According to the original article, the very earliest this could open would be at the end of 2009. Also, the studio would require much less labor than the other Gillespie projects.
Matt Martyn of Ahptic Film and Digital mentions the $9 million studio that it is on hold as long as the legislature is considering rescinding some of the 42% tax incentives. To be honest, I'm pleasantly surprised that they are still considering it at all. I assumed the idea was completely dead before hearing this.
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http://www.freep.com/article/20090106/NEWS02/90106075