The Cooperative Endeavor Agreement between Louisiana Economic Development and G-Unit Film & Television for funding up to $50 million has requirements for Millennium Studios, now G-Unit Studios.
Here is a summary:
1. The Millennium Studios component of the LED funding package is defined as ‘the modernization of the City owned studios located at 300 Douglas Street, Shreveport, LA 71101 (formally the Millennium Studios) to provide for the pre-production, production and post production of film and television projects of Curtis “50 Cent” Jackosn and G-Unit Film & Television Louisiana, LLC, including visual effects, editorial, color correction, mixing and delivery of finished product to distributors, with an estimated capital investment of approximately $78,000,000 which estimate is subject to the terms and conditions of this Agreement.”
2. Reimbursement of Jackson is “conditioned upon continued primary use of the Millennium Studios and Stageworks locations for the purpose of fully producing productions for a period of at least five years, with G-Unit to fully produce, subject to permitted delays and other terms and conditions of this Agreement the following:
a. a minimum of two (2) productions with total budget cost of no less than $5 million in year 1
b. a minimum of four (4) productions with a total production budget cost of no less than $10 million in project year 2
c. a minimum of five (5) productions with a total production budget cost of no less than $15 million dollars in year 3
d. a minimum of six (6) productions with a total production budget cost of no less than $20 million in year 4
e. a minimum of seven (7) productions with a total production budget cost of no less than $25 million in year 5
The term fulling producing means “the development, pre-production, production, post-production and distribution” of the production.
3. The required production shall be conducted and undertaken in the City of Shreveport “by people located in the City” with the following requirements: fifty (50%) for year 1, sixty-five (65%) for year 2, and eighty (89%) for year 3.
The language “by people located in the City” is not defined.
More conditions of the LED –Jackson agreement will be explained in future columns.
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.