Thursday, December 15, 2016

Wearing down

The Industrial Development Board might be finally ready to sell Six Flags.  The offer matches the recently appraised value. But the buyer is one they've previously rejected. The board has conducted a few rounds of bids where they've considered and rejected offers from the same group of repeat bidders.  

IDB has made no secret that it's been eager to unload the property.  The city has stuck them with responsibility for security and upkeep very much against their own wishes and they'd like to be free of that. So with such a motivated seller, the bids up to this point must have been especially shaky.  This sounds like the board might be starting to wear down.
In 2014, Pope and her team in 2014 pitched a multi-phase plan for an amusement park, a "Baritone Beach" water park, movie production facilities and retail. But the Industrial Development Board agreed that the project lacked enough financing to move forward with a lease deal.

"Without equity, we are not going to sign off on a deal here just hoping for something to come," Philipson said this week.

On Wednesday, Pope said the plans are essentially the same, although the first phase of construction wouldn't be the amusement park -- it would instead be the beginning of a $120 million mixed-use development with retail, dining and other tenants. The development will unfold over several years as tenants sign on, she said.
The plan is the same but the development would roll out more slowly in phases, if I'm reading this correctly.  Anyway, the city might be trying to squash the sale.
The public board that manages the abandoned Six Flags amusement park site in New Orleans East will continue to review redevelopment offers for the site, despite urging from Mayor Mitch Landrieu’s office that it stop accepting proposals.

The board's decision Tuesday came hours after it received an offer to buy the 220-acre site for $3.26 million, the amount an independent appraiser recently said the property is worth.

An aide to Landrieu said the Industrial Development Board should have scrapped its request for proposals to give itself time to regroup.
Seems like there's been a lot of regrouping over this already. 

No comments: