French Market Corporation 2027 Budget

At a glance

Based on auto-generated captions that may contain errors.

What: the French Market Corporation presented its 2027 budget and a leasing strategy that moves tenants to market-rate rents.
Where it stands: budget hearing presentation on October 22, 2026; no vote.
Next: council budget deliberations before adoption.

Cash on hand was about $13 million at the second quarter, largely committed to construction, insurance deductibles and a pension exposure. The corporation self-funded about $7 million to rebuild Building E; the Upper Pontalba renovation is a roughly $12 million project ($8 million city bond funds) now expected to finish in late May instead of February; about $2.5 million of historic tax credits would be sold and given to the city, likely in 2028.
Staff described a block-by-block market-rate appraisal, letters of interest instead of formal RFPs, a scoring rubric, 5-15 year leases and 2026 vacancies filled; the Crescent Park relinquishment to Audubon was explained. A $1.1 million depreciation correction and an $82,000 grounds-patrol reduction explain budget changes.
Matthew Willard and Lesli D. Harris pressed on reserves they could return to the city, rent increases, tenant protections, professional-services overlap and the Upper Pontalba delay. Two vendors criticized the leasing broker and rent increases and said security is inadequate.

2026-10-22 - City Council Budget Hearings - Presentation and questions from the Budget Committee.