City’s lakefront property sale moving forward

By By Eric Cormier / American Press

A purchase agreement between Mardi Gras

Boardwalk and the city of Lake Charles should be done within the next

two weeks, allowing

the sale of nine acres of lakefront property to the company, which

plans to build a multimillion-dollar entertainment complex.

City Attorney Billy Loftin said the

legal paperwork should be finished, but that more work will be needed to

finalize a cooperative

agreement between the two sides to lay the groundwork for the

creation of a tax increment financing district on the property.

“I’ve met with another attorney from their side that handles

financing. Introductions have been made for their legal counsel

and local bond attorneys,” he said.

The company’s proposal said the TIF would be used to finance marketing for the complex. Loftin said talks so far have centered

on finding ways to raise funds for the TIF.

“And that is going to take a little longer because the details have to be worked out,” he said.

Mardi Gras Boardwalk is interested in creating the TIF and collecting taxes from sales on the property.

Loftin believes the only way the

project does not become a reality is if the company is not able to get

financing for construction.

Mardi Gras Boardwalk officials want to build a five-story, 100-room condo/hotel measuring 50,000 square feet.

The property would include 35,000 square feet for a sports bar and grill and a 25,000-square-foot family entertainment center.

At least six restaurants, three music venues, four gift shops, three novelty stores and seven kiosks would be constructed.

The City Council has to approve the purchase and cooperative agreements for Mardi Gras Boardwalk to move forward with its

plans.

A vote on the sale of the lakefront property could occur in November.