<P> At the suggestion of RKO studio chief Charles Koerner, Frank Capra read "The Greatest Gift" and immediately saw its potential . RKO, anxious to unload the project, in 1945 sold the rights to Capra's production company, Liberty Films, which had a nine - film distribution agreement with RKO, for $10,000, and threw in the three scripts for free . Capra, along with writers Frances Goodrich and Albert Hackett, with Jo Swerling, Michael Wilson, and Dorothy Parker brought in to "polish" the script, turned the story and what was worth using from the three scripts into a screenplay that Capra would rename It's a Wonderful Life . The script underwent many revisions throughout pre-production and during filming . Final screenplay credit went to Goodrich, Hackett and Capra, with "additional scenes" by Jo Swerling . </P> <P> Seneca Falls, New York claims that when Frank Capra visited their town in 1945, he was inspired to model Bedford Falls after it . The town has an annual "It's a Wonderful Life festival" in December . In mid-2009, The Hotel Clarence opened in Seneca Falls, named for George Bailey's guardian angel . On December 10, 2010, the "It's a Wonderful Life" Museum opened in Seneca Falls, with Karolyn Grimes, who played Zuzu in the movie, cutting the ribbon . Philip Van Doren Stern said in a 1946 interview, "Incidentally, the movie takes place in Westchester County . Actually, the town I had in mind was Califon, N.J." The historic iron bridge in Califon is similar to the bridge that George Bailey considered jumping from in the movie . </P> <P> Both James Stewart (from Indiana, Pennsylvania) and Donna Reed (from Denison, Iowa) came from small towns . Stewart's father ran a small hardware store where James worked for years . Reed demonstrated her rural roots by winning an impromptu bet with Lionel Barrymore when he challenged her to milk a cow on set . </P> <P> It's a Wonderful Life was shot at RKO Radio Pictures Studio in Culver City, California, and the 89 acre RKO movie ranch in Encino, where "Bedford Falls" consisted of Art Director Max Ree's Oscar - winning sets originally designed for the 1931 epic film Cimarron that covered 4 acres (1.6 ha), assembled from three separate parts, with a main street stretching 300 yards (three city blocks), with 75 stores and buildings, and a residential neighborhood . For It's a Wonderful Life Capra built a working bank set, added a tree - lined center parkway, and planted 20 full grown oak trees to existing sets . </P>

Did its a wonderful life win any awards