The Shreveport City Council voted 7-0 during its Tuesday session to introduce legislation that would allow Mayor Arceaneaux to sign a lease agreement for Millennium Movie Studio with Curtis “50 Cent” Jackson’s G-Unit Film & Television Louisiana LLC. The legislation allows the agreement to be voted on for approval in two weeks.
The potential lessee, G-Unit Film & Television Louisiana LLC, has expressed a profound interest in utilizing the city-owned property located at 300 Douglas St. for the operation of a state-of-the-art production studio. Additionally, they plan to advance and support various creative industries including film, sound, light, television, broadcasting, recording, and arts in the city.
Notably, the proposed lease encompasses all assets, including furniture, fixtures, and equipment currently situated within the studio premises.
Should the proposed terms be accepted as written, the lease agreement will span a duration of 30 years, with a lease payment set at $2,400 per year. There exists an option for renewal for an additional 15 years.
This agreement heralds a pivotal moment for Shreveport, underscoring the City Council’s dedication to fostering an environment conducive to innovation, creativity, and economic growth within the burgeoning entertainment industry.
Multiple people on social media have raised concerns regarding the relatively low annual lease amount, prompting questions about whether the city’s facility merits a higher valuation.
Shreveport entrepreneur, Grant Nuckolls, shares another perspective. He explained via a Facebook post that Shreveport taxpayers pay about “$500,000 per year to maintain the empty facility.”
“Shreveport taxpayers would pay $0 to maintain the facility and make $2,400 per year in rent. Shreveport taxpayers gain $502,400,” Nuckolls shared.
He continued, “Look at it another way: we have offloaded the burden of maintaining a $500k/year facility from the taxpayer onto a private (famous) individual, we are getting paid $2400/year as a bonus. Cherry on top is whatever spinoff effects happen inside.”
Pending final approval, this lease agreement is poised to mark a significant stride forward in the ongoing development and expansion of Shreveport’s entertainment production footprint.