Industrial Development Board: $1M Tax Break For Deep South Studios
NEW ORLEANS – In Algiers the $63.5 million Deep South Studios was supposed to facilitate film and television production. Instead, it finds itself a little short on cash.
According to The New Orleans Advocate’s Jeff Adelson, the West Bank film studio hasn’t been able to raise as much investment capitol from foreign interests as it anticipated.
In order to keep the 17-acre project, located near the Crescent City Connection, on track, the City’s Industrial Development Board voted unanimously Tuesday to give the struggling project an additional $1 million tax break.
Adelson reports Deep South Studio’s Scott Niemeyer has raised only $3 million of the $49 million the project needs to move forward.
Niemeyer told Adelson potential investors cooled to the project after new caps were placed on the state’s film tax credits last year.