Town Square work to begin in May

Construction of the North Boulevard Town Square project, which will link downtown Baton Rouge with the riverfront and serve as a gateway to the arts and entertainment district, is scheduled to begin in May. Dana Brown of Brown + Danos, which is leading the project, told Downtown Development District commissioners this morning that the project should be finished in February 2010. Brown says the contract will be submitted to the city-parish today, and the first open house for the preliminary design will be in September. The Town Square runs from River Road to 5th Street and includes Galvez Plaza. Some spots in that area will be redesigned significantly and some not at all, she says. Other topics discussed at this morning’s DDD meeting:

—Brace Godfrey of the Cyntreniks Group, which owns the Lyceum Dean, said owners of various downtown reception facilities are working toward having a common standard contract for all private events in order to improve security. As an example, Godfrey, who is also a DDD commissioner, said facility owners would reserve the right to cancel any event when the promoters tout the event to the public differently than it was presented to the owner.

—There will be a ribbon cutting a 10:45 a.m. Thursday for the Belle of Baton Rouge casino’s parking garage. The 10-story garage has about 300 spaces.

—On June 18, the Metro Council will consider redrawing the borders of the Arts & Entertainment District to include the Old State Capitol and the Louisiana Art & Science Museum, which were inadvertently left out of the original district plan.--David Jacobs

Ground broken on new Woman's Hospital campus

Woman's Hospital broke ground this morning on its $299 million campus at Airline Highway and Pecue Lane. The new facility will consist of three buildings: a 300-bed hospital, a 260,000-square-foot medical office building and 69,105 square feet of support services facilities. The hospital, which is being built on the site of the Briarwood Golf Course, is scheduled to open in 2011. Click here for renderings.

Homeowner equity falls to historic lows

The equity Americans have in their most important asset—their homes—has dropped to its lowest level since the end of World War II. Homeowners' portion of equity slipped to 46.2% in the first quarter from a revised 47.5% in the previous quarter. A homeowner's equity is the market value of a property minus the mortgage debt. And homeowners’ percentage of equity has declined steadily even as home values surged during the housing boom because of a jump in cash-out refinancing, home equity loans and an increase in 100% financing.

'Wall Street Journal' looks at Bernhard perks

Shaw Group CEO Jim Bernhard was among top executives mentioned in a front-page Wall Street Journal article that looked at the lavish posthumous paydays given by some companies. According to the newspaper, Bernhard has a noncompete agreement that calls for Shaw to pay him $17 million a year for two years after he leaves the company—even in the case of his death. Shaw officials didn't respond to Journal requests to comment. James Flores, an LSU graduate who heads up Plains Exploration in Houston, was also mentioned in the article. Flores' heirs are in line to get a payout from restricted-stock awards he hasn't yet been granted. If Flores had died on Dec. 31, the stock award would have been worth $113 million. To read the story, click here.

Shreveport mayor pushing for special session for film industry

Shreveport Mayor Cedric Glover and representatives from the city's film industry plan to ask legislators this week about holding a special session to deal with movie industry tax credits. Glover told The Shreveport Times that he's concerned about a provision that calls for the state's infrastructure tax credit to lapse on Jan. 1. If the credit goes away, the Legislature won't be able to revisit it until next year's session, and Glover says a six-month lapse would hurt the growing movie industry. "I think it puts us in a position where we are going to lose a considerable amount of momentum," Glover says. Read the story here. To read the recent Business Report cover story on the state’s movie industry, click here.

Louisiana to be part of Medicare demo project

U.S. Health and Human Services Secretary Mike Leavitt will be in town Wednesday to announce a major award for Louisiana as part of a Medicare initiative that will advance the use of electronic health records in the state, with the aim of improving the quality of health care. Louisiana is one 12 sites that will participate in a Medicare demonstration project offering incentives to doctors to use electronic health records, which drastically reduce medical errors, among other advantages. Once the project is fully under way, hundreds of small- and medium-sized primary care practices across the country will receive Medicare incentive payments in exchange for going with certified electronic health records. Leavitt will meet Wednesday with Gov. Bobby Jindal, leaders of the Louisiana Health Care Quality Forum, and other stakeholders. A presentation will take place at 2 p.m. at the Capitol building in the governor's press room on the fourth floor.-- Steve Clark

No on cloning, but yes on cord blood

Despite that both chambers of the Legislature have already voted against advancing the medical applications of embryonic stem cells this session, the House approved a $2 million line item Monday afternoon for a program that would utilize stem cells from umbilical cord blood. While the policy juxtaposition might seem worthy of head scratching, especially as conservative religious groups tighten their grasps over the Louisiana Legislature, the morals assigned to both issues are dramatically different. House Bill 370 by Cameron Henry, a New Orleans Republican, would ban public funding for therapeutic cloning. Advocates contend the process could lead to a cure for diabetes and other diseases, but opponents argue the science involved would theoretically create and kill human embryonic stem cells. On the other hand, lawmakers in the lower chamber Monday approved House Bill 1287 by Rep. Jim Fannin, a Jonesboro Democrat who chairs the House Appropriations Committee. It’s a supplemental appropriations bill that, among other things, funds the Louisiana Public Umbilical Cord Blood Program to the tune of $2 million. To date, scientists have successfully used stem cells from umbilical cord blood to treat leukemia, thalassemia, immuno-deficiencies and some 70 other conditions. It’s a proven process, as compared to embryonic stem cell research, which is still developing. If further proof is needed that Christian conservatives are safe on the issue, President Bush signed into law in 2005 the Stem Cell and Therapeutic and Research Act, which created a national network that matches cord blood with patients in need.—Jeremy Alford

Placid to receive manufacturing award

Placid Refining Co. of Port Allen will be honored by Louisiana Economic Development as one of the state's outstanding manufacturers. Placid is one of eight companies that will receive the Lantern Award tonight during a ceremony at the Governor's Mansion. The awards, co-sponsored by Louisiana Industrial Development Executives Association, are presented annually to manufacturers who demonstrate excellence in business and community involvement.

Real Estate Weekly: B.R. bucks national trend on high ceilings

Real Estate Weekly is out with a report on how high ceilings are still the rage locally but not nationally, an analysis of how the Baton Rouge housing market stands two years after the national market peaked, a former LSU coach selling his home, the upcoming Smart Growth Summit and the latest columns from Tom Cook and Brian Andrews. Click here for the newsletter.

News roundup: LSU student named fellow with Institute for International Public Policy; business travelers changing behavior; LSU professor to head National Science Foundation division

One of only 32 to receive honor: Kendra Brumfield, an LSU student and Baton Rouge native, has been named as a fellow with the Institute for International Public Policy. Brumfield was one of 32 college students selected for the program, which was established for minority students interested in pursuing careers in international affairs. Each fellow will receive scholarships and services with a value of nearly $100,000 over the next five years. Staying in cheaper hotels, cutting expenses: A survey of business travelers says that 68% are staying in less expensive hotels to save on travel costs, and 79% feel some pressure to cut expenses. The Orbitz for Business/Business Traveler magazine also says that 60% of those polled say they are conducting as much, if not more, business travel than in 2007. Big honor for professor: Edward Seidel, an LSU astrophysicist, has been named as director for the National Science Foundation's Office of Cyberinfrastructure, which deals with services such as supercomputers and mass-storage systems. Seidel, the director of the LSU Center for Computation & Technology, says the new post will allow him to continue his work at LSU while addressing issues on a national level.