Posted Tuesday, September 27, 2005 10:09 PM | Contributed by Jeff
A corporate tussle, 75-year lease and a heavily damaged array of rides and attractions all are coming into play at one tourist attraction devastated by Hurricane Katrina: Six Flags New Orleans.
Read more from CBS Marketwatch.
Six Flags leases the park from the city's Industrial Development Board, free of property taxes, but in return the park is required to rebuild in the event of damage.
Jeffrey R Smith
Tuesday, September 27, 2005 11:42 PM
That seems to answer the burning question...Of course, what does rebuild mean and to what scale? You would have to wonder what the population base will be for the intermediate future...
Wednesday, September 28, 2005 7:16 AM
I wonder if the city's Industrial Development Board anticipated or predicted that if in the event of a catastrophic hurricane doing as much damage as it did to SFNO, would still "require
" them to rebuild... or if there's a such thing as "except in the case of"... because like a submerged car in the same situation, I'd have to deem this park "totaled
Some things are salvagable... but to rebuild this park back to its former state, or even a shadow of its former self, it'd run into the hundreds of millions considering all that has to be rebuilt from scratch vs. what's repairable vs. what's still good.
BATWING FAN SFA
Wednesday, September 28, 2005 10:01 AM
They'll probably have to spend the remaining cap ex budget rebuilding,so there go next season's new attractions minus the 3 coasters already planned & being built.
Wednesday, September 28, 2005 10:40 AM
well thats ok...maybe SFA will get one of those new coasters? :)
Wednesday, September 28, 2005 10:41 AM
Nah, they'll just remove and sell off a couple of coasters from SFA. That way in a couple more years, perhaps, SFA can get some new ones to replace them.
Wednesday, September 28, 2005 12:06 PM
I work for an insurance company, primarily with
Auto/Boat/motorhomes/bikes. The general rule with those is:
If the replacement/rebuilding cost meets/exceeds 80%, it is totaled out.
The parks situation will be interesting to calculate.
Wednesday, September 28, 2005 1:18 PM
why don't they just come out and say it'd be cheaper to buy out the lease than rebuild a park that won't have jack for a consumer base...it just doesn't make any sense to fill people's brains with this kind of hope, lets focus on what needs to get rebuilt, infrastrcture, schools, apartments, everything...amusement park comes way after all those
Wednesday, September 28, 2005 1:18 PM
I believe it's possible that the park may have to be totally relocated as there's talk of pulling out of New Orleans East and returning it to swampland. I believe the customer base will come back quicker than expected. It's the work base of the park I'd be even more concerned about.
French Quarter businesses (hotels, restaurants, etc.) are very concerned that they won't be able to find workers as many of the areas that housed much of their work force were totally decimated. Those are the people who may not return. Same holds true for Six Flags. Though they are trying very hard to keep track of their employees and even get them jobs at other Six Flags parks in the region.*** This post was edited by Cameraman 9/28/2005 1:38:07 PM ***
Wednesday, September 28, 2005 3:47 PM
They are "required" to rebuild, but what are the city's remedies if they don't. Can they sue SF for the cost of rebuilding, or just terminate the lease agreement?
Wednesday, September 28, 2005 4:08 PM
Three coasters being planned and built? When was the "planning and building" of three coasters at SFNO announced?
Wednesday, September 28, 2005 4:48 PM
I think he meant:
El Toro (SFGA)
just the way I read it.
Monday, October 31, 2005 10:17 AM
I doubt this park will re-open. I drove by it a few weeks ago and it looked like there was at least one coaster that was severely damaged, and I am sure there was more than I could see from I-10