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VOL. 126 | NO. 31 | Tuesday, February 15, 2011

Business Park Slated for Auction Block

In the past five years, real estate foreclosures have run the gamut from hospitality to retail to multifamily to high-end residential to industrial.

On a Roll

Memphis scores big project in $200M Mitsubishi plant

Mitsubishi Electric Power Products Inc. will build a $200 million, 350,000-square-foot facility in Memphis to serve as the headquarters of the company’s heavy electrical equipment production in North America, the company announced Monday.

IDB Grants Mitsubishi 15-Year Tax Freeze

Mitsubishi Electric Power Products Inc. has won a 15-year tax freeze from the Memphis-Shelby County Industrial Development Board for the manufacturing facility it’s developing at Rivergate Industrial Park.

Commission Adds Schools Contingencies to Growing Pile

Shelby County Commissioners added a bundle of resolutions Monday to the build up of schools consolidation preparations.

FedEx Cuts Profit Forecast, Citing Weather, Fuel

FedEx Corp. on Monday sharply cut its quarterly profit forecast, citing higher-than-expected fuel costs and severe winter weather that disrupted delivery operations in the U.S. and Europe.

Local Weather
Today
Memphis, TN
85°F
Partly Cloudy
Wind: 3 mph
Humidity: 63%

EVENTS

The Better Business Bureau of the Mid-South will hold a breakfast forum Tuesday from 7:30 a.m. to 9 a.m. at the BBB of the Mid-South, 3693 Tyndale Drive. The topic is “The Five Things You Absolutely Must Do to Manage Employees Well.” For reservations, contact Nancy Crawford at 757-8627 or ncrawford@bbbmidsouth.org.

more events »

City Council Considers Fire Vehicle Funding

Memphis City Council members have at least one other burning controversy besides the schools debate to consider at Tuesday’s meeting.

Conservative Radio Launches in Memphis

Two years before the next national election and with fervor for conservative activism, Memphis-based MPS Broadcasting Monday announced the launch of WMPS “The Point” simulcast on 87.7 FM and 1210 AM.

Kindness Revolution Hosts Memphis Celebration

Feb. 14-20 is Random Acts of Kindness Week, and local do-gooders will be honored for their compassionate ways during the Memphis Celebration of Kindness, set to take place Thursday from 5:30 to 7:00 at Le Pavillon, 1052 Brookfield Road.

City to Produce Monthly Spanish Radio Program

The city of Memphis is taking to the airwaves to reach the Spanish-speaking community. “Preguntas Reales, Respuestas Reales” is a monthly, Spanish-language program on Radio Ambiente.

Methodist Opens High-Tech Cardiovascular, Neurovascular Centers

Methodist University Hospital will unveil its new state-of-the-art Neurovascular and Cardiovascular Centers Tuesday with a 4 p.m. ribbon cutting.

Schools Suit Could Find Judge Soon

If attorneys for Shelby County Schools can find a federal judge this week, they may be in court after early voting begins Wednesday in the schools consolidation referendum.

IDB to Consider Tax Break for Mitsubishi

Twenty-four hours after Mitsubishi executives unveiled plans to build $200 million plant in Memphis that will manufacture electric transformers, the plans will go before the city-county Industrial Development Board to secure crucial tax incentives.

Foreign Investors Buy Treasure Park Apartments

2601 N. Watkins St., Memphis, TN 38127, First Sale: $1.1 million -
A foreign investment group named Square Mile Investments LLC has bought Treasure Park Apartments at 2601 N. Watkins St. in Frayser from City National Bank for $450,000.

2011’s ‘Feast Or Famine’ Environment

Below the Waterline

The Parable of the Spindle

In 1962 psychologist Elias H. Porter wrote an essay titled “The Parable of the Spindle.” It pointed out that in many restaurants, cooks and chefs were considered higher status employees than waiters. Whether this was right or wrong was not the point. The point was that waiters were “giving orders” to the cooks and this was causing considerable tension. Problems also occurred because waiters often had to stand in line waiting for the cooks’ attention and cooks couldn’t always remember the incoming orders during busy periods. Someone came up with the idea of using a simple spindle, like you still see in many restaurant kitchens.

GOVERNMENT AGENDA

Memphis City Council Agenda

The Memphis City Council will meet today at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the meeting icon for a full agenda.

REGIONAL

Hooker to be Honored With Blues Marker

JACKSON, Miss. (AP) — Blues musician John Lee Hooker will honored with the 122nd marker on he Mississippi Blues Trail.

NATIONAL BUSINESS

Clothing Prices to Rise 10 Pct Starting in Spring

NEW YORK (AP) — The era of falling clothing prices is ending.

SunTrust Bank: 2 Board Members to Retire This Year

ATLANTA (AP)SunTrust Banks Inc. announced Friday the retirement of two board and the nomination of one other.

AP Source: GM Hourly Workers Get $4,000 Bonuses

DETROIT (AP)General Motors Co. will pay more than $189 million in profit-sharing to 48,000 U.S. hourly workers and millions more in performance bonuses to salaried employees, according to company documents obtained by The Associated Press.

NATIONAL POLITICS

Obama Sends Congress $3.73 Trillion Budget

WASHINGTON (AP) – President Barack Obama sent Congress a $3.73 trillion budget Monday that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's plea to slash huge entitlement programs like Social Security and Medicare.

Obama Budget Could Boost Fees on Airline Tickets

Airline travelers would pay more to help finance airport projects under President Barack Obama's budget plan.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 238 10,116
MORTGAGES 103 297 13,172
FORECLOSURE NOTICES 0 40 2,578
BUILDING PERMITS 0 370 23,894
BANKRUPTCIES 75 227 9,760
BUSINESS LICENSES 20 71 3,674
UTILITY CONNECTIONS 126 390 14,353
MARRIAGE LICENSES 15 68 3,131

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