The bill amends R.S. 39:1798.6(A)(2)(b) to enhance the powers of the Office Facilities Corporation regarding leases and subleases of certain properties in Orleans Parish. Specifically, it allows the corporation to enter into agreements necessary for leasing portions of the New Orleans Centre property, which includes the office tower formerly known as the Dominion Tower, the retail property formerly known as the New Orleans Shopping Centre, and the associated parking garage. The bill removes the previous limitation that leases could not exceed twenty years, thereby providing more flexibility in lease terms. Additionally, it stipulates that any lease or sublease must be perfected before July 1, 2010, and requires prior approval from the Joint Legislative Committee on the Budget.

The effective date of the bill is contingent upon the governor's signature or, if not signed, upon the expiration of the time for bills to become law without the governor's signature. If the bill is vetoed and later approved by the legislature, it will take effect the day following that approval.

Statutes affected:
SB411 Original: 39:6(A)(2)
SB411 Engrossed: 39:6(A)(2)
SB411 Enrolled: 39:6(A)(2)
SB411 Act 411: 39:6(A)(2)