UPDATE posted Tuesday:
SHREVEPORT, La. — It’s a go. Shreveport is officially teaming up with rapper Curtis “50 Cent” Jackson to redevelop downtown.
A representative from 50’s executive team told Shreveport’s City Council construction of the new entertainment district downtown is expected to begin as early as the fourth quarter of this year — or the first quarter of next.
Part of the new entertainment district includes Millennium Studios, where flooding issues must be addressed. But work is already underway at Shreveport’s Stage Works Studio to start production.
Before the vote, Shreveport resident Craig Lee urged the city to rebrand the district as the Sam Cooke Cultural Arts District, tying the effort to Shreveport’s cultural legacy.
“The name doesn’t say film or entertainment. It doesn’t say anything,” Lee said. “This project is going to be the largest development in the history of North Central Louisiana spearheaded by an African American. Sam Cooke was inspired here to write ‘A Change Is Gonna Come’ — that’s a branding opportunity the world would recognize.”
Kenny Gordon of Shreveport echoed the call for a name change and pressed the council to act.
“I think the name should be changed,” Gordon said. “And I think you all should vote on doing the things that need to be done for this project.”
A local business owner from 1717 Marshall also spoke in support, saying 50 Cent’s project would strengthen economic activity downtown.
“I know that there are great things coming to downtown Shreveport,” the business owner said. “This will help us do what we need to do downtown, especially in the district where I do a lot of business.”
ORIGINAL STORY posted Monday:
SHREVEPORT, La. — A rap mogul’s bold pitch to the city of Shreveport will either be what city leaders are calling “the biggest fish we’ve ever hooked”… or some fear another catfish.
“I think we need to note for the record this is one of the largest economic development deals in this city, in this region that we’re having,” said District A Councilwoman Tabatha Taylor at Monday’s administrative session.
Rapper and entrepreneur Curtis “50 Cent” Jackson is proposing creation of a new entertainment district in downtown Shreveport. But for it work, it must be co-financed by a dedicated 2% sales tax collected inside the dedicated business zone.
Council member James Green understands the public’s caution but stress the rewards outweigh the risk. 50 Cent is reportedly investing $50 million of his own money.
“Eighty percent of something is better than 100 percent of nothing,” Green said.
The proposed Film and Entertainment Gateway Economic Development District would levy a 2% sales tax inside its boundaries, with all revenue flowing into a dedicated trust fund for redevelopment projects. A companion ordinance outlines the creation of the Film and Entertainment Gateway Economic Development District Trust Fund and sets rules for how the money can be spent .
Mayor Tom Arceneaux said the district is designed to fund public improvements without tapping existing citywide resources. “The proceeds of that go into a trust fund for the district,” he told council members.
Bond attorney Michael Busada, who drafted the ordinance, called the model a “success-dependent incentive.”
“If you do what you say — spend the $50 million, bring these buildings back to life, create the customers and the foot traffic — only then will we take the extra money and use it to help mitigate that risk,” Busada said.
Busada emphasized that no city cash is fronted: “If it doesn’t work, the city loses not one red penny.”
Council members say Jackson’s presence puts Shreveport on the map.
“We’re talking about risk failure and fear from what I see there is very little risk for the city from what I see,” added Councilman Grayson Boucher.
“I’m not fearful in doing this because 50 is willing to invest $50 million into Shreveport. We don’t have very many multimillionaires knocking on the door to invest,” he added.
Council members also addressed the need to ensure longtime downtown owners aren’t “disenfranchised.” Boucher admitted better communication is needed.
“When we’re talking about the downtown area what we’re looking at is 50 not competing with those existing structures, but to enhance those particular businesses that are here,” added Boucher.
“We’ll give the same we’re trying to give 50 cent. I just want local businesses to know that we’re there for them too … if they want to come knock on the door, we’ll help them any way we can,” Boucher said.
But skeptics warn Shreveport has been burned before by high-profile projects with a lot of fanfare that never delivered. Anyone remember Elio motors among others?
“At this point … what could it hurt?” asked Councilman Alan Jackson Jr. “But we have to be mindful of past promises that didn’t pan out.”
The council will hold a public hearing at 3 p.m. Tuesday before voting on whether to adopt the ordinance. If passed, the district will formalize governance through a nonprofit corporation with seven appointed members and begin collecting revenues once businesses start generating sales.
Busada added, “Mr. Jackson said, ‘Look, I will invest around $50 million of my own money because I want to recreate the downtown … I want to bring in more customers so that existing businesses grow exponentially.’”
City leaders say the proposal is a rare chance to combine private money with public policy. Whether it brings the promised jobs and a revitalized downtown, they note, depends on if the investment lands like a trophy bass — or another catfish.
How the money would work
- New taxes in the zone: The proposal authorizes the district to levy an additional 2% sales and use tax on retail sales, services and digital products inside the boundaries, and a 2% hotel occupancy tax on rooms within the district.
- What’s already collected: The city currently collects multiple local sales taxes totaling 2.75% in the area; any growth above a certified “base” would also flow to the district as a tax increment.
- All revenue into a trust fund: District revenue (both the increment from the city’s 2.75% and any district levies) must be deposited into the trust fund and used for district projects.
- Spending controls: Money is released by requisition, must align with the district plan and state/local codes, and can reimburse project costs or debt service.
- Non-repeal pledge: The city and district agree not to reduce or repeal the existing tax increment or any district levy while obligations are outstanding.
While the tax is paid at the register by customers, the impact also falls on businesses in the zone — including those tied to Jackson — which can either absorb the cost or adjust prices to offset it.
What projects could qualify
District projects must either directly support film/TV services, enhance entertainment and quality-of-life offerings needed to attract industry talent, or create at least 10 full-time jobs or $1 million in new capital investment.
Who would run it
The district’s day-to-day partner — the Gateway Economic Development Corporation — is defined as a nonprofit “District Manager” with a seven-member board: nominees from the mayor, subject to council confirmation, including professionals in community development, banking/finance, film/TV ownership, marketing and commercial development, plus the Downtown Development Authority president and one member recommended by the North Louisiana Economic Partnership.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.ktbs.com ’
