Coursey building sells for $2.435 million

A nearly 20,000-square-foot building on Coursey Boulevard behind United Community Bank has been sold for $2.435 million. Provco Holdings bought the building from UCB in a deal that closed today. Plans are for Sparkhound, a local IT company, to move in after Jan. 1 and lease about 14,000 square feet, says Brian Dantin, an agent with Beau Box Commercial Real Estate, who represented the buyer. Brent Garrett and Grey Mullins, also with Beau Box, represented the sellers. The building had been vacant since last month, when Fluor Corporation moved into Perkins Rowe.—Timothy Boone

Downtown building sells for $1.265 million

A historic building on Main Street has been sold for $1.265 million. The 10,000-square-foot building and 25 parking spaces was sold by JMH Properties to 631 Main Street in a deal that was filed today. Paul Burns of Burns & Co. represented the seller, while Chad Ortte of Donnie Jarreau Real Estate represented the buyer. The first floor of the building is currently occupied by Holden & Associates Architects. The group that bought the building also owns Unified Recovery Group, a downtown firm that specializes in cleanup after natural disasters. Louis Abshire, director of human resources for URG, says the company bought the building for future use. The 70-year-old building was renovated in 2000 and was honored by the Baton Rouge Growth Coalition.—Timothy Boone and Tom Cook

Fed holds rates at record low to fuel recovery

The Federal Reserve pledged to hold interest rates at a record low to drive down double-digit unemployment and sustain the economic recovery. The Fed noted that the economy is growing, however slowly. And turning more upbeat, it pointed to a slowing pace of layoffs. Still, Fed Chairman Ben Bernanke and his colleagues gave no signal that they're considering raising rates anytime soon. They noted that consumer spending remains sluggish, the job market weak, wage growth slight and credit tight. Companies are still wary of hiring. Against that backdrop, the Fed kept its target range for its bank-lending rate at zero to 0.25%, where it's stood since last December. And it repeated its pledge, first made in March, to keep rates at "exceptionally low levels" for an "extended period." In response, commercial banks' prime lending rate, used to peg rates on home equity loans, certain credit cards and other consumer loans, will remain about 3.25%. That's its lowest point in decades. Super-low interest rates are good for borrowers who can get a loan and are willing to take on more debt. But those same low rates hurt savers. They're especially hard on people living on fixed incomes who are earning measly returns on savings accounts and certificates of deposit.

Acadiana side of congressional district is buzzing

More politicos than usual from the Acadiana side of the 3rd Congressional District are taking an interest in the U.S. House seat, and there are a variety of reasons for their newfound fondness. For starters, it’s an open seat, since incumbent U.S. Rep. Charlie Melancon, D-Napoleonville, will be challenging U.S. Sen. David Vitter, R-Metairie, in 2010. As a result, a number of ready candidates, possible contenders and general wannabes have been positioning themselves for months, knowing full well how rare it is to see an open congressional seat anywhere in Louisiana. It’s a dance that normally begins with the power brokers and elected officials in the Houma-Thibodaux area, where voters accounted for roughly 30% of the district’s electorate during the last contested election in 2006. Overall, however, the race drew a total of more than 136,000 voters and, since then, strong political winds have been blowing on the western side of the district in the vicinity of the Lafayette region. The only announced candidate from Acadiana thus far is New Iberia businessmen Kristian Magar, a Republican, but he isn’t alone in his ambitions. Magar comes from a region that trends Republican, unlike the voters that live along the central coastline, who can swing for Democrats on practically any occasion. Nonetheless, Magar said in an interview last week that a need for a conservative voice was among the reasons he was urged to run, although he doesn't want to play the game of partisan politics. To read the full story, click here. For the rest of 10/12 Corridor Weekly, click here.—Jeremy Alford

Ethics board members ask for law changes

Members of the state ethics board are asking lawmakers to revisit the topic of ethics enforcement. Board members spoke today to the House and Senate committees that oversee ethics laws. They asked lawmakers to give them the right to appeal interpretations of law that are made by administrative law judges who decide disputed ethics cases. Currently, the ethics board doesn't have the ability to appeal those judges' decisions. Ethics board members say they should be able to seek guidance from higher courts when they disagree with administrative law judges on how to read the ethics code. Lawmakers say they'd be willing to consider some adjustments to the law.

Estimates put Louisiana crop damages at $363 million

New estimates show Louisiana farmers stand to lose $363 million in revenue for major row crops due to late-season drenching rains. That's nearly $90 million more than in late October, when LSU agricultural economist Kurt Guidry made preliminary estimates with much of the cotton, soybean and sweet potato crops awaiting harvest. Guidry's latest report, released today, shows significant hits to all three, with cotton farmers taking an estimated $89.4 million hit, or losing nearly two-thirds of their crop's value to the unrelenting rains that fell in September and October. Soybean damages are estimated at $119.7 million; sweet potato damages, at $31 million. Guidry says these losses, added to those suffered in the 2008 hurricanes, will make it tough for many farmers to get money to plant next year.

News roundup: Holiday travel expected to increase ... Investigation clears former Pinnacle head

Sign of spending: The number of people who travel for Christmas and New Year's is expected to increase by 3.8%, according to AAA. About 88.7 million Americans are expected to travel 50 miles or more between Dec. 23 and Jan. 2. That's the biggest travel increase for any holiday in 2009. The number of people who will travel by car is expected to go up by 4.4%, to 77.7 million, while airline travelers is expected to post a 2.9% increase to 4.2 million. In 2008, Christmas and New Year's travel fell by 4.7%. AAA says the increased activity is another sign people are feeling better about their personal financial situation.

Lee in the clear: Dan Lee, the former chairman and CEO of Pinnacle Entertainment, has been cleared by the Missouri Highway Patrol of violating state regulations when he confronted a St. Louis County councilman last month. Lee told a council member who voted in favor of allowing another company to build a casino complex in the county that, "he just made the worst move in his political career." Lee, who apologized and stepped down as head of Pinnacle shortly after the outburst, says he was pleased the investigation showed no wrongdoing.