City council to vote on proposed Film and Entertainment Gateway

SHREVEPORT, La. (KTAL/KMSS) – A decision regarding a multi-million dollar investment awaits the Shreveport City Council’s decision Tuesday.

The council is set to vote on whether to approve the creation of an economic development district in the downtown area for Curtis “50 Cent” Jackson. The city’s public finance attorney, who supports the measure, provided a presentation on the goals of what city officials are calling an “incentive in downtown’s redevelopment” during Monday’s council work session.

“There’s a reason that we need to provide an incentive here. That’s because otherwise capital is not coming,” said Michael Busada, City of Shreveport Economic Development Attorney.

Mr. Jackson is offering to invest $50 million to purchase vacant downtown properties.

“Mr. Jackson said, “Look, I’ll invest $50 million of my own money because I want to recreate the downtown and make it a safe, vibrant area for everyone. I want to bring in more customers so the existing businesses, their revenue grows exponentially. I want to help them, and I want to build new ones. Will you give us an incentive? Will you partake in some of the risks because right now I know it’s a big risk because nothing has ever gone down there because it’s tough,” Busada said.

He told the council that the Red River district is currently in financial decline.

“If you look at the current district, it’s barely generated money. It’s actually got a negative fund balance,” Busada said.

The city would create what’s called the “Film and Entertainment Gateway Economic Development District” to attract post-production of films and television to a permanent base of operation.

“In the past, when we’ve tried to build the entertainment industry, you’ve got pre-production that will happen in the state where they film. Then, post-production that’s where the big money jobs are, and the growth. They ship that back to California, New York, or Georgia. So the state has always tried to figure out how can we keep the post-production, the value-add, is done here, and there’s a permanent industry,” Busada said.

To do so, Jackson has told city officials that, in order to bring these industry professionals and jobs, it’s about quality of life attractions.

“The reason this economic development district is being created is the argument by Mr. Jackson and others that in order to attract and keep local talent here, you have to have a thriving and safe downtown. You’ve got to have those quality of life things,” Busada said.

He said the financial risk would fall on Jackson and not the city.

“The idea is that it drives up business for everybody, and if it doesn’t work, the city does not lose one penny,” Busada said.

A part of the investment incentive would be a 2% sales tax in the district. This measure would need to be approved by the city council at a later meeting if it passes.