A Delay in the Convention Center’s Entertainment District Blamed on the Coronavirus

There have been massive changes to everything these days with the coronavirus pandemic hitting the nation. Finances have been declining for the new 20-acre entertainment district according to the new chairman, Walter Leger III. The Ernest N. Morial Convention Center’s entertainment project will be put on hold.

The Convention Center’s board put the plans on hold so the center could be used as a temporary medical facility. “The Convention Center is currently being called upon to serve as this medical monitoring facility on behalf of the people of the region and it is important that we focus on serving that emergency response role,” Leger said, adding that there was a “need to return to some normalcy before we proceed” with the development process.

The project, which includes developing the vacant land upriver of the Convention Center, is to include shops, restaurants, residences, a publicly-funded road, upgrades on the current facility and a 1,200-room Omni hotel. The total project will cost well over $1 billion and will be one of the largest projects in New Orleans’ history.

During the board meeting, held on April 7, 2020, it was decided to put the plan to choose a master developer for the project on hold. The Convention Center was scheduled to pick between three development groups to lead the project in May but now will be delayed until the country is back to normal. The public process of choosing the developer is impossible right now. A webinar was in the works but technical difficulties have put the decision to a halt.

The Bureau of Governmental Research, a public policy watchdog, advises the Convention Center to postpone the building of the hotel. The hotel industry will need to be reevaluated after the pandemic settles. The city will need to asses the loses on the city’s hotel market.

The Convention Center committee did decide to choose an executive architect and go ahead with the upgrades to the main facility. They are allowing the work on the linear park on Convention Center Boulevard to also continue.

“My expectation would be that in coming weeks and months, as we transition into recovery mode, we can fully get focused on, one, the implementation of the five-year capital improvement plan, and then secondarily the upriver development portion, including the master development proposal process,” Leger told the meeting.

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Although Record Lows, Mortgage Rates Are Still Falling

Mortgage rates are at record lows but are now even lower according to Freddie Mac. In fact, they are at the lowest level they have recorded in the last 50 years. The average 30-year fixed-rate mortgage is currently at 3.29% and the 15-year fixed-rate fell to 2.79%.

“It’s definitely a good time for someone looking to buy a home to get financing,” said Mark Hamrick, senior economic analyst for Bankrate. “Home prices have risen, and it is rough for those looking for a bargain, but the financing has gotten better.”

Rates are believed to even dip lower in the near future. Due to the unforeseen circumstances revolving around the coronavirus outbreak, the market is in turmoil. The “rock-bottom 10-year” Treasury yield along with historic low bond yields will play a major roll in the rates going even lower. The Federal Reserve announced that an emergency rate cut will take place. The benchmark interest rate range will be cut down to 1% to 1.25%.

This comes at a great time with Spring just around the corner. More people who were on the cusp of buying a home will be quicker in their decision making with these low rates.

“Hesitant home buyers will be enticed to take advantage of low-interest rates,” said Lawrence Yun, chief economist at the National Association of Realtors, in a statement.

Even though rates are low, it doesn’t mean buyers should throw caution to the wind. According to www.cnn.com, “knowing when to make the move can be tricky.” When researching whether to refinance or secure a new mortgage you need to weigh the pros and cons. Compare your current numbers with the numbers you are being offered on a mortgage refinance. Always shop around and see what lenders have to offer. Many lenders offer competitive rates and include some closing costs.

Mike Hennessy, a certified financial planner with Harbor Crest Wealth Advisors in Fort Lauderdale says, “if you can meaningfully save on your interest costs, build equity quicker, or extract equity at a reasonable cost to fund a renovation project, then take the bird in hand today.”

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South Plaquemines Elementary School Visits Delgado Community College

JA BizTown, run by Junior Achievement of Greater New Orleans, is a program for students in elementary and middle school. The educational program focuses on financial literacy and gives students the tools to equip them to one day be successful leaders, employers and executives. January 9, 2020, the fifth and sixth graders from South Plaquemines Elementary were given the opportunity to experience JA BizTown at Delgado Community College (DCC).

SPES students were allowed to help run the town for a day in mock businesses. Ian Ragas, a sixth-grader, was the town mayor and led a town hall meeting. Other businesses run by the students included City Hall, LA SPCA, New Orleans Advocate, Palmisano Contractors, The Blood Center, Fab Lab, Blue Cross of LA, Capital One Bank, Oschner Hospital, and United Way. Students ran the businesses as owners would run them in real life. Some of the tasks included ringing up customers, depositing and withdrawing money, balancing checkbooks, arranging adoptions for pets, building furniture, checking patients’ vital signs, providing massage therapy services, creating name tags, and conducting city hall business.

The fifth and sixth graders were able to use their classroom instructional concepts while working the various businesses. They were able to exbibit rights and responsibilities of citizenship in a community and show how the flow of goods impacts the economy.

Dr. Barrett, the principal of South Plaquemines Elementary School, describes the experience for her students as ” interactive, real-world, and fun.” She is very proud of the school’s students and is eager to send a new group from SPES next year.

This is a field trip this year’s SPES fifth and sixth graders will remember. Students were eager to discuss how their interests and skills helped run the business for a day.

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The Audubon Aquarium Turns 30

As the aquarium itself puts it they are celebrating their 30th “Aquaversary” this year. The aquarium will make this a year-long celebration. To celebrate they are asking residents and visitors to New Orleans to come visit in 2020.

Along with the ticket giveaways, animal enrichment activities and scavenger hunts, they are also asking the public to find opportunities to help protect nature. Simple tasks such as using reusable coffee cups, reusable shopping bags, a reusable water bottle and refusing plastic straws when purchasing a drink are many ways to help preserve our natural world.

“The Aquarium has meant so much to the people and visitors of the city for the past 30 years, and now we are asking the public to look ahead to the next 30 years and see how they can take action to help make an impact in their everyday lives to make our natural world a better place,” says Vice President and Managing Director of Audubon Aquarium of the Americas Rich Toth.

has welcomed close to 30 million visitors since its opening on September 1, 1990. In fact, its inaugural day broke records for any U.S. aquarium’s opening day. It has expanded its exhibits and now includes a 4,200-square-foot Great Maya Reef and the Entergy Giant Screen Theater. The Spring of 2020 will welcome an additional habitat called Shark Discovery where patrons can touch sharks and rays.

The dream of opening the aquatic wildlife center began in 1984. The Audubon Nature Institute decided to build the aquarium where the old Bienville Street wharves were located. In 1987, The Bienville Group started demolition of the wharves and began the design of ” the Aquarium’s signature wave-like shape and glimmering partial glass facade.”

The aquarium is a member of the Association of Zoos and Aquariums which focuses on saving endangered species and helping keep our natural environment flourishing. The goal of the Audubon Aquarium is to help with the conservation efforts for endangered species. The aquarium has rescued five California sea otters and two of these, Ruby and Clara, currently reside there. There have been 54 penguin chicks hatched at the aquarium and nine of the chick call it their permanent home. Fifteen penguins have been sent from the Audubon Aquarium to the Monterrey Bay Aquarium for their new penguin habitat.

The aquarium is just one of the flagships of the Audubon Nature Institute. The others include the Audubon Park, Audubon Zoo, Audubon Butterfly Garden and Insectarium, Audubon Louisiana Nature Center, Freeport-McMoRan Audubon Species Survival Center, Woldenberg Riverfront Park and Audubon Wilderness Park. Through these parks research facilities and museums, wildlife is preserved.

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Record $29.2 Trillion For U.S. Home Values

The Federal Reserve’s Flow of Funds report delivered good news for the beginning of 2020 for the housing industry. The value of all U.S. owner-occupied homes increased to a record $29.2 trillion in the third quarter.

The report also shows that the total of home values for all U.S. residential real estate was $32.9 trillion. The report’s findings are based on both unoccupied or occupied homes. The overall value of homes in the U.S. is 21% higher than the boom in 2006. Fannie Mae reported a 5.2% increase in home prices in 2019 from the previous year’s report.

Not only did home values rise but so did homeowner equity (the worth of a home compared to its mortgage). The report shows a 64% equity stake currently which is up from the 2017 Fed report showing a 62.5% equity stake.

The gain in home values is also supported by lower mortgage rates. Those looking to purchase a home can qualify for higher-balance mortgages and can have a better selection of homes to make offers on. These low mortgage rates stem from the worry from the fallout from trade wars.

Mortgage rates are holding at 3.72% for a 30-year fixed mortgage compared to 4.51% this time last year.

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