Associated Press - September 19, 2009 12:14 PM ET
NEW ORLEANS (AP) - New Orleans is moving to end its lease agreement with theme park operator Six Flags Inc. in the hope of redeveloping Six Flags' shuttered park in the city.
The Industrial Development Board voted Friday to end the lease with the company, which has said it does not intend to reopen the park following heavy damage from Hurricane Katrina in 2005.
The agreement calls for the city to be paid $3 million, along with 25% of Hurricane Katrina insurance payments if the recovery amount exceeds $65 million.
A federal bankruptcy judge in Delaware must approve the deal.
There are currently two redevelopment proposals - a new theme park and a public sports complex.
Information from: The Times-Picayune, http://www.nola.com
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