'Green' automaker chooses Monroe for first plant

A new American company that plans to make environmentally friendly, fuel-efficient cars has selected Monroe as the site of its first plant. The V-Vehicle Company will take over the old Guide Corp. headlight plant off Interstate 20 and spend $250 million on expanding the facility. Within 12-15 months, more than 1,400 people will be working at the plant, says Stephen Moret, Louisiana Economic Development secretary. The jobs will have an average annual salary of $40,000 as well as benefits. "This is an exciting opportunity for our state, and it's going to be transformational for the Monroe area," he says. Economists estimate the plant will pump $19.6 billion into the economy over the next 15 years, including about $131 million in new tax revenues. To attract the plant, the state is putting up $67 million in performance-based grants, while local governments and Monroe-area economic development agencies are putting up an additional $15 million.

While details of the V-Vehicle line will be rolled out over the next 6-12 months, the project already has some impressive names attached to it. The lead investor is Kleiner Perkins, the California venture capital firm that was an early backer of Google, Amazon.com and Compaq, Moret says. The combination of high-profile business leaders working on a hot concept like an environmentally friendly car will attract national attention to Louisiana, Moret says. Read the full story here. For a link to a video LED made about the V-Vehicle, featuring interviews with some of the principals, click here.—Timothy Boone

Bluebonnet hotel TIF passes; Perkins Rowe bill still waiting

One bill to establish a tax increment financing district to build a Bluebonnet Boulevard conference hotel has been passed by the House and Senate, while a second that would establish a similar district in Perkins Rowe is waiting for Senate approval. A bill sponsored by Senate President Pro Tem Sharon Weston Broome, D-Baton Rouge, to set up a TIF to convert the partially completed Jimmy Swaggart Ministries dormitory into a 300-room hotel has passed both chambers and waits for Gov. Bobby Jindal's approval. On the other side, Rep. Michael Jackson, an independent from Baton Rouge, took over a bill for a TIF to build a Hilton Garden Inn just down the street. The TIF passed the House last week, and has been assigned to the Senate Committee on Revenue & Fiscal Affairs Committee.

BRAC launches next phase of “Welcome Back” campaign

The Baton Rouge Area Chamber is looking for local companies to co-host events in Atlanta, Dallas and Houston aimed at luring back talented former residents, which BRAC says is Phase II of its “Welcome Back to Baton Rouge” campaign. Phase I was a targeted marketing campaign in those three cities, the largest markets for former Baton Rouge-area residents, that included a Web page welcomebacktobr.com. In Phase II, companies co-hosting events would share the cost and send at least one representative, while BRAC handles the logistics for the three events. Interested companies should contact Mike Odom at the chamber by Monday.

Domingue gets executive post with Wolters Kluwer

Lee Domingue has been named CEO of indirect lending for Wolters Kluwer Financial Services, a Dutch business. Domingue is the founder of AppOne, a Baton Rouge-based company that connects independent auto and marine dealers with lenders. Wolters Kluwer, which acquired AppOne in 2007, is using the firm as a centerpiece for its indirect lending division. The division combines several offerings, including a Web-based management system for independent auto dealers, a document printing tool and electronic contracts. Wolters Kluwer says the new services will simplify regulatory compliance for automobile, marine and RV dealers.

Availability of governor's records at issue

An independent government watchdog group says a bill backed by Gov. Bobby Jindal as a means of opening more governor's office records actually creates new problems. The bill by Sen. Jody Amedee, D-Gonzales, makes some governor's records public, but it also states that advice and recommendations made to the governor by his departmental appointees about the state budget can be kept secret for six months. The Public Affairs Research Council says that creates a roadblock to getting records currently available to the public. PAR says the bill could stifle debate on major decisions as state aims to streamline services and cut spending. Jindal allies say making such records public might cause some people to hold back valuable ideas.

La. Senate panel kills Internet charge bill

A Senate committee today killed a proposal to fund online crime investigations by charging an extra 10 cents on every monthly Internet service bill in Louisiana. The Senate's commerce committee voted without objection to defer Rep. Bodi White's House-backed bill, preventing a full Senate vote. Money raised from the proposed 10-cent charge would have gone to the state Attorney General's office for investigation of online crimes such as child pornography and financial fraud. Internet provider companies opposed the idea, as did anti-tax advocacy groups and the state Republican Party. The vote came after lengthy debate over whether the 10-cent charge would be a fee or a tax hike in disguise. The bill originally would have imposed a 15-cent charge on each Internet bill, but the panel approved a suggested amendment from White, R-Denham Springs, to reduce it to a dime. The committee rejected a proposed amendment from Sen. A.G. Crowe, R-Slidell, that would have instead allowed for voluntary donations to the Attorney General's online investigations unit.

Near drought hurting La. farmers

The dry weather that has baked Louisiana is taking its toll on the state's crops, according to officials at the LSU Ag Center. Corn and soybeans are suffering—one official says the yield from Louisiana soybean farmers has been halved because of the weather—from 40 bushels per acre to 20. And while the lack of moisture isn't affecting sugar cane yet, officials warn that a lot of rain is needed between June and September, when the crop growth really kicks in. Dry weather is also causing feed problems for animals such as beef cattle, horses and dairy cows. Farmers may be forced to kill off some of their herds in order to offset the lack of grass for grazing.

IEM gets $50 million contract

IEM has been awarded a contract worth up to $50 million from FEMA to help with air evacuations of people with critical transportation needs during a hurricane or disaster. Under the 5-year contract, IEM will support planning and training for air evacuations in 12 hurricane-prone states, including Louisiana. If an evacuation does happen, the company would also provide services such as baggage handling and aircraft maintenance, at any host airports.

10 large U.S. banks to repay $68B in TARP funds

Ten large U.S. banks will finish repaying about $68 billion in bailout money today, marking a new phase for the most visible government effort to relieve the credit crisis, the Treasury Department says. The Treasury said last week the banks could begin repaying money they received last fall under the $700 billion financial system bailout known as the Troubled Asset Relief Program. The banks have since been negotiating with the Treasury over the prices of stock warrants they issued as part of the TARP deal. When the Treasury made its initial investments, it received the warrants, which give it the opportunity to buy the banks' common shares in the future at a fixed price. The value of the warrants would depend on the shares' future performance.

The pricing of warrants has been a point of contention, slowing the repayment process. Banks want to pay less to tear up the warrants than Treasury says they're worth. But until banks have bought back the warrants, the banks will remain tied to the federal program. Several banks said they had told the Treasury they wished to buy the warrants, officially starting the negotiation process. The banks repaying TARP are some of the industry's largest, including JPMorgan Chase & Co., American Express Co., Goldman Sachs Group Inc. and Morgan Stanley.

Legislature widens scenic river program

As the session approaches its June 25 deadline, lawmakers are putting the finishing touches on a new appeals process for Louisiana’s Natural and Scenic Rivers Program. Overseen by the Department of Wildlife and Fisheries, the program currently includes 52 streams, rivers and bayous totaling more than 1,700 miles in length. Along the 10/12 corridor, there are more than two dozen such bodies of water in the program, from the Calcasieu River near the Lake Charles region to the Abita River in St. Tammany Parish. By being in the program, they’re eligible for resources that preserve, protect, reclaim and enhance. It also opens up local communities to channels of money not already available to them, including dollars for cultural efforts, tourism and possibly even economic development.

A management plan with regulations for land and water uses, as well as ownership guidelines, is likewise constructed for all included bodies of water. But sometimes when businesses and individuals apply for certain activities, the management plan causes them to be denied. If such an entity is rejected, House Bill 234 would create -- for the first time -- an appeal process. The bill originally called for all appeals to be channeled to the 19th Judicial District Court in Baton Rouge, but many lawmakers objected since it would require some citizens to travel long distances just to file an appeal. “This takes government further away from the people,” says Sen. Francis Thomson, D-Delhi. “And I just like home cooking better.” To read the full item or the rest of 10/12 Weekly, click here.—Jeremy Alford

Magazine says B.R. residents have bad teeth

A Men's Health survey says Baton Rouge residents have some of the worst teeth in the nation. The Capital Region was ranked 91st on a magazine survey, which looked at factors such as the number of residents who get an annual checkup, the percentage of households with fluoride in the water and how many residents floss. Lubbock, Texas, residents were ranked as having the worst teeth overall, while Madison, Wis., is doing the best job of taking care of its choppers. To see the full report, click here.

News roundup: Consumer prices rise less than expected in May ... McMoRan prices public offering ... Eddie Bauer files for bankruptcy protection

Inflation under control, for now: Consumer prices rose less than expected in May and posted the steepest annual drop in 59 years, according to government data released today, fresh evidence that the recession is keeping inflation in check. Low prices will make it easier for the Federal Reserve at its meeting next week to keep a key short-term interest rate near zero, where it has been since December. Bond yields ticked up earlier this month on concerns that signs of an improving economy would force the Fed to raise rates later this year. The Labor Department reported that the consumer price index rose a seasonally adjusted 0.1% last month, below analysts' expectations of a 0.3% rise.

New Orleans firm names its price: Independent petroleum producer McMoRan Exploration Co. has priced a public offering of 14.5 million shares of common stock at $5.75 per share. The company also says 75,000 shares of preferred stock would be offered at $1,000 per share. If declared by the board of directors, the stock will pay cash dividends at an annual rate of 8%, payable quarterly, McMoRan says. The preferred stock will be converted into about 11 million shares of common stock at a conversion prices of about $6.84 per share. The offerings, which are expected to close Monday, will generate $158.4 million before underwriting discounts and expenses, says New Orleans-based McMoRan. The company says the money would be used for general corporate purposes, including capital expenditures.

Another retailer files for bankruptcy: Clothing retailer Eddie Bauer Holdings Inc. filed today for Chapter 11 bankruptcy court protection, the latest retail casualty of the recession. It said CCMP Capital Advisors LLC has bid for its assets. Other buyers may also make bids while the company is under court protection. The company, which has stores in Lafayette and Metairie, says in its filing that it is seeking court protection because its financial position was creating uncertainty among vendors that supply its inventory and because its cash flow problems "could severely impede" its operations. The outdoorsy clothing retailer had $476.1 million in assets and $426.7 million in debt at the time of the filing today with the United States Bankruptcy Court of the District of Delaware.