A slate of bond propositions on New Orleans’ Nov. 15 ballot could serve as the financial linchpin for roughly $1 billion in long-awaited redevelopment projects across the city — including the restoration of some of its most blighted and iconic properties.
City officials and economic development leaders say the measures, particularly a $415 million infrastructure bond, represent a rare opportunity to combine public funding with major private investment. If approved, the bond propositions could trigger construction at sites ranging from the historic Charity Hospital on Tulane Avenue to the former Lindy Boggs Medical Center in Mid-City, the abandoned Naval Support Activity complex in the Bywater, and the long-dormant Six Flags and Lake Forest Plaza properties in New Orleans East.
Most of the money tied to those redevelopment efforts is contained in the infrastructure measure, Proposition 2, though related funding is also spread across a $50 million drainage and stormwater management bond and a $45 million affordable housing bond. Together, the three propositions would authorize $510 million in new borrowing to upgrade city infrastructure, spur economic growth and attract outside capital to neighborhoods that have seen little investment for decades, supporters say.
“Proposition 2 is so critical because it funds linchpin projects for the future of New Orleans,” said Michael Hecht, president and CEO of Greater New Orleans Inc., the regional economic development agency…