The city of Shreveport announced today an agreement to lease 6.7 acres in the Ledbetter Heights area to Millennium Films for a new film and movie studio.

Mayor Cedric Glover made the announcement during today's city council meeting.

Local tourism officials estimate the economic impact of the studio and subsequent productions to be $50 million over the next few years.

"It's the perfect place for us. We've set up shop here; we've got roots here," said Michael Flannigan, an executive producer with Millennium.