Almost a year after choosing Bayou Phoenix as the developer to revitalize the former Six Flags amusement park property, the City of New Orleans has finalized an agreement to move forward with the project, NOLA.com is reporting.

The agreement will allow Bayou Phoenix to move forward with pre-construction work on a project which is expected to include a water park, hotel, sports complex and other amenities, along with a warehouse on the 227-acre site.

Originally opening as Jazzland in 2000, the amusement park was leased to sSix Flags two years later. Six Flags invested $20 million in upgrades and reopened the park as Six Flags New Orleans in 2003.

In 2005, Hurricane Katrina left the park severely damaged and it remained closed as efforts were made to repair the park and reopen it. In 2009, however, the city ended its 75-year lease with Six Flags and the park has remained closed since.

The city had considered demolishing the park in 2019, but officials balked at the $1.3 million price tag. The city has generated revenue from the property by leasing it to film production companies. Percy Jackson: Sea of Monsters, Jurassic World and Deepwater Horizon are among the movies which used the former park site.

Bayou Phoenix has said it has a master plan ready and will soon present it to the New Orleans Redevelopment Authority, which has taken ownership of the park property.