New Orleans’s proposed deal to raise more than $100 million by selling rights to future Caesars casino lease payments would provide fast cash amid a fiscal crisis, but the ordinance authorizing the transaction does not restrict how the money can be spent, according to the Bureau of Governmental Research.
The ordinance, introduced April 23 and sponsored by all seven City Council members at the administration’s request, would authorize the New Orleans Building Corp. to sell certain casino lease payments in order to reinforce city coffers. It sets a minimum purchase price of $100 million. The city is expected to receive $102.6 million upfront.
The Bureau of Governmental Research bills itself as an independent, nonpartisan, nonprofit public policy research organization.
