State Property Sale

BATON ROUGE, La. (AP) – Gov. Bobby Jindal's administration is moving forward with plans to sell the site of the former insurance building on downtown property near the Louisiana Capitol.

Michael DiResto, a spokesman for the Division of Administration, says the Office of State Lands submitted a request to lawmakers for permission to sell the property. DiResto says the lowest acceptable bid for the property would be the appraised value of $4.9 million.

The House and Senate natural resources committees haven't set a date to decide whether to approve the land sale, but a hearing is expected within a few weeks. If the committees agree, DiResto says “For Sale” signs will be placed at the property.

This year's budget includes $5 million anticipated from the sale of the site, which contains a two-level parking structure.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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