Perkins Crossing Shopping Center sells

The Perkins Crossing Shopping Center, which includes several south Baton Rouge restaurants, has been sold for $5.18 million. Rathborne Properties, a Harvey-based investment group, purchased the 33,000-square-foot shopping center at Perkins Road and Essen Lane from Perkins Crossing. Ty Gose of NAI/Latter & Blum represented the buyer, and Chad Rigby of Maestri-Murrell Real Estate represented the seller. Perkins Crossing tenants include Sushi Yama, The Original Italian Pie and Roman's Café. Gose says the buyer bought the shopping center as a long-term investment. "They finished the Perkins Road work in front of there last month, and that has increased the activity," Gose says. Rathborne entered the Baton Rouge market earlier this year when the company purchased a building in Industriplex.—Timothy Boone

Agencies announce mid-year budget cuts

Several state agencies, including Louisiana Economic Development and the Department of Revenue, announced plans today for mid-year budget cuts. The cuts are being done in response to an announcement from Gov. Bobby Jindal that required all units to receive the lesser of either a 7.56% reduction of general-fund dollars or a 3% reduction of all means of financing. LED says it will cut more than $1.7 million from its Economic Development Award Program, which provides performance-based assistance to business expansions. LED Secretary Stephen Moret says the demand for EDAP funds is expected to be lower than originally projected. The Department of Revenue says it will save more than $1 million by eliminating professional-services contracts, primarily used toward boosting the IT staff. The Governor's Office of Homeland Security and Emergency Preparedness will save $875,206 by eliminating unfilled vacancies and partnering with Louisiana State Police to use state-owned fuel depots and maintenance garages. The Louisiana Department of Veterans Affairs will cut $637,278 by eliminating six vacant posts and reducing professional services contracts.

Jindal says jobs are his main mission

Gov. Bobby Jindal says Louisiana continues to add jobs and attract corporate investments at a time when other states are suffering through the recession. "As we continue our work in 2010, our focus will not waver from our number one mission of protecting and promoting our economy so every Louisianian can pursue their dreams right here at home," Jindal wrote in an op-ed column distributed across the state. Read his column here.

Former Secretary of State joins Insurance Department

Al Ater, the former Secretary of State, is set to return to the Louisiana Department of Insurance. Ater will take over as chief deputy commissioner of insurance effective Jan. 11, Insurance Commissioner Jim Donelon announced today. Ater was chief deputy commissioner of insurance from July 2004 to July 2005, when he became secretary of state after the death of Fox McKeithen. He served as interim secretary until November 2006. Ater replaces Denise Brignac, who will become the department's chief of staff.

Louisiana residents fueling Mississippi condo sales

Baton Rouge, New Orleans and Houma residents looking for a second home or a weekend getaway are fueling sales of condominiums on the Mississippi Gulf Coast. Timothy Casano, who handles condo sales for Coldwell Banker Alfonso, say 85% of the market in Pass Christian, Miss., comes from Louisiana. "Louisiana residents love the western end of the Mississippi Gulf Coast," he says. "It's so close to them, and it's less congested." A mix of professionals and retirees from Louisiana are buying in the area, Casano says. In contrast, snowbirds from the chilly Midwest are interested in buying condos in Gulfport and Biloxi because of the casinos. The Mississippi condo market has taken some hits lately. Foreclosures and a depressed market have drastically lowered prices. One Biloxi agent says square-foot prices have dropped from $400 to $220. Casano says the Pass Christian market is stronger. Inn by the Sea, a 72-unit development on the beach, has sold out of its beachfront units. Units in that development sell for between $352,512 and $399,000. "I sold one unit to someone from Louisiana just before Christmas, and they were planning on having a New Year's Eve party there," he says. Read the rest of Real Estate Weekly here.—Timothy Boone

Maginnis: The year in Louisiana politics

This was a crucial year for many Louisiana politicians, from Gov. Bobby Jindal to disgraced U.S. Rep. William Jefferson, says John Maginnis. "It was the quadrennial fallow year in Louisiana as far as elections go, but 2009 saw turning points for state politics and politicians," says Maginnis. Read his rundown of the six biggest state political stories here.

(John Maginnis publishes LaPolitics Weekly, a newsletter on Louisiana politics, at LaPolitics.com.)

Consumer confidence extends rise in December

A monthly survey says consumers' confidence in the economy rose again in December. The rise was fueled by a long-term outlook on jobs that reached its highest level in two years. The New York-based Conference Board says its Consumer Confidence Index rose to 52.9, up from a revised 50.6 in November. Economists surveyed by Thomson Reuters predicted a reading of 52. The reading is still far short of the 90 that would signify a solid economy. Economists watch consumer sentiment because spending on goods and services for consumers accounts for a major portion of U.S. economic activity.

Canal expansion sets off race among Gulf ports

With the recession showing signs of ebbing, Gulf of Mexico ports hope hundreds of millions of dollars in expansion projects proposed before the downturn will help them capture more trade as the world economy recovers. A $5.25 billion project to expand the Panama Canal will allow the largest container ships to cut through to the eastern side of North America—and perhaps cut into the dominance of West Coast ports handling freight from Asia. Even though the downturn has clouded future trade patterns, port officials say now is the time to be getting ready. Expansions pegged to the Panama Canal project, which is due for completion in 2014, had largely been on the drawing board before the recession began. The Panama Canal project, approved by Panamanian voters in a 2006 referendum, involves construction of two larger locks expected to double the 50-mile canal's capacity within 20 years. The project includes $2.3 billion in institutional financing. The waterway now moves about 5% of the world's cargo. The largest container vessel that can now use the canal has a capacity of about 5,000 TEUs—or 20-foot-equivalent units, generally the standard container size that can be transferred easily from ship to rail or truck. The expanded canal will be able to handle giant ships that can carry more than 14,000 TEUs.

Sports roundup: Saints defensive end arrested … Chavis says he's staying

McCray charged with DWI: New Orleans police say that Saints defensive end Bobby McCray has been arrested for a variety of traffic charges. Police spokesman Gary Flot says McCray was stopped by an officer who saw him speeding about 4:30 a.m. today. He was booked into Orleans Parish prison for alleged driving while intoxicated, speeding, careless operation of a motor vehicle and not having his vehicle registration with him. Flot says it was a normal DWI arrest, and McCray did not offer any resistance. A Saints spokesman says the team is aware of the situation and will let the legal process take its course. McCray was signed to a five-year contract in March 2008, and took over as the starter during the last half of the season when defensive end Charles Grant was injured. He responded with 37 tackles (26 solo), the second-highest total of his career, and a club-high six sacks. This season, playing as a backup, McCray has appeared in all 15 games, and has 10 tackles and 1.5 sacks.

Not interested in Georgia job: LSU Defensive Coordinator John Chavis is telling his players he has no interest in the same job at Georgia. The Atlanta Journal-Constitution says Chavis has told several players he is staying in Baton Rouge. Chavis, who spent 20 years at Tennessee, is wrapping up his first year with the Tigers. Georgia is looking at several people to take over the Bulldogs' defense, including Bob Sanders, the defensive line coach for the Buffalo Bills, and Todd Grantham, the defensive line coach for the Dallas Cowboys.