Minnesota developer expresses interest in redeveloping former Six Flags Theme Park
By Jaquetta White
The Times-Picayune
April 15, 2010, 5:00PM
A Minnesota developer seeking to restore the former Six Flags Theme Park in eastern New Orleans has filed an application with the Industrial Development Board requesting preliminary approval of up to $200 million in bonds for the project.
In its application, 3 Wise Men Entertainment, Inc. said it wants the bonds to restore existing infrastructure and equipment in the former Six Flags park, which has not reopened since being damaged by flooding in August 2005.
The application will be reviewed by the IDB at its April 20 meeting. If the request is approved, the application will be considered by the State Bond Commission. Bond commission approval would allow the company to begin shopping for investors.
3 Wise Men Entertainment says it will restore "infrastructure, sewer, water, other utilities, building structures and existing park rides," among other things on the 150-acre site. The company's proposal also calls for the development of a "resort with a water park and additional theme rides."
According to the application, construction on the site would begin May 25 and conclude in late September 2011. The park would open Oct. 1, 2011 and produce 1,000 permanent full time jobs. The total projected budget for the project is $202 million.
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