Posted: Sep 19, 2009 12:40 PM by Christine Lewis
New Orleans plans to end its lease agreement with the Six Flags Inc. theme park operator. The city is looking toward redeveloping Six Flags' shuttered park in the city. The announcement comes after the Industrial Development Board voted to end the lease with the company, Friday.
It closed after damage from Hurricane Katrina. The company does not plan to reopen the park. The agreement calls for the city to be paid $3 million, along with 25 percent of Hurricane Katrina insurance payments if the recovery amount exceeds $65 million.
A federal bankruptcy judge in Delaware has to first approve the deal. There are currently two redevelopment proposals - a new theme park and a public sports complex.