The cost of acquiring Chevron Corp.’s former headquarter building and converting it into New Orleans City Hall will cost $11.9 million, according to Mayor Ray Nagin. Financing will include $3.8 million in proceeds from bonds issued in 1999, 2003, and 2007.

Nagin said the move would pay for itself in about five years. He said the city would save $45 million over 20 years through reduced operational costs and lower rents.

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