London-based Buena Onda has moved into production on “Maldeamores” (Maladies of Love), the first pic from a development fund set up by Buena Onda parent the IFC and the Puerto Rico Film Industry Development Corp.
Directed by Puerto Rican Carlos Ruiz Ruiz, “Maldeamores” is a three-part take on the ironies of love, with segs involving a young boy, a bus hostage drama and a divorced elderly couple who develop a love triangle with a guest.
Pic’s local cast includes Luis Guzman. It is co-produced by Puerto Rican shingle Pajaros Prenados. Ruiz Ruiz’s brother Luis produces.
The $250,000 development fund, which has Buena Onda as its international partner, aims to develop five films over four years, providing screenwriting development, financing, training and international pre-sales via Buena Onda.
Per Buena Onda topper Don Ranvaud, Buena Onda will create a subsid in Puerto Rico to support production there.
Pics put through the fund can tap into the 40% tax rebate offered by the PRFIDC, which can put in up to $1.2 million per movie.
Attracted by the tax facility, the amount of money spent by visiting international productions in Puerto Rico has increased from $2.5 million in the fiscal year 2004/05 to $27 million, fiscal year 2005/06, said Puerto Rico Film Commissioner and PRFIDC exec director Luis Riefkohl.
Pics shot recently in Puerto Rico include “Reggaeton,” co-produced by Sony BMG and Jennifer Lopez’s Nuyorican Prods., “El cantante,” also produced by Lopez, and John Singleton’s “Illegal Tender.”