NEW ORLEANS (WGNO) — Mayor Helena Moreno and her administration proposed a deal to put over $100 million net cash into the city’s bottom line to advance efforts in stabilizing city finances on Tuesday, April 28.
“At no cost to the people of New Orleans, this deal doesn’t just help us right our fiscal ship, it also allows us to focus our resources on real, substantive improvements to our services and infrastructure — and brings us closer to solving the budget crisis we inherited than ever before.”
A competitive bid sale of future rent revenue will enable the New Orleans Building Corporation (NOBC) and the City of New Orleans to deliver an inflow of more than $100 million to the City’s coffers, according to city leaders.
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The money will be essential in delivering service and rebuilding reserving while, in turn, improving the city’s long-term financial health…