Coming soon: New Orleans-based Dorsey Development Companies received a construction permit today to begin work on a 7,500-square-foot retail strip center at 16375 S. Harrell’s Ferry Road. George Paul Dorsey III of Dorsey Development says the company started removing foliage and trees on the site and hopes to begin construction in a few months. No tenants have been signed yet for the space. Dorsey says he wants to bring in two or three retail businesses to fill needs in that area. The location is near South Harrell’s Ferry’s intersection with O’Neal Lane and next to the St. Jean Apartments.
Money dispute: The Algiers Economic Development District No. 1 has been overpaid more than $6.9 million by the state Department of Revenue since 2004, according to the Louisiana Legislative Auditor’s Office. In a news release, Legislative Auditor Daryl Purpera says the Department of Revenue mistakenly used total sales tax revenue in determining how much to pay the district each quarter instead of using only the sales tax collected in the district. In a letter written to Purpera, Revenue Secretary Tim Barfield disagrees with the findings and says he cannot adequately respond to the report because the auditor’s office failed to shows its methodology or analysis used to come up with the findings.
Pessimistic outlook: Investment research group Morningstar estimated today that the oil glut and low prices are likely to last at least through next year, FuelFix.com reports. “Declining U.S. oil production over the next several quarters will help reduce global oversupply, but in our opinion, that alone cannot quickly fix the current global imbalances, signaling an extended downturn that’s likely to last through at least 2016,” Morningstar analysts say in a note released Tuesday. The group’s conclusion mirrors the pessimistic outlooks at other analyst groups and many energy companies themselves. FuelFix.com has the full story.
