(The Center Square) – The new economic development district named “Film and Entertainment Gateway Economic Development District” won’t cost taxpayers anything additional in Shreveport outside the district boundaries, according to Bond Attorney Mike Busada.
Before ultimately voting in favor of the latest downtown development, the Shreveport City Council held a public hearing on Tuesday to address questions from the public and the council. Busada addressed the lingering question of additional money coming from the taxpayers in Shreveport.
When asked whether the development would require all taxpayers to pay more in taxes, Busada clarified that only those who make purchases or dine within the new district will pay the additional sales tax. Residents who do not shop or dine there will not pay extra taxes.
A combined 2.75% sales and use tax is collected in the district. With the new economic development district, an extra 2% sales tax will be added, but it applies only to sales made within those boundaries, and the revenue will fund more economic development projects.
Many residents took the podium to show their support for the downtown project ahead of the council’s vote. Passage was 6-0.
The new district encompasses many places in Downtown Shreveport, including the Red River District, shops, restaurants, and part of the Millennium Studios. The heavily discussed topic started when rapper Curtis “50 Cent” Jackson pledged to invest $50 million into Downtown Shreveport.
