NOLA.com has an article up that says the WTC lease for the Four Seasons has been approved and signed by Mayor Landrieu. The article includes all the details of the lease if you're interested, but here's their breakdown:
Quote:
Under the lease, payments to the city include the following:
- A $1 million nonrefundable deposit at lease signing and a $4 million deposit in escrow that goes to the city once financing closes.
- Monthly interim rent during construction of $100,000.
- After the hotel opens, yearly rent of $3.25 million for the first 10 years and $3.75 million for the second decade. After that, rent goes up with inflation.
- Starting in the fourth year, 5 percent of gross revenues at a cultural attraction focused on New Orleans history planned for the building.
- Starting in the 11th year, 5 percent of gross revenues from all other components of the project, without exceeding certain limits: 10 percent of base rent in years 11 through 20; 15 percent of base rent in years 21 through 50; and 25 percent of base rent in years 51 through 99.
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http://www.nola.com/business/index.s...elated_stories