The Port of South Louisiana has disclosed the appraisal it used to come up with a price tag of $445 million to buy the former Avondale shipyard site, reports NOLA.com. The figure had raised eyebrows among regional port officials and politicians when announced in January.
The valuation, commissioned by the port from Baton Rouge real estate firm Cook Moore Davenport and Associates, was initially withheld despite a public records request seeking its release. However, with the deal requiring approval of the state Bond Commission for its financing — and implicit backing from Gov. John Bel Edwards — the port relented and released a redacted version of the appraisal last week.
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