Wednesday morning headlines

Stocks slip: After a strong start to the new year, perhaps it's time for a break. Dow is down 50 points.

Cost to continue redevelopment: Having the city foot the bill would run $109 million, which in this financial climate is a non-starter, according to the mayor and budget chief Miguel Santana. The Legislature eliminated California's redevelopment agencies last year. From the LAT:

Local officials around the state, who sued unsuccessfully to preserve their redevelopment agencies, are now trying to persuade the Legislature to allow cities to continue economic development and hold onto some of the money. But prospects in the Legislature are uncertain. Cities have the option of becoming successor agencies, and many across California have already embraced that role. But Santana said Los Angeles cannot risk having its general fund budget, which pays for basic services, take on its redevelopment employees, he said.

Fox settles with Dodgers: The team agrees to hold off on the sale of TV rights until its contract with Fox expires. And Fox agrees to drop its court case with owner Frank McCourt. (LAT)

Another L.A. billionaire going after Dodgers: Colony Capital's Tom Barrack is the latest potential bidder. Barrack has been looking at entertainment and sports properties. (LAT)

Raiders looking at L.A.?: Could be a negotiating ploy for getting a new stadium in the Bay Area, but team owner Mark Davis said there have been talks with L.A. stadium groups. (LAT)

Office market still a problem: Five-year leases signed at the height of the boom are coming due and tenants are looking for alternatives. From the WSJ:

Rents in most markets are still well below what they were in 2007, with the drop in some areas as much as 26%, according to data firm Reis Inc. Because of the weak market, landlords with empty space or expiring leases also have to spend large amounts on incentives to attract tenants, like free rent and interior work. Defaults and foreclosures are rising. The delinquency rate of office loans that were securitized hit 9% in December, up from 7.4% in June.

Higher prices for OJ: Orange juice futures spiked to an all-time high after the FDA announced a clampdown on imports. Small doses of a fungicide that's not approved in the U.S. have been found in Brazilian fruit. (Reuters)

New economist for LAEDC: Robert Kleinhenz replaces Nancy Sidhu, who retired last month. Sidhu had succeeded Jack Kyser at the Economic Development Corp. (LABJ)

Drop in magazine advertising: Publishers sold 3.1 percent fewer ad pages last year compared to 2010, though there was a big divergence in titles. Bloomberg Businessweek shot up 19 percent, while Forbes fell 3.9 percent, (NY Post)