Southern Star Amusement, Inc., which has been pursuing the opportunity to take over the former Six Flags amusement park property in New Orleans, has altered its plans for the upcoming Industrial Development Board meeting at the request of the city of New Orleans.
Danny Rogers, founder of the company, stated, “As a 30 day delay on the bonds do not impact our overall progress towards a May 2010 opening, we are cooperating with the city’s request.” Rogers continued to say that the city has expressed “concerns over the effect on their current Six Flags lawsuit”.
Southern Star Amusement has requested that the review of their GO Zone bond application be placed on the August agenda instead so that the city may resolve their issues. “The GO Zone bonds are simply an additional tool that we can utilize for financing that offers certain benefits to both our investors and to us.”
GO Zone bonds are not payable from taxes or any other public funds whatsoever. If GO Zone bonds were to be utilized by this project, they would be payable solely by the Southern Star Amusement. There is absolutely no public guarantee, subsidy or investment of public money. The advantage they offer is that the interest is tax-exempt to investors, and usually reduces the borrowing costs to the developers, usually by about 2%. “While we would like to save that 2%, it is certainly not a critical component of our overall plans.”
With the opening of their new offices in New Orleans East, Southern Star Amusement has continued to move forward with their plans to transform the shuttered property with new themes and attractions.
Southern Star Amusement’s new office is located at 10555 Lake Forest Boulevard, Deer Park Building 3-G, New Orleans, LA 70127. Office number is 504.324.1985.
About Southern Star Amusement
Southern Star Amusement, Inc., is a location based entertainment development company dedicated to creating quality, family friendly attractions. More information can be found at http://www.southernstaramusement.com.
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