LEASE AGREEMENT Between THE CITY OF NEW ORLEANS And NOLATOWN DEVELOPMENTGROUP, LLC

BE IT KNOWN, that on this ________ day of ___________, 2010 (the “Execution Date”), before me the undersigned Notary Public, or Notaries Public duly commissioned and qualified in and for the aforesaid jurisdiction, and in the presence of the undersigned witnesses, personally came and appeared:

THE CITY OF NEW ORLEANS (“Landlord”), a municipal corporation, appearing herein through the Honorable C. Ray Nagin, Mayor, duly authorized by City Ordinance M.C.S., and

NOLATOWN DEVELOPMENT GROUP, LLC (“Tenant”), a Louisiana limited liability company, appearing herein through Rickey Spearman, its President and Chief Executive Officer, hereunto duly authorized,

who recite and declare under oath as follows:

             2.3 Effective Date Requirements. This Lease is expressly conditioned upon all of the following occurring on or before the Effective Date Deadline (as defined below):

            (i) Tenant shall have obtained binding commitments for all financing transactions which are reasonably necessary for financing the construction of the Tenant Improvements…

The first step towards implementing our CBA is the development of a comprehensive Project Implementation Plan (PIP) which will outline how the strategies and commitments codified in the CBA will be enacted. The PIP will be generated over the course of the next three months and will be incorporated into the legally binding CBA as a supplemental document.

COMING SOON!

Brief:
An Ordinance to authorize the City of New Orleans to enter into a contract of lease with NOLATOWN DEVELOPMENT GROUP, LLC for those certain portions or parcels of property known as Lincoln Beach and Groves 9 & 10, Section 2, New Orleans Lake Shore Land Company tract (leased premises), with all improvements and appurtenances thereon, all in the Third Municipal District, no longer needed for public purposes at this time to be used to facilitate and coordinate the development of the leased premises as a mixed-use facility, primarily for entertainment and public park uses, and to provide otherwise with respect thereto.

Annotation: (Referred to the Economic Development Committee).