Ocean Expo aquarium can be built off Interstate 10 in D’Iberville.
$4.5M promissory note keeps project moving
By MARY PEREZ - firstname.lastname@example.org
D’IBERVILLE -- A $4.5 million promissory note will secure property so Ocean Expo aquarium can be built off Interstate 10 in D’Iberville, city officials said.
After an hour-long executive session with the property owner, Ranco Development, the council unanimously voted to sign the note for the land on the southwest side of the intersection of interstates 10 and 110.
“This is part of the closing process,” city attorney W. Fred Hornsby III said.
He said the promissory note with the developer will cover the $4.5 million initial payment. The total cost of the 6½-acre site will be about $6.9 million, depending on carrying costs, he said.
Among the economic incentives to bring Ocean Expo to D’Iberville, the city agreed to pay for the site and a pipe to bring salt water from the Back Bay to the aquarium.
“Moving forward, the only question is if it’s going to be a $25 million facility or a $75 million facility,” Hornsby said. If the project gets some funding from BP, Hornsby said Ocean Expo will be a more elaborate attraction.
He said the promissory note will allow the city to close on the property within the next couple of weeks. The city is still working on what type of public funding -- possibly a bond or a loan -- will cover the note, he said. “The biggest thing is not holding up Ocean Expo,” he said.
Expand the hobby!
Don't blame me, I voted RON PAUL !!