50 Cent‘s business ventures continue to grow, as it’s now been announced that an entertainment hub funded by the hip-hop mogul has been approved for development in Louisiana.
According to KTBS, the Shreveport City Council unanimously approved the economic development district more than a year after Fif’s G-Unit Studios began purchasing properties in the city’s downtown area totaling $2,398,122.
Back in March, the G-Unit head honcho also inked a 30-year lease agreement for Shreveport’s Millennium Studios, which will become a “state-of-the-art sports and entertainment venue.”
“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,” District A Councilwoman Tabatha Taylor said on Monday (September 22) during an administrative session.
On Tuesday (September 23), council members passed an ordinance greenlighting the Film and Entertainment Gateway Economic Development District, as well as a 2% sales tax for certain businesses within the district lines.
The revenue from that tax will reportedly be reinvested into the development’s infrastructure. City council members reassured residents that the project would not result in any additional taxes, unless they purchased goods or services within the district.
50 Cent celebrated the approval on Instagram writing in one post: “Shreveport is gonna be the place to be, Art, music , film, Television and entertainment. Let’s go!”
In a second post, he captioned it: “Positive vibes all roads lead to SHREVEPORT art, entertainment, music film&Television. BOOM! Let’s work!”
On top the aforementioned real estate purchases, 50 Cent will reportedly invest $50 million into the development.
“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,” said Michael Busada, a bond attorney who drafted the ordinance. “If it doesn’t work, the city loses not one red penny.”
Councilman Grayson Boucher said he wasn’t too concerned about potential failure, as he determined there was “very little risk for the city” and its existing businesses.
“I’m not fearful in doing this because 50 is willing to invest $50 million into Shreveport,” he explained. “We don’t have very many multimillionaires knocking on the door to invest. 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. 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.”
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