Complex sentence: An ideal campus site was acquired when the US Navy relocated its air station on the shore of Lake Pontchartrain in late 1957 and the Orleans Levee Board leased it to the LSU Board of Supervisors.
Split into simpler sentences: An ideal campus site became available on New Orleans' Lakefront when the US Navy relocated its air station on the shore of Lake Pontchartrain in late 1957. The Orleans Levee Board leased the closed base to the LSU Board of Supervisors.