HOPKINTON –– A proposal to build a film studio and hotel near Route 95 at Exit 2 in Hopkinton is officially off the table, town and state officials have confirmed.

Supporters of the movie studio proposal blamed the state’s annual $15-million cap on movie production tax credits –– which the project’s lead sponsor, Rep. Brian Patrick Kennedy, D-Hopkinton, called the “death knell for the project” —– for derailing the proposal, which hinged on a 20-percent transferable tax credit on construction costs, or roughly $15 million.

The developers did not comment, but a property owner whose land was under option and a real estate broker who worked with the developers confirmed last week that most of the options had expired in May and June. The developers did not exercise their right to renew the options for another year.

Dorothy Reynolds, whose family owns and operates the Brook Knoll Farm, where some land had been optioned, said the family’s lawyer had tried unsuccessfully to get official word from the developers.

Under the one-year agreement that has since expired, she said, the family was allowed to continue using the land until construction began.

The options were never recorded in town.

Georgia Ure, a Hope Valley real estate broker, said some of the options are still active, but declined to comment on specifics, citing confidentiality.

Kevin R. Gould, of Advocacy Solutions, the project’s public relations firm, said last week he did not know the status of the options and did not comment on the status of the project.

As originally presented –– plans were never filed –– a development consortium backed by Pacifica Ventures of Santa Monica, Calif., proposed to build a $75-million studio with eight sound stages totaling 155,000 to 225,000 square feet; about 75,000 square feet of production offices; 10,000 square feet of executive offices; about 75,000 square feet of mill and welding space for set and sound-stage creation; a back lot for outdoor sets, trailers and parking; and buildings for cafeterias and storage. The proposal also called for a 150-room hotel.

The developers –– Hal Katersky of Pacifica Ventures in Santa Monica, Calif., along with Ralph Palumbo and Anthony DelVicario of Halden Acquisition Group in Providence –– had stressed the potential economic stimulus and job creation, based on their experience with a similar studio Katersky built in Albuquerque, N.M.

Kennedy, one of the sponsors of legislation that would have provided tax credits for the creation of film studios, said he hadn’t heard anything official from the developers but assumed the deal was off given the tax credit cap, the failure to approve tax credits for the creation of a film studio, and talk of other movie studios in Massachusetts and Connecticut.

“All of the incentives to create a project of this kind have disappeared,” Kennedy said, adding, “Our loss will be some other state’s gain.”

“I’m disappointed because I think this would have been a great project for Hopkinton and for the state of Rhode Island. Unfortunately, there weren’t enough progressive-thinking legislators.”

Katersky is moving forward on plans to build an $85-million studio in Chester Township, Pa.

marmenta@projo.com