The biggest news this week was probably the announced merger between Constellation Energy and Exelon Corp., but BGE also made headlines, as it announced that electric bills for its customers would soon be getting smaller. Those stories and more in this week’s staff-written business top 5.

If Exelon Corp. is successful in its acquisition of Constellation Energy Group Inc., Baltimore could become a hub of energy trading and benefit from the addition of jobs, but it would come at a cost — the loss of the city’s only Fortune 500 company headquarters.

On Thursday, the boards of directors of Exelon and Constellation signed off on an all-stock deal valued at $7.9 billion. Under the terms of the deal, Constellation shareholders would get 0.93 shares of Exelon for each share of Constellation. Based on Wednesday’s closing price of Exelon’s shares, Constellation stockholders would receive shares valued at $38.59, an 18 percent premium.

2. BGE electric customers to see 14% rate dip – by Ben Mook

Electric bills are about to get smaller for Baltimore Gas & Electric customers as prices are set to dip just in time for summer.

Maryland’s largest utility said Tuesday that the average annual residential default, or “standard offer service,” rate will decrease about 14 percent. The rate will drop on June 1 and will be in effect through May 31, 2012.

3. Constellation deal doesn’t have change of control payments – by Ben Mook

A few years ago, during the last effort to sell Constellation Energy Group Inc., CEO Mayo A. Shattuck III stood to make nearly $50 million under a clause in his employment contract dealing with change of ownership at the company.

But officials said Thursday that will not be the case if the proposed acquisition of Constellation by Chicago-based Exelon Corp. closes in early 2012, as scheduled.

4. Baltimore says goodbye to William Donald Schaefer – by Melody Simmons

The city streets began to fill with mourners and those with signs saying “Thank you” and “Rest in Peace” one hour before the motorcade arrived in Baltimore from the State House in Annapolis.

At Lexington Market, two tables held a pair of baskets decorated with delicate purple African violets, ribbons and a purple butterfly with a card of gratitude. The baskets were sitting on Paca Street at the entrance to the market awaiting the hearse.

5. Mayor suggests new federal facility on site of 1st Mariner Arena – by Steve Lash

Baltimore’s deteriorating 35-year-old federal courthouse must be rebuilt or at least refurbished, even if it takes a partnership of public and private funding to do it, Mayor Stephanie Rawlings-Blake and other civic leaders told U.S. Sen. Benjamin L. Cardin at a field hearing he called on the building’s status.

Cardin was more than receptive, saying in a statement after the hearing that the courthouse was “built on the cheap” and that its deficiencies “compromise the safety of judges, staff and public” who use it every day.

Powered by Bookmarkify™

Just hours after Kate Middleton and Britain’s Prince William tied the knot in London Friday, their new bond was sweetly noted in on Charles Street.

The Tremont Plaza Hotel and its Grand Cafe rolled out a two-tier wedding cake at 10 a.m. and began to slice it up for patrons and those passing by the historic inn and social hall downtown.

The staff ordered its pastry chief to create a three-layer pound cake with butter cream icing and a strawberry preserve filling.

It was a yummy way to share the joy on this side of the pond, said Scotlyn Campanella, who works in the Tremont’s catering sales office, as she sliced the cake and served it off of a silver platter.

Powered by Bookmarkify™

First thing: after yesterday’s Art Donovan post, my “crack research team” finally found the glorious moment in which Mr. Donovan can be found in that Pete and Pete episode. About 1:30 in of part 3 of the episode. Also, a young Steve Buscemi! Who knew? Thanks, crack research team.

So, if you’re not jetting off to Scotland and some exotic island for your honeymoon like these folks are, then you might be in need of some weekend plans. Festivals are kicking off this weekend, meaning plenty of food and music for all.

There’s the always interesting Towsontown spring festival on Saturday and Sunday. Entering the festival is free, but there’s plenty to do and see between the live music, food, pony rides, magic shows, NASCAR displays and other carnival-type stuff.

And while we’re on festivals, the Sweetlife Festival will be at Merriweather Post Pavilion in Columbia on Sunday. The annual celebration brings music and food from local farmers. Some of the festival’s musical acts are pretty big names too: The Strokes, Girl Talk, Ra Ra Riot and Lupe Fiasco, among a bunch more. Tickets are $55 for general admission, a bit high, but goers will see a neat littany of artists and get some local and organic food.

Powered by Bookmarkify™

Don Pablo’s in White Marsh is the best Don Pablo’s in the entire country! At least, according to the chain’s parent company.

Rita Restaurant Corp. recently announced that The Avenue at White Marsh staple was named “Restaurant of the Year” for 2010. The eatery was cited for its low employee turnover, low cost of goods, high guest satisfaction surveys and advancement in same-store sales.

Rita Restaurant Corp. owns and operates 39 Don Pablo’s restaurants in 15 states and four Hops Grill and Brewery restaurants in three states. So congratulations to the White Marsh spot for beating out 38 other contestants. The restaurant, managed by Mark Formwalt, has been sitting in the highly foot-trafficked spot in White Marsh since 1998.

I’ve only been there once, and for a crowded Friday night, the wait for food wasn’t bad at all.

Powered by Bookmarkify™

So, I was checking out the pandemonium next to TDR‘s offices Wednesday morning for Gov. William Donald Schaefer’s funeral service at Old St. Paul’s Episcopal Church.

Lots of police and lots of citizens lining up to be seated — well before doors opened to the church at 9 a.m. I couldn’t even cross Charles Street without tripping on a microphone cord for TV crews.

While I’m taking it in and leaning against the Tremont Grand hotel, some of its employees come out with four gold-colored, nicely cushioned chairs and lined them up on the sidewalk just next to me. One employee tapes on printed sheets of paper: “Reserved For Art Donovan.” Another employee sets up a velvet rope barricade around the chairs.

So I asked the friendly doorman what the deal was. He said that apparently Art Donovan, of Baltimore Colts defense fame, wanted a reserved outdoor view of the procession. He then asked me if I knew who Art Donovan was, just to make sure. Of course I know who Art Donovan is, he was on Nickelodeon’s Pete and Pete one time!

Kidding. I think almost anyone who’s grown up in Baltimore, even after the Colts left the city, has still seen Donovan if they’ve ever watched a little WJZ.

Powered by Bookmarkify™

Got the entrepreneurial bug and looking to buy an existing business? Well, figure on shelling out about $244,500, according to the most recent data from online business-for-sale marketplace BizBuySell.com.

The website compiled information about 244 businesses that were on the market in the first quarter of the year. It found the median asking price was $244,500, up from $215,000 in the first quarter of 2010.

For that outlay, you get a business that will net you about $103,867 a year in median cash flow. This is up slightly from $100,000 during the same time last year.

According to BizBuySell, the biggest sale of the quarter was $800,000 for a Baltimore County Dairy Queen location. A coffee shop in Fells Point selling for $48,000 was on the low end of the website’s list of sales.

Service business and retail stores, not restaurants, were the types of businesses most frequently listed on the website. Manufacturing businesses were the least common to show up in listings during the first quarter.

Powered by Bookmarkify™

Baltimore’s topsail schooner, Pride of Baltimore II, and its crew will honor William Donald Schaefer as his casket is driven by the Inner Harbor on its way to lie in state at City Hall.

The schooner will be docked at the west wall of the Inner Harbor in front of Schaefer’s statue to give a cannon salute as he is driven by the statue.

The ship will also be available for free deck tours until 9 p.m.  on Monday, Tuesday and Wednesday. At noon on Wednesday, the crew will again salute Schaefer with cannon fire.

Powered by Bookmarkify™

Two big personalities on Maryland’s business landscape — William Donald Schaefer and Edwin F. Hale Sr. — dominated the news this week, and that’s reflected in the top 5 staff-written stories by The Daily Record’s business reporting team.

1. William Donald Schaefer: 1921 – 2011 – by Melody Simmons and C. Fraser Smith
William Donald Schaefer, the mercurial, demanding leader who reshaped Baltimore in four terms as mayor before serving two terms each as governor and comptroller of Maryland, died Monday at the age of 89.

2. First Mariner Chairman Hale to step down – by Rachel Bernstein
1st Mariner Bank founder Edwin F. Hale Sr., will step down as chairman and CEO as part of a New York investment company’s plan to take a stake in the struggling Baltimore banking company.

3. After 61 years, iconic Werner’s restaurant closes its doors – by Rachel Bernstein
The future tenant of the old Werner’s spot will need to appeal to downtown Baltimore’s business district without becoming another upscale restaurant out of reach for the luncheonette’s former regulars.

4. First Mariner founder Edwin Hale ready to look for new challenges – by Rachel Bernstein
First Mariner Bancorp CEO Edwin F. Hale Sr. isn’t happy that he will be leaving the company he founded, but he said Wednesday he plans to keep his hand in development and Baltimore’s business community.

5. Local group acquiring Pikesville retirement community – by Rachel Bernstein
A local group of physicians, clergy and investors is buying a continuing care retirement community to bring what it says will be a more personal and local touch than that of its out-of-state owners.

Powered by Bookmarkify™

This weekend the weather should be a bit better than last weekend’s, and more suitable for letting the kiddies loose on the lawn for Easter egg hunting.

But if you’re looking for a more fun venue this year, the Maryland Zoo in Baltimore is having their Bunny Bonanzoo. Free with zoo admission, children can go egg hunting in the fields of Waterfowl Lake Pavilion near the zoo’s main gate entrance.

From 10 a.m. to 2 p.m., children who find five different eggs will receive Mary Sue candy treats. And if your child isn’t up for egg hunting, the festival also has games, crafts and children’s entertainers, as well as food vendors. The excitement starts Friday and lasts through Sunday.

For some Easter brunches, Langermann’s in Baltimore, The Rumor Mill in Ellicott City and Donna’s in Cross Keys and Columbia have good offerings for that Sunday. (Sorry for the unintentional pun.)

And if you feel pretty (oh so pretty) and want to step out for a night on the town, “West Side Story” will be at the Hippodrome for the weekend and is a good excuse to get out. The musical will run Friday through Sunday at different times, and tickets range from $22 to $77. So check out the Hippodrome’s site for more details.

Powered by Bookmarkify™

Saying he wants to reduce property taxes, fight crime and eliminate vacant dwellings in Baltimore, Joseph T. “Jody” Landers III threw his hat into the ring for mayor on Wednesday before nearly 75 supporters in Lauraville.

Landers, a Democrat who last week resigned as executive vice president of the Greater Baltimore Board of Realtors, said his decision to run for the city’s top job was made after witnessing a decline in city life over the past couple of decades.

“City population continues to decline with more than 115,000 people continuing to leave the city,” he said. “City residents have the highest tax burden and there are 47,000 vacant houses in Baltimore City, up 10 percent from 10 years ago. I could go on, but it depresses me.”

Landers, a former member of the City Council who was elected in 1983 and served until 1991, said the city needs stronger leadership.

“I am determined to lead the city in a new direction,” he said, to a standing ovation at the end of his remarks. Landers also called for a moment of silence to honor the memory of William Donald Schaefer, who he said was a mentor at City Hall.

“He personified the ‘do it now’ principals it takes to be a great mayor,” he said of Schaefer, who died on Monday at the age of 89.

Prior to the announcement, Landers filed for candidacy at the city’s Board of Elections, he said.

He joins former city planning director Otis Rolley in the race. Mayor Stephanie Rawlings-Blake has said she plans to run, but has not yet filed. Other potential candidates for the Sept. 13 primary include City Councilman Carl Stokes and State Sen. Catherine Pugh, both who have said they are entertaining a possible run for mayor.

Landers said the impact of the foreclosure crisis on Baltimore’s neighborhoods has been sharp. He said that 40 percent of all housing sales in Baltimore last year were distressed sales, or sales that were generated from foreclosed properties or short sales. This year, that figure is 50 percent, he said. Such a situation drives down housing prices and values, Landers said.

“I am running for mayor out of optimism,” he said. “I fundamentally believe we can do something about this.”

Landers’ supporters include many local realtors and community members from northeast Baltimore, where he said he has lived most of his life.

His mother, wife, three children and granddaughter, Scarlett, joined him on the dais for the announcement.

“It’s a great day in Baltimore and a momentous day for me,” he said. “Eleven years ago today, my mother won a house – so this may be a lucky omen.”

Powered by Bookmarkify™