DALLAS - New Orleans' recovery director said yesterday that bond-financed projects in the city are viable despite sluggish sales of Gulf Opportunity Zone bonds dedicated to economic restoration efforts.

Edward Blakely, director of Mayor Ray Nagin's Office of Recovery and Development Administration, told the Louisiana State Bond Commission that developers of more than 40 projects approved by the commission have closed on only 4% of the $1.3 billion of GO Zone bonds allocated to Orleans Parish.

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