The term "economic development" is used to justify many governmental actions.
In reality, economic development occurs every day that a business opens its doors or adds a new product line. Projections of income to be generated by new economic development projects are just that--educated guesses. And like the old saying goes--"figures don't lie, but liars figure."
The Caddo Commission is slated to vote this next Thurs. Sept. 18 on the proposed $10 million dollar pickleball complex for southeast Shreveport. Depending on who one talks to, this proposal will generate buckets of money OR will be a sinking financial hole that must be filled with other Commission dollars. It's anyone's guess on how the vote will shake up but no doubt Commission president Stormy Gage-Watts' position on this issue will be critical.
The Shreveport City Council will most likely vote on the proposed new economic district at its next regular meeting on Tues. Sept 23. Labeled the "Film and Entertainment Gateway Economic District" this tax incentive finance (TIF) district will replace the existing Red River District TIF. In addition to that district under the Texas Street bridge, the new district will include three vacant properties and two vacant lots owned by Curtis "50 Cent" Jackson plus the Millennium Studios and Expo Hall leased to Jackson.
The pickleball complex puts public dollars at stake. If the revenue produced does not equal the bond payments then public Commission dollars will be spent to subsidize the project.
Seemingly this will not be the case with the new Film/Entertainment TIF. However, the dollars expected to be generated from sales in the properties located in the proposed district will not be significant unless many more establishments are opened in the Red River District, from sales generated from Expo Hall events and/or any revenue-generating uses of the properties Jackson owns.
The economic development justification has been used by many public bodies when making financial and legislative decisions. For examples consider the Brookshire Grocery arena and the Boardwalk garage owned by the City of Bossier and the Shreveport Convention Center. It was also floated as the basis for the proposed by not adopted Cross Bayou Point project in Shreveport.
The current commission and city council terms of office end next December. Thus, voters will have an opportunity next fall to grade the papers of the commissioners and council members seeking re-election on how they voted on these measures.