Green lit: The Metro Council on Wednesday evening approved creating a special downtown taxing district to help finance the new 89-room Holiday Inn Express, which is scheduled to open this summer in the old Savings and Loan Building at 400 North Blvd. The Tax Increment Finance district is expected to generate $12 million for developer Pete Patel, who will receive a 2% rebate of the 13% hotel tax. The TIF is just the latest of several such districts created to help finance downtown hotels—but it likely will not be the last. As previously reported, another hotel developer, Windsor Aughtry, is also seeking a TIF for its planned project, the Courtyard Marriott, which will be developed at the corner of Florida and North Third streets.
Done deal: Chemetall, a global business unit of Baton Rouge-based specialty chemical maker Albemarle Corp. has acquired the business of Chemal GmbH & Co. KG, which is based in Hamm, Germany. Financial terms of the deal were not disclosed. Albemarle says the acquisition will enhance Chemetall’s integrated portfolio for the aluminum finishing industry. Founded in 1975, Chemal GmbH & Co. KG specializes in research and development of surface finishing chemicals for aluminum and its alloys with emphasis on anodizing and pretreatment technologies. Albemarle has more details on the deal.
By the numbers: Economist Ray Perryman, founder and president of Texas-based The Perryman Group, will present an economic analysis early next week on the potential savings to East Baton Rouge Parish taxpayers and positive economic impacts to the parish if it were to establish a crisis center for the mentally ill. The Baton Rouge Area Foundation hired The Perryman Group to conduct the analysis, and is hosting a public meeting at its offices, 402 N. Fourth St., at 1 p.m on Tuesday, at which Perryman will present his findings.
