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successful and prompted the Legislature to urge Governor Edwards
to execute the Revised Lease.
The Sale of the Saints
On April 1, 1985, the State and the Mecom Group executed a
third amendment to the 1975 Lease. This amendment extended to
May 9, 1985, the deadline for the Mecom Group to exercise its
first option to extend the term of the Superdome lease for 5
years. Similarly, in light of the ongoing negotiations, the
State and the Mecom Group again amended the 1975 Lease on May 7,
1985, further extending to May 25, 1985, the deadline for the
Mecom Group to exercise its option to extend the term of the
Superdome lease. The deadline was again extended on May 23,
1985.
On May 23, 1985, the State and Benson executed a document
entitled "Fifth Amendment to New Orleans Saints Superdome Stadium
Lease" (the Revised Lease). As provided therein, the Revised
Lease was intended to induce the Saints to maintain its domicile
in the Superdome by granting certain inducements in the form of
reduced rentals and the assignment of certain revenues. The
assignment of those revenues, when combined with rental and tax
savings, made the Revised Lease a source of positive annual net
cash flow to the partnership. By amendment to Article 2 of the
1975 Lease, the Revised Lease extends the term of the Superdome
lease by 21 years, to June 30, 2006. Similarly, by amendment to
Article 7 of the 1975 Lease, the Revised Lease requires FML to
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