A company owned by entertainer 50 Cent finalizes a deal to invest almost $125 million to develop three entertainment venues in Shreveport. As part of his commitment, the state is providing up to $50 million in performance-based funding for these three sites. Grant Nuckolls with Shreveport Film and Entertainment Economic Development says there are conditions attached to this funding.
“There has to be two projects in the first year, with a minimum of $5 million budget, using I think 50% Louisiana workers in the first year. And that goes up to 80% in years three through five,” Nuckolls explained.
The project includes the renovation of the former Stageworks facility, the modernization of the former Millennium Studios and the construction of a dome-style venue. Nuckolls says if 50 Cent does not keep up with his end of the bargain, the state’s funding will go away.
“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,” Nuckolls said.
Nuckolls says one of the conditions of 50 Cent’s company, G-Unit Film and Television LLC, getting this money is that the work needs to be done in a timely manner.
“There could be construction delays and production delays and things like that. But as far as these dollars go, they have to be spent the right way and they have to be spent pretty quickly,” Nuckolls said.