A company owned by entertainer and Louisiana native Curtis “50 Cent” Jackson will invest nearly $125 million to develop three entertainment venues in Shreveport. And Louisiana is providing up to $50 million dollars in performance-based funding.
According to a statement released by Louisiana Economic Development (LED), Jackson unveiled his plans this week, as founder of G-Unit Film & Television founder. As the Louisiana Radio Network reports, Grant Nuckolls with Shreveport Film & Entertainment Economic Development Corporation explained the other funding conditions. “There has to be two projects in the first year with a minimum of (a) five million dollar budget, using I think 50% Louisiana workers in the first year and that goes up to 80% in years three through five.”
The project includes renovating the former Stageworks facility, modernizing the former Millennium Studios and construction of a dome-style venue. Jackson explained, “My goal is to turn Northwest Louisiana into a premier destination for film, music and live entertainment on a national scale.”
As for the amount of money and disbursements, Nuckolls made one fact very clear. “It’s not a blank check up front. It’s reimbursable. So he has to do the work in year one to get that first tranche of money, and there are clawback provisions too.”
According to an independent economic impact study commissioned by G-Unit, the project is expected to generate an economic impact of $18.8 billion and support more than 6,000 jobs statewide, as well as $300 million in wages over the next 20 years.
G-Unit Founder “50 Cent” Investing Heavily in Redeveloping Shreveport Venues
