that Curt Schilling's company has indeed taken the bait, and will be relocating to The Ocean State due to this sweet incentive.

While there's no definite timetable on the move, Mass High Tech reports that this loan guarantee comes with a few strings attached: 38 Studios will receive partial loan payments only upon meeting certain milestones, and the company has to put all of its assets up for collateral. The loan comes from a special $125 million program to create high-tech jobs in Rhode Island, and the state hopes that 38 Studios will account for up to 450 new jobs once it arrives.

Curt Schilling promised to "protect the loan guarantee that's been given by the state with the same passion and interest that I'm protecting my own investment in this company." 38 Studios recently announced that its single-player RPG, Kingdoms of Amalur: Reckoning, will be published by EA next year, with its MMO -- code-named "Copernicus" -- to follow.

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