New Orleans continues to pay on loans for unused Six Flags site

Posted Monday, January 24, 2011 11:55 AM | Contributed by Jeff

New Orleans officials say the old Six Flags amusement park in New Orleans East continues to draw interest for redevelopment, but there are no firm plans in place at this time. As it sits idle, the city pays $1.9 million each year on its federal loan for the site.

Read more from WWL/New Orleans.

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Friday, January 28, 2011 12:39 PM

Your local tax dollars at work...

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Friday, January 28, 2011 1:01 PM

You would think they would have insurance for something like this. I'm guessing this falls under the "act of God" clause. Still, when building a park below sea level...is this an "act of God" or a forseeable possibility? Anyhow, seems weird that the city still pays lease money. You might think that the Federal Government would be willing to let this one slide...WAIT...what the heck am I thinking... ;)

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Friday, January 28, 2011 2:05 PM

IIRC, there was insurance, at least on behalf of SFI. The problem was that the insurance company didn't pay. Because heavens forbid that an insurance company be made to pay out after one of the worst storms in mondern history in the US.

Last edited by Tekwardo, Friday, January 28, 2011 2:07 PM
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Saturday, January 29, 2011 9:51 AM

They should build a motel there.

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Saturday, January 29, 2011 11:10 AM

Do we have a troll among us?

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Saturday, January 29, 2011 6:54 PM

I was thinking more along the lines of the city having insurance in case of a lease default (PMI type of insurance). I assume Six Flags going bankrupt put the city between a rock and a hard place. You would think they would mitigate their risks in case the unthinkable (or probable depending on one's knowledge of Six Flag's financial status and operations troubles around the Katrina time) happens. Sounds like Katrina gave Six Flags an easy out on a bad investment. Even had they got the insurance money, doubt they wanted to stay in that market. It looks like Six Flags is still suing for the insurance money. Wonder if the city gets a cut if they collect?

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Saturday, January 29, 2011 8:05 PM

billb7581 said:
They should build a motel there.

You know how I know they'll never have a devastating storm there? Because it never hap... Oh, wait...

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