This could be great news for New Orleans, if all goes well.
While I've never been in the park, I've heard through the grapevine that people who have visited the tangle of rollercoasters and carnival stands in recent years say it was rapidly turning into a shambles.
Walking around the exterior in 2007, I noticed the site, like much of New Orleans East, was very low lying. This map shows it falls in the .5 to 1 meter above sealevel range (it falls just east of the big red rectangle of New Orleans East in the image). Here's the satellite view of the site.