Saturday, November 22, 2008
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The New Orleans Hornets have reached an agreement with the state to extend the pro basketball team's lease through 2014. The deal basically makes up for the two seasons the team spent in Oklahoma City following Hurricane Katrina. The state has been relieved of its responsibility to build a downtown practice center for the Hornets; the team will continue to work out of the Alario Center in Jefferson Parish. If the Hornets leave New Orleans before 2014, the team could have to pay the state up to $100 million in penalties and reimbursements. But if the Hornets fail to draw enough fans beginning with 2008-09 season, the team will be able to opt out of the agreement. Those attendance benchmarks are based on the average per-game crowds the team attracted in the three seasons before Katrina. Hornets owner George Shinn said in a statement he was pleased about the extension. “New Orleans is the right community for the Hornets. We are exceeding many of the benchmarks that we set out for our return, including suite sales and premium seat sales. … We celebrated our first sellout of the season last week and expect even greater fan support at our upcoming games and into the playoffs.”
Good news for Louisiana's public schools: An Education Week state-by-state survey on efforts to improve education put the state slightly above the national average. Louisiana was ranked 21st on the list of states and the District of Columbia, with a score of 76.5. The national average score, which was based on factors such as college readiness, early childhood education and school finances, was 75.9. Louisiana got high marks for its school standards and assessment and for school financing equity. But the state did a poor job of preparing high school students for college and on the status of K-12 students. New York topped the Education Week list, while the District of Columbia was last. To view the state-by-state rankings, click here.
Former Entergy spokesman Bill Benedetto has joined the staff of Robert Rose Consulting as vice president of governmental affairs. Benedetto left his job with Entergy in June after 32 years to run for the state House of Representatives, but he was defeated in the November general election by Erich Ponti. Robert Rose is a health care consulting firm specializing in governmental relations and grant-writing.
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Boosted by stronger demand for fossil and nuclear power projects, Baton Rouge-based Shaw Group reported revenue climbed to $1.71 billion from $1.28 billion a year ago. Net income for the three months ending Nov. 30 totaled $2.23 million, or 3 cents a share, compared to a $12.3 million loss, or 15 cents a share, the previous year. Excluding the engineering and construction company’s investment the Westinghouse nuclear segment, net income totaled $41.2 million, or 49 cents per share, in the latest period. That segment took a noncash currency transaction loss of $57.2 million.
"Our fossil and nuclear power, and our fabrication and manufacturing groups are performing well in what continues to be a robust market," said J.M. Bernhard Jr., chairman, president and chief executive. "Our energy and chemicals group and maintenance group also performed well during the quarter." Strong global energy and petrochemical markets contributed to Shaw’s record quarterly backlog of $14 billion on Nov. 30, 47% higher than a year ago. Shaw officials say improvements in federal government contracting should help sustain backlog growth this year.
The Metro Council will appoint two members to the BREC Commission tonight. Commissioners Hal Butt and Darrell Glasper have both asked for another three-year term. Butt is term-limited, but he can be reappointed if he gets the support of nine council members. Ten other people have put their names in to serve on the recreation committee: Derek Fitch, Tanya Freeman, Kathryn Jones, Bettsie Miller, Robert Meyer, Dianna Payton, Josh Posey, Bill Scheffy, Scott Wilfong and Joe Willis.
LSU football is experiencing a golden age, becoming the first team to win two BCS championships, and Mobile (Ala.) Register columnist Neal McCready says there are no imminent signs of a decline. "Instead, there are strong indications that LSU could become the latest program to dominate the SEC," he says. "Alabama did it in the 1970s. Florida did it in the 1990s." McCready writes that Coach Les Miles is on track to once again attract an outstanding recruiting class. Rivals.com has the current class ranked No. 7 nationally. Read the column here.
Meanwhile, the Coaches’ Trophy, awarded to the Tigers as BCS champs, will be on display this weekend at All Star Chevrolet on Airline Highway and Sherwood Forest Boulevard. Fans will have the opportunity to take a free online photo with the Waterford trophy, which is valued at $30,000.
The 1,400-acre Willow Bend Plantation near Edgard in St. John the Baptist Parish has been sold for $7.5 million. The property was purchased by Willow Bend Ventures from Hickory Ave., a company owned by Rathborne Properties. Tony DeMarco of NAI/Latter & Blum Realtors, who brokered the deal with Austin Earhart of Beau Box Commercial Real Estate, says the site has more than one mile of Mississippi River frontage and the potential for a deepwater port. The site had been owned by several chemical companies, including Shell. Earhart says the new owners have no intention of reselling the property, but would not reveal immediate plans. --Tom Cook
Morgan Keegan & Co. was the leading underwriter of municipal bonds in Louisiana during 2007, serving as senior manager for $1.6 billion in projects. That gave the company a 28% share of the market. The bond issues are going for projects such as the new 19th Judicial District Court Building in downtown Baton Rouge. Morgan Keegan was also the leading municipal underwriter in the South Central region, which also includes Alabama, Arkansas, Kentucky, Mississippi and Tennessee. This is the 15th straight year the company has been the regional leader.
The Highlands Bank, headquartered in Jackson, will hold a grand opening at its first Baton Rouge location Jan. 15. The branch, on Highland Road near Lee Drive, has been open since late October. The site was formerly home to State Investors Bank. The 104-year-old institution also has offices in Zachary, Slaughter and St. Francisville, and it plans to open a branch in Central by the end of the year.
Local cookbook author Holly Clegg will appear on the ABC Family Channel program Living the Life on Friday. The show starts at 8:30 a.m. Clegg will be part of a segment on eating well through cancer.
Switch now if you want to vote: Voters who want to participate in the Louisiana Presidential Primary have until 4:30 p.m. today to change their party affiliation to Democrat or Republican. The Feb. 9 primaries are open only to registered Republicans and Democrats. The voting changes can be done at the registrar of voter's office. Getting the word out to businesses: A mobile economic summit is being held next week to let small businesses know about the nearly $10 billion in federal tax credits for which they may be eligible. The summit will target disadvantaged communities in north and central Louisiana, with stops set for Marksville, Arcadia, Jonesboro, Delhi and Winnsboro. For more information, call (800) 686-6733.
What is your lasting moment of LSU’s 2007 football season?
