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Nevada approves $600K loan to move Take-Two studio to Las Vegas

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The Nev. Governor's Office of Economic Development unanimously approved a loan of $600,000 to help Take-Two Interactive Software move its Project Icon testing facility from Northridge, Ca. to Las Vegas.

Take-Two will lease 24,700 square feet of space in downtown Las Vegas for seven years and plans to create 150 jobs. The developer applied (PDF link) for the the funds to offset the cost of "furnishings, fixtures, equipment and offsite related parking expenses" related to the move.

The funds originate from the state's Catalyst Fund, which was created (PDF link) in 2011 to provide loans and grants to businesses that plan to relocate to the state. Take-Two, publisher of the Grand Theft Auto and 2K Sports franchises, will be required to repay the loan over five years, with a maximum payment per year of $125,000.