RS 4710.14 - Rivercenter
A.(1) In addition to the authority and powers granted it in R.S. 33:4710.13, the authority may, subject to the approval and consent of the holder or holders of any mortgage or other lien or encumbrance affecting same, purchase from International Rivercenter or its successor, hereafter in this Section referred to as "Rivercenter", an ordinary Louisiana partnership in commendam organized by Articles of Partnership entered into on the 25th day of September, 1973, and duly recorded in the office of the Recorder of Mortgages for the parish of Orleans, state of Louisiana, in Book 1218J2, Folio 242, on the 27th day of September, 1973, as amended, all of Rivercenter's right, title, and interest in and to and assume all obligations of Rivercenter arising out of the lease covering and affecting certain areas of the public wharf known as the Poydras Street Wharf, located generally at the foot of Poydras Street on the east or left descending bank of the Mississippi River, in the city of New Orleans, Louisiana, which areas are leased by Rivercenter under an agreement between the board of commissioners of the Port of New Orleans and International Rivercenter made and entered into on the 24th day of April, 1974, as amended, and purchase all of the improvements owned by Rivercenter located thereon and to keep and maintain same subject to the terms and conditions of the lease. The dollar amount to be paid by the authority for leasehold interest and improvements and facilities shall not exceed the actual cost incurred by Rivercenter in connection with such leasing and the construction of the improvements and facilities thereon. Actual cost as used in this Paragraph means the following: costs paid or incurred by Rivercenter in connection with the obtaining of the lease and the acquisition and construction of the improvements and facilities located on the leased premises; architects' and engineers' fees; the cost of surveys, investigations, licenses, permits, testing, and site preparation; the cost of removing and relocating structures, utilities, and railroad tracks; demolition costs; leasing commissions and fees; professional consultants' fees; development fees; lease rental payments; legal, financing, and accounting expenses and fees; loan service fees; interest and interest standby fees; and all other items of expenses incident and properly allocable to the obtaining of the lease and the construction of the improvements and facilities on the leased premises and placing the same in operation. The actual cost incurred by Rivercenter shall be verified by independent certified public accountants retained by the authority. The purchase price may be paid entirely in cash, in installments over a period of years with interest to be payable on the unpaid principal installments at a rate fixed by the authority with the approval of the State Bond Commission, or by a combination of the foregoing or, by a mutual agreement, all or a portion of the purchase price may be paid in bonds issued by the authority.
(2) Notwithstanding anything in this Section to the contrary, the amount to be paid by the authority for the leasehold interest and improvements and facilities shall not exceed six million dollars. However, if the transfer of Rivercenter's rights and interest in the wharf occurs subsequent to September 1, 1978, the sum of six million dollars may be increased by the costs incurred by Rivercenter from September 1, 1978, to the date of the closing of the transaction. The "costs incurred by Rivercenter from September 1, 1978, to the date of the closing of the transaction" means rental, interest on six million dollars paid by Rivercenter, maintenance costs and other actual charges incurred during this period, and any capital costs for improvement of the wharf as an exhibition center. Neither the provisions of R.S. 38:2211 et seq., nor any other provisions of general law with respect to the purchase or leasing of property by public entities shall be applicable to such purchase and assumption of obligations.
B. In furtherance of Subsection A of this Section, the board of commissioners of the Port of New Orleans shall give its consent to the purchase by the authority of all of the right, title, and interests of Rivercenter in and to and the assumption by the authority of all of the obligations of Rivercenter arising under the lease covering and affecting certain areas of the Poydras Street Wharf, to the purchase by the authority of all the improvements owned by Rivercenter located thereon, and, for the duration of the lease and subject to the terms and conditions of the lease, to the construction, maintenance, and operation by the authority on the leased premises, of convention, exhibition, and tourist facilities, except that the construction, maintenance, and operation of such facilities shall not infringe upon, impair, or diminish the operation or maintenance of the passenger terminal or those areas devoted, intended, or required for use for passenger terminal operations and other purposes and activities required by the lease and shall not infringe upon, impair, or interfere with access to or egress from operations on sections of the Poydras and Canal Street Wharves not covered by the lease except with the prior approval of the board of commissioners of the Port of New Orleans. The board and the authority shall cooperate and coordinate to assure that authorized users shall have suitable ingress and egress to the facilities of the port. If the authority defaults in the performance of the obligations imposed by the lease, the board of commissioners of the Port of New Orleans may enforce its rights under the lease by conventional means in any court of competent jurisdiction, as provided in the lease.
Acts 2019, No. 172, §1.