New Orleans,
Harrah's Settle Lawsuit
As reported by the New Orleans
Time-Picayune: "The New Orleans City Council
and the owners of Harrah's New Orleans Casino
have settled a lawsuit the council filed in
2004 accusing Harrah's of breach of contract
and bad faith for failing to develop the casino's
vacant second floor.
"Under
the agreement, attorneys for the two sides said
Thursday, the city stands to get $52.5 million
over the remaining 52 ½ years of Harrah's
lease of the casino site, a city-owned tract
at the foot of Canal Street that formerly held
the Rivergate convention center.
"The
total includes a minimum of $925,000 in annual
payments to the city, subject to cost-of-living
adjustments every three years, plus a one-time
payment of $3.5 million for the right to close
a block of Fulton Street near the casino.
"…Two
ordinances were introduced at Thursday's council
meeting spelling out the terms of the new agreement,
which was negotiated over the past few months
by Russ Herman, the private attorney who filed
the council's lawsuit against Harrah's, and
casino attorney Basile Uddo…"
|
