50 Cent Invests Big in Downtown Shreveport’s Future

The Shreveport Council has unanimously approved a new economic development district in the downtown area. This designation would open the door to allow for an additional 2% sales tax on properties in that area to benefit development in the district.

READ MORE: See Shows 50 Cent Is Planning for Shreveport

Who Requested this Entertainment District?

Curtis 50 Cent Jackson has urged the city to ok this program so monies can be generated to encourage more development in the district. Jackson has proposed spending $50 million dollars of his own money to revitalize the area and bring in more businesses.

This new ordinance also says the

City Council may create a special trust fund for the furtherance of Economic Development projects, into which the incremental increases in such area local and State sales and use taxes (if the use of the State sales and use tax is approved by the State) shall be deposited and loaned, granted, or pledged in furtherance of Economic Development.

The money would be used to finance Economic Development projects within the District.

Who Will Run the New District?

There will be a board of seven individuals each nominated by the Mayor and confirmed by the City Council. This panel will determine how the dollars are spent. Members of this panel will have to have specific areas of expertise including banking, community development, film and tv experience, marketing and commercial development. The President of Downtown Development Authority will also serve on the board and one person nominated by the North Louisiana Economic Partnership will also serve.