Now with the state\u2019s recent $1.5 billion investment for film and television<\/a>, Payne is ready to support projects pouring in through a new \u201cTexas centric\u201d production company, he said.\u00a0<\/p>\n Payne teamed up with Fort Worth hedge fund manager Mark Hart III to launch 98th Meridian Productions, a company focused on financing \u201cauthentic Texas stories\u201d that attract talent to the state.\u00a0<\/p>\n The duo\u2019s 98th Meridian will consider funding projects that shoot at least 60% in Texas or those that establish a permanent base in the state, according to the company\u2019s criteria. The company plans to leverage grants through the Texas Moving Image Industry Incentive Program<\/a>, which lawmakers bolstered this year to attract the film industry through Senate Bill 22<\/a>.\u00a0<\/p>\n The goal of the 98th Meridian is to create jobs in Fort Worth and across the state, Hart said.\u00a0<\/p>\n \u201cTexas has always been this permanent frontier where progress is made and all this growth happens,\u201d he said.\u00a0<\/p>\n Waiting for tides to turn<\/strong><\/p>\n Payne is a Paris, Texas, native who has been a producer for over 20 years. His films include \u201cMile 22\u201d and \u201cPassengers,\u201d but he may be best known for co-producing the black comedy thriller \u201cBernie,\u201d which starred Jack Black and was based on the 1996 murder of a Texas millionaire in Carthage.\u00a0<\/p>\n While working on \u201cBernie\u201d in 2011, he had crews scout several small East Texas towns to serve as onscreen locations.\u00a0<\/p>\n These towns kept the movie grounded in its origin story, Payne said, but filmmakers struggled to secure adequate grant funds through the incentive program.\u00a0<\/p>\n The state offered about $25 million in film incentives that year, including more than $600,000 to \u201cBernie\u201d \u2014 nearly 6% of the film\u2019s $10.1 million budget, according to the Austin American-Statesman<\/a>.\u00a0<\/p>\n Payne said he spoke with lawmakers then about increasing the amount allocated to attract films, but that discussion was unsuccessful.\u00a0<\/p>\n He then connected with Hart, a close friend of nearly 30 years, about launching a production company, but ultimately the duo determined it wasn\u2019t the right time.<\/p>\n Hart is the founder and chief investment officer of Corriente Advisors, which invests in public equity and global currencies<\/a>. His father Mark L. Hart Jr. was a co-founder of one of Fort Worth\u2019s major law firms<\/a>, Kelly Hart & Hallman.<\/p>\n The Fort Worth investor said he has spent years investing in the entertainment industry, notably funding independent films such as \u201c12 Mighty Orphans\u201d and \u201cThe Mirror.\u201d Hart always wanted to invest in Texas\u2019 film sector, but said there hasn\u2019t always been enough legislative or economic support to grow the industry, he said.\u00a0<\/p>\n \u201cWhen Judd came to me in 2012, I was really excited, but the timing wasn\u2019t right,\u201d he said. \u201cIt didn\u2019t make economic sense to film in Texas given the incentives you had in other states.\u201d\u00a0<\/p>\n Payne spent several years after that working in Los Angeles and New York. Still, he always kept his eyes on Texas, hoping one day lawmakers would be all in on film.\u00a0<\/p>\n Finally, they were.<\/p>\n The package passed by lawmakers this year was the largest in the incentive program\u2019s 18-year history, guaranteeing $300 million in state dollars to the program every two years over the next decade.\u00a0<\/p>\n Previously, the program\u2019s budget varied every two years when legislators approved spending.\u00a0<\/p>\n The new investment now allows grants to filmmakers that could cover up to 31% in financial assistance.\u00a0<\/p>\n Locally, the industry is growing significantly with the mayor calling filmmaking the city\u2019s \u201cnext great industry.\u201d<\/a> Sheridan, for example, is building a Fort Worth campus that will be home to the largest production studio in the state.<\/a><\/p>\n Tarrant County College, the Fort Worth Film Commission and 101 Studios also teamed up this year to launch a certificate program to train the next generation of film crews<\/a>. The industry has generated over 30,000 local jobs<\/a>, according to the Fort Worth Economic Development Partnership.<\/p>\n This growth has been what Payne spent nearly 15 years waiting for, he said. He got in touch with Hart again, and the duo laid the groundwork for their venture.\u00a0<\/p>\n \u201cThe stars finally aligned,\u201d Payne said.\u00a0<\/p>\n Projects on the horizon<\/strong><\/p>\n Even though 98th Meridian is still in its infancy, the founders are \u201cup and running\u201d inside Hart\u2019s office space near West 7th. The founders are reading through scripts and meeting with directors in hopes of getting projects off the ground soon, Payne said.\u00a0<\/p>\n \u201cFort Worth is the perfect epicenter for what Mark and I are doing,\u201d he said.\u00a0<\/p>\n One project is in negotiations now and could begin filming in Fort Worth as early as next year, Payne said. He declined to share details.\u00a0<\/p>\n Meanwhile, 98th Meridian isn\u2019t limited to a certain genre and welcomes any projects that meet its criteria, he said.\u00a0<\/p>\n \u201cWe\u2019re keeping it all open,\u201d Payne said. \u201cFocusing on our audience is going to be key.\u201d\u00a0<\/p>\n David Moreno is the arts and culture reporter for the Fort Worth Report. Contact him at david.moreno@fortworthreport.org or @davidmreports<\/a>.<\/p>\n Disclosure: Marianne Auld, a member of the Fort Worth Report board of directors, is the managing partner of Kelly Hart & Hallman. Kelly Hart has also been a financial supporter of the Report. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here<\/a>.<\/p>\n \n\tRelated\n<\/p>\n Fort Worth Report is certified by the Journalism Trust Initiative<\/a> for adhering to standards for ethical journalism.<\/p>\n Republish This Story<\/p>\n
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