Senate Bill No. 411, introduced by Senator Duplessis, amends the existing law governing the Office Facilities Corporation (OFC) by removing the twenty-year limitation on leases or subleases of certain state properties in Orleans Parish, specifically the New Orleans Centre property. The bill allows the OFC to enter into agreements necessary for these leases without the previous time constraint, while still requiring that any lease or sublease with the property owner be finalized before July 1, 2010, and subject to prior approval from the Joint Legislative Committee on the Budget.

The proposed law retains the existing provisions regarding the execution of agreements and contracts necessary for the leasing 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 facility. The bill is set to take effect upon the governor's signature or, if not signed, after the designated time for bills to become law without the governor's signature.

Statutes affected:
SB411 Original: 39:6(A)(2)