Southern Star Amusement Offers City $12.5M for Former Jazzland Theme Park

[kirk_ri...@yahoo.com]

Southern Star Amusement Inc. is making an offer of $12.5 million to
purchase the former Jazzland/Six Flags site from the City of New
Orleans. This offer is for the entire 226 acre site, complete with all
improvements and the additional acreage being obtained from Six Flags.

This offer, when combined with the $3 million the city will receive
from the Six Flags settlement, should satisfy the existing HUD loan
debt. With the upcoming budget shortfall the city is now facing. We
feel that it is better for the city and its citizens to use their
revenues to support both the police and fire services, rather than
continuing to service this debt on a non performing property.

This offer is being made with the support of our investment backers.
As this impacts our overall plans, we have also requested that our GO
ZONE bond application not be placed on the November State Bond
Commission agenda, but rather held until the December meeting.