Thursday, December 17, 2009

Shreveport's Millennium Studio back on track

Posted: Dec 16, 2009 10:06 AM CST

SHREVEPORT, LA (KSLA) – A Nicholas Cage film project set to begin in January starts off what Shreveport hopes is a prosperous year for the city's movie industry.
On Wednesday, Mayor Cedric Glover announced the $8M Millennium Studios project is back on track, with construction work on the studio to begin on December 21.
The 18-month delay in the construction was blamed on difficulty in obtaining the needed financial backing, which was related to the economic downturn seen across the nation.
Shreveport is one of three lenders involved in the Millennium Studios project. One of their requirements was that the studio ensure a certain number of jobs. The new studio should have about 60 jobs, which more than meets the requirements of the city.
Another advantage for the studio is the 30% tax credit available from the state, which now does not have an expiration date.
The Cage project, set to begin work on January 4, is called 'Drive Angry'. It will be the biggest Millennium project to date and will be filmed in 3D.
2009 was a slow year for movie productions in Shreveport. The city said there were 18 total projects with a total budget of just under $100M. The city expects many more projects in 2010, and hopes this is the beginning of an ongoing and more permanent movie presence.

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