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insidehoops 03-20-2013 07:00 PM

New arena in New Orleans, maybe?
While there could still be considerable opposition from a construction company that lost out on a renovation bid for the New Orleans Arena, the Louisiana Stadium and Exposition District board of directors voted Wednesday to award the contract.

LSED members voted during their regularly scheduled meeting at the Mercedes-Benz Superdome to stick with the original decision to award the $50 million renovation bid to Citadel Builders. The McDonnel Group, which lost out in the bidding, has threatened to file a lawsuit because Citadel Builders did not submit an audited financial statement, which The McDonnel Group understood the guidelines for submitting a bid required.

It seems there may be a difference in interpretation of the requirement to provide an audited financial statement. LSED members believe the language in the guidelines allows them to decide at their discretion whether a bidder divulges its audited financial statement.

-- New Orleans Times-Picayune

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