SB411

Removes the 20-year limit on leases of certain state property in Orleans Parish by the Office Facilities Corporation.

The bill removes the 20-year limit on leases of certain state property in Orleans Parish by the Office Facilities Corporation. This change applies to leases of the New Orleans Centre property, including the office tower, retail property, and parking garage. The Office Facilities Corporation can now enter into leases or subleases of these properties for any duration, provided they are perfected and entered into before July 1, 2010. The leases are subject to prior approval by the Joint Legislative Committee on the Budget.