Curtis "50 Cent" Jackson (photo courtesy of Wikimedia Commons)
The City of Shreveport is teaming up with rapper 50 Cent to revitalize the downtown area. 50 Cent, whose real name is Curtis Jackson, is looking to establish a new entertainment district in downtown Shreveport that would be financed with a 2% sales tax collected inside the specific zone being revitalized. Mayor Tom Arceneaux says even businesses outside that specific zone will benefit, even though they won’t be eligible for any funding.
“All of that entertainment district will see a renaissance. And that will be a benefit to all of the businesses that are down there, and they haven’t had to spend a penny for it,” Arceneaux said.
Mayor Arceneaux says while the onus in making this plan work would fall primarily on investors, everyone will benefit in the end.
“The investor generates sales tax, we get the existing sales tax, and the investor collects the additional 2% and that is what goes into the fund,” Arceneaux explained.
Arceneaux says there are certain requirements to be eligible for the funding.
“Every project has to be at least a million dollars or create ten new jobs,” Arceneaux noted.
Construction is expected to begin either late this year or early next year.
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