The Louisiana Economic Development department has entered into a Cooperative Endeavor Agreement (CEA) with Curtis “50 Cent” Jackson that could pay up to $50 million to Jackson.
Here are some important details:
1. LED will REIMBURSE Jackson approximately $1 for every $2.5 dollars he spends on approved expenses.
2. The $50 million can ONLY be spent on Expo Hall (40%), Millennium Studios (40%) and the planned G-Dome (20 %).
3. LED will NOT reimburse expenditures on the properties owned by Jackson in downtown Shreveport.
4. NO funds are being provided by the City of Shreveport or by Caddo Parish under the LED agreement.
5. The CEA between LED and Jackson has timelines for Jacksons’ required expenditures, performance agreements that include a minimum number of TV or film productions and a baseline amount of production budgets.
6. The CEA contains requirements for progress reporting, performance monitoring, employment and economic tracking, independent CPA audits and clawback provisions.
7. . It is unknown, at this time, if the City or Jackson will correct the flooding problems at Millennium Studios that have prevented the planned utilization by Jackson.
Stay tuned. More, much more, to come on the LED agreement with 50 Cent.
John came to Shreveport in January of 1977 when he was transferred to Barksdale AFB.
He’s been active in Shreveport politics since deciding to make Shreveport his home.
John practiced law for 40 years and he now monitors local politics. He regularly attends Shreveport City Council and Caddo Parish Commission meetings.
John is published weekly in The Inquisitor, bi-monthly in The Forum News, and frequently in the Shreveport Times.
He enjoys addressing civic groups on local government issues and elections.