A major transformation could be on the way for a part of the downtown entertainment district. Shreveport city leaders have proposed creating a new Tax Increment Financing (TIF) district designed to boost redevelopment efforts spearheaded by music mogul and businessman Curtis “50 Cent” Jackson. The proposed district would stretch from the historic Millennium Studios property to Commerce Street and aims to breathe new life into a once-thriving corridor of the city.
A 2% Sales Tax to Fuel Revitalization
Under this plan, a 2% sales tax would be levied on purchases made within the new TIF district. Revenue generated from this tax would be reinvested directly back into the area, providing critical funding for infrastructure upgrades, aesthetic improvements, and other projects meant to attract additional businesses and visitors.
City officials say the strategy is intended to create a sustainable funding source to support Jackson’s ambitious plans for the area while also sparking broader economic growth. By capturing and reinvesting new tax revenue generated by revitalized properties, the TIF district could create a cycle of reinvestment that transforms this stretch of downtown over time.
Anchored by 50 Cent’s Vision
Curtis Jackson is leasing the Millennium Studios complex from the city and he’s planning to turn it into a hub for entertainment, music production and film and tv projects. He also wants to bring more nightlife to downtown with more restaurants, event spaces, and retail shops.
City leaders see the project as a rare opportunity to leverage a high-profile investor’s star power to revitalize a part of Shreveport that has long struggled with vacancy and underinvestment. They believe the TIF district will help attract other private developers to the area, accelerating the district’s transformation.
Shreveport City Council Vote Coming Soon
The Shreveport City Council is expected to vote on the TIF district proposal on September 23. If approved, the district would go into effect shortly after that…