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Governor Jindal and Department of Navy Announce Signing of Lease

Press Release

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Date:
Location: New Orleans, LA


Governor Jindal and Department of Navy Announce Signing of Lease

Agreement for Naval Support Activity Site in New Orleans

Today, Governor Bobby Jindal, Louisiana Department of Economic Development Deputy Secretary Steven Grissom, Algiers Development District officials, and Lieutenant General Jack W. Bergman of the United States Marine Corps Reserves announced the official signing of a lease agreement for the 149-acre Naval Support Activity New Orleans site (Federal City Project), representing the U.S. Navy's commitment to the further development of the site. The signing of the lease agreement provides the framework for upcoming discussions with federal authorities to finalize the 75-year lease for the West Bank site.

Governor Jindal said, "The state has committed $150 million through bond financing toward the Federal City Project, which will help design and construct a Marine Force Reserves Headquarters building, and provide improvements to numerous facilities throughout the site. This is a critical investment that will help retain an estimated 1,660 jobs in the New Orleans area and add roughly 300 positions for a total of 1,960 jobs, in addition to spurring indirect economic development opportunities and investments throughout the region.

"Louisiana has many federal and military economic development opportunities, including Cyber Command at Barksdale Air Force Base, NASA operations at Michoud, Camp Minden and Fort Polk. Our investment in Federal City will further strengthen our relationships with our federal partners and make Louisiana even more attractive for future economic expansion and additional job gains."

Governor Jindal added, "While today is a great step forward in this project, it is not an end. We still have a lot of work to do in finalizing the lease, as well as constructing these facilities and improving infrastructure on the site. We will continue to work closely with our federal partners to finalize this lease and make Federal City a successful economic driver in New Orleans."

On April 16th, Governor Jindal issued a letter to the Department of the Navy, indicating the state's continuing commitment to the Federal City project. During the 2008 legislative session, $8.3 million was appropriated to support the first bond payment on the Federal City project. The Industrial Development Board of the City of New Orleans granted final approval of the bonds in June, and the state bond commission granted final approval of the bonds on July 18th. The $150 million investment by the state for Federal City includes approximately $110 million for the Marine Force Reserves Headquarters, $7 million for amenity upgrades on the site, and $33 million for other infrastructure improvements and other aspects of the project. Many of these improvements and upgrades are expected to be substantially complete by June of 2011.


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