The Superdome Commission in New Orleans decided it can
"afford" to accept the low bid submitted to build a sports arena
next to the Superdome, voting unanimously to authorize a contract
with the joint venture of Manhattan Construction Co. of Oklahoma
and Gibbs Construction Co. of Jefferson, LA, "at or below" the
companies' bid of $71.875M, according to Bruce Eggler of the New
Orleans TIMES-PICAYUNE. But before a contract can be signed, the
State Bond Commission must vote November 21 to authorize sale of
$72.3M in bonds, backed by the same 4% hotel-motel tax in Orleans
and Jefferson districts that built the Superdome. Despite some
objections, the Bond Commission is expected to approve the bonds
issue. When the Legislature authorized the arena in '93, it said
the Superdome Commission could sell "no more" than $84M in bonds
to build it. The commission has already issued $11.7M worth to
cover preliminary expenses and were hopeful of a bid of $68M, but
decided they could accept the lowest bid of $71.8M. The arena is
expected to house Tulane Univ.'s basketball games and an IHL
hockey franchise and might be ready for their '98-99 seasons and
"perhaps someday" an NBA team (New Orleans TIMES-PICAYUNE,
11/14).
