Tax Breaks Approved For Proposed Deep South Studios
Industrial Development Board for the city of New Orleans has approved tax breaks worth at least $3.1 million for a proposed $63.5 million movie studio complex.
If completed, the Deep South Studios complex would be one of the biggest investments in the local film industry to date.
NOLA.com/The Times-Picayune reports the studio's 19-acre campus, an as-yet undeveloped plot near the foot of the Crescent City Connection bridge, is slated to include a 262,000 square-feet of floor space spread over six sound stages.
The subsidy, which was approved Tuesday, comes in the form of a property tax break, or payment in lieu of taxes, deal.
Scott Niemeyer, chief executive of Deep South, said he plans to finance the bulk of the project, about $49.5 million, by soliciting foreign investors.