LAKE CHARLES, LA (KPLC) - The Lake Charles City Council is rethinking the idea of selling the old Harrah's property.
Now that the property is in the city's hands, the city council is hoping to attract a buyer. But now the city is rethinking that plan and looking at perhaps a lease agreement.
Councilmember Marshall Simien said instead of selling the property, leasing it would be a better move.
The property is listed at $4-million plus an estimated $1.5-million to fix the parking garage.
"If people come in and build a qualitative development, you're going to get tax revenues and whatever else and generate more business," Simien said. "But if you're sitting there waiting for $30-$40-million dollar developments to come through in this economy, you'll be sitting there with an empty piece of property for a long time."
Whereas if the property is leased out, the city will still have a say in its development.
"If you have to go out there and spend $5.5-million for land, you already have a lot of risk involved in your development," Simien said.
To sell the property will always be an option if the council decides to lease the lake front real estate, but with a long-term lease agreement Simien said the city can help guide development on the property that would help benefit the community and city.
The issue will be discussed more at the next council meeting.