BATON ROUGE (AP) — The private company that manages the Superdome and Smoothie King Center in New Orleans is in line for a contract renewal through 2022.
The Interim Emergency Board — a panel of lawmakers and other state officials — agreed Monday to the five-year contract extension. The action also must win approval from lawmakers through mailed ballot.
Ron Forman, chairman of the Louisiana Stadium and Exposition District, said SMG is taking a $300,000 annual cut in fees and will pay $5 million toward facility improvements under the new deal.
SMG's fees grow up to 4 percent annually, slated to reach $1.7 million by 2017. The contract extension will drop the 2017 payment to $1.4 million, with growth up to 2 percent annually thereafter.
SMG has held the contract for nearly 40 years.
