LAKE CHARLES, La. (AP) — 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 for construction of an entertainment complex.
City Attorney Billy Loftin tells The American Press (http://bit.ly/T7XPJY) a formal cooperative agreement will lay the groundwork for creation of a tax increment financing district on the property.
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.
Mardi Gras Boardwalk wants to build a five-story, 100-room condo/hotel. 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 built.
The City Council must approve the purchase and cooperative agreements before Mardi Gras Boardwalk can go ahead with its plans.
A council vote on the sale of the property could come in November.
Information from: American Press, http://www.americanpress.com