The name of the proposed district is the "Film and Entertainment Gateway Economic Development District."
The District encompasses only properties leased by Curtis "50 Cent" Jackson (Millenium Studio and Expo Hall), properties owned by Jackson and the Red River District which is owned by the City of Shreveport. Jackson's properties include three vacant need-to-be-improved buildings (two on Texas Street and one on Spring Street), a dirt lot across from the Blind Tiger, and the parking lot on Spring Street which was the location of the temporary dome.
The District will be funded by an additional 2% city sales and use tax to be collected from expenditures within the district. The District will also receive city sales and use tax collections above a baseline of these taxes for the 2025 fiscal year. These monies will be held in a Trust Fund separate from other city monies.
The District will be managed by a five member board initially composed of Bonnie Moore, Arlena Acree, Terry Moore, Drayden Dunn and Harlan Chumley. These individuals were selected by Mayor Tom Arceneaux.
The Trust Funds moneys shall be expended for District Development Projects which shall be to "1)directly provide for or support film and/or television services; 2) to enhance entertainment and quality of life offerings in the District to visitors and residents which are necessary to attract top film and industry professionals; or 3) create at least ten full-time jobs or result in at least $1 million dollars of new capital investment."
The District will enter into a Cooperative Endeavor Agreement (CEA) with the City which will allow the City to issue bonds on behalf of the District to provide funds for District Development Projects. The issuance of any bonds will not be an obligation of the City other than the sources identified in the CEA for the repayment or servicing of the bonds.
The Butler Snow law firm will be employed as special economic development finance counsel for legal services for the district. Fees for these services are to be paid by the "developer/owner of property within the District and shall not be payable from any funds of the City."
A public hearing on this ordinance will be held at the Sept. 23, 2025 Council meeting. The Council can at the meeting adopt the ordinance establishing the District.