ATLANTA (AP) -- The Atlanta City Council unanimously approved a leasing agreement with EUE/Screen Gems Monday.

The deal, backed by Mayor Kasim Reed, allows the film and television production company transform a portion of Lakewood Fairgrounds into a state-of-the-art studio complex.

The company has a similar operation in Wilmington, N.C. City officials say the 50-year leasing agreement will cost EUE/Screen Gems $250,000 a year before jumping to $600,000 after a decade.

EUE/Screen Gems plans to refurbish Lakewood's historic Spanish Mission Revival exhibition halls and convert them into sound studios. The company will build a sound stage that could accommodate television, commercial, digital and film productions.