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50 Cent investment spurs proposed economic district

By Gabrielle Parish

50 Cent investment spurs proposed economic district

SHREVEPORT, La. -- A new plan, spurred by a request from rapper and entrepreneur Curtis "50 Cent" Jackson, would create a new entertainment district for a part of downtown Shreveport.

The City Council is set to vote Tuesday on the measure, which would fund redevelopment for the new district by levying a 2% sales tax on any purchases within its boundaries.

While the sales tax is technically collected from the customer at the register, the impact also falls on 50 Cent's businesses. Either they can absorb the cost themselves or raise their prices to offset it.

It's a plan to bring new life to parts of downtown Shreveport by creating a new sales tax zone, Shreveport Mayor Tom Arceneaux said.

"The state law allows us to create a special economic development district, and that district is able to impose an additional tax just within the district. That then will be used. The proceeds of that go into a trust fund for the district," said Arceneaux.

This map shows the new entertainment district making up Millennium Studios, StageWorks and more.

The push is tied to a major private investment from 50 Cent, who is pouring millions into vacant downtown properties, says the city's bond attorney, Michael Busada.

"Mr. Jackson has asked the city to participate by providing incentives that can be used to redevelop these properties and to recruit other businesses... The incentive comes from taxes generated by his own investment," said Busada.

"We think we have an opportunity to revitalize that area, and this will enhance our ability to do that. But at some small, small cost to the consumers," he said.

The goal is to transform the area into a vibrant hotspot, turning empty buildings into destinations.

"If Mr. Jackson builds a successful studio and brings these empty buildings back to life with new commerce, everyone wins ... and Shreveport gets a revitalized downtown," said Busada.

The final decision now rests with the City Council.

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