The Louisiana State Bond Commission on Thursday unanimously approved key financial terms of the Ernest N. Morial’s Convention Center’s planned headquarters hotels, effectively clearing the way for construction to begin on the $600 million project.
After only a few questions and one opposition speaker, the commission signed off on the convention center’s plan to commit $200 million to Dallas-based developer Omni Hotels & Resorts toward the development, construction, and operation of the new hotel.
The bond commission also approved the Convention Center’s plan to rebate back to the developers a portion of hotel, food and beverage, and sales taxes generated from a special subdistrict that overlays the hotel’s property. That arrangement will last for 45 years…