Mardi Gras Boardwalk requesting extension to secure financing - KPLC 7 News, Lake Charles, Louisiana

Mardi Gras Boardwalk requesting extension to secure financing

Posted: Updated:
LAKE CHARLES, LA (KPLC) -

Mardi Gras Boardwalk, the company wanting to develop the old Harrah's property along the lakefront, is requesting an extension to secure the necessary funding to finance the project.

The company's deadline is Friday, February 28th. They are now requesting an extension of 120 days to negotiate with a handful of groups interested in possibly financing the project.

However, some members of the Lake Charles City Council say Mardi Gras Boardwalk has been given enough time.

"They've had long enough. It's time to put up the money or move on. We may have missed an opportunity with another company wanting to do business on that piece of property," said Rodney Geyen, Lake Charles City Council. "I haven't seen any action. Green talks. If they can't do it, well let's open it up for someone else to do it."

"I just think they were a little more eager than the market would allow. I still think they could get this thing going. What's it hurt to give them another 120 days... we don't have anybody else waiting in the wing," said Dana Jackson, Lake Charles City Council.

"It was an ambitious timeline they put in place. They made an offer and we accepted it and that happened roughly five months ago. And it's not moving as  quickly as everyone had hoped that it would," said Stuart Weatherford, Lake Charles City Council Vice President

Mardi Gras Boardwalk is proposing a multi-million dollar development including retail, restaurants, and an entertainment Amphitheater and Festival Park.

Mardi Gras Boardwalk is also requesting a 120 extension to complete their master plan; starting from the date financing is completed. The city council will decide on both requests at the March 19th meeting.

Meanwhile, Weatherford also said he believes it's time for the City of Lake Charles to hire an outside company to market the property available on the lakefront, both for sale and lease.

Copyright 2014 KPLC. All rights reserved.

Powered by WorldNow