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VOL. 127 | NO. 129 | Tuesday, July 3, 2012

Council Committee Mulls UDC Changes

Memphis City Council members have worked out just about all of the questions about changes to the Unified Development Code.

‘Perfect Storm’

Subleasing hits record high amid continuing economic uncertainty

Office sublease space reached a record high in the first quarter, and local experts are forecasting even more leases from one lessee to another to hit the market prior to year-end.

Canadian Firm Acquires South Memphis Warehouse for $1.5M

A Canadian real estate investment group has purchased a 157,000-square-foot industrial warehouse in South Memphis for $1.5 million, marking the firm’s second Memphis acquisition in 18 months.

Court’s Ruling Won’t Impact Orgs.’ Missions

In 1987, Dr. Scott Morris, a physician and United Methodist minister, founded the Church Health Center, a health care ministry that serves the working poor and their families.

Consolidation Debate Heats Up as Election Nears

For more than a year and a half, the reformation of public schools in Shelby County has followed a flow chart all sides in the historic movement agreed were likely moves before everything was decided.

Local Weather
Today
Memphis, TN
89°F
Partly Cloudy
Wind: 9 mph
Humidity: 45%

EVENTS

The Memphis Stars and Stripes 5K will be held Tuesday, July 3, at 7 p.m. at Tiger Lane adjacent to Liberty Bowl Memorial Stadium, 335 S. Hollywood St. Cost is $20 in advance and $25 on race day. Register at memphisstarsandstripes.racesonline.com.

more events »

Tuition Hike Comes As Funding Restrictions Could Ease

Tuition increases for the fall approved last week by the Tennessee Board of Regents come as years of tight funding by the state for colleges, universities and community colleges may be about to ease.

GOVERNMENT AGENDA

Memphis City Council Agenda

The Memphis City Council will meet Tuesday, July 3, 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.

REAL ESTATE RECAP

G&I Sells 2 Multifamily Sites For Combined $55.8 Million

160 Madison Farms Drive, Collierville, TN 38017 -
Arenda Capital Management, a Los Angeles-based private real estate investment firm, has bought the 324-unit Madison at Schilling Farms apartment complex in Collierville for $32 million.

LOCAL COLUMNISTS

Call 52-CLEAN To Keep Memphis Green

Last week we shared opportunities to enjoy the weekend while easily and affordably giving back to our community. This week let us spotlight a Memphis City Beautiful program that is empowering citizens to become more proactive in keeping our streets clean and curbing litter: 52-CLEAN.

REGIONAL

Beebe Weighing Medicaid Expansion After Ruling

LITTLE ROCK, Ark. (AP) – Arkansas Gov. Mike Beebe said Monday he'll decide before next year's legislative session whether to expand Medicaid under the federal health care overhaul that was upheld by the U.S. Supreme Court last week, but said he's inclined to move forward with the plan.

NATIONAL BUSINESS

Study: Small Business Lending Picked Up in June

NEW YORK (AP) – Lending to small businesses is recovering after a four-month decline.

US Manufacturing Shrinks for First Time in 3 Years

WASHINGTON (AP) – U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening.

SunTrust's New Appointee Will Not Join Company

ATLANTA (AP) SunTrust Banks Inc. announced Monday that David Stevens will not join the company's mortgage business as previously announced.

REAL ESTATE

Construction Spending Rose 0.9 Percent in May

WASHINGTON (AP) – A surge in homebuilding pushed U.S. construction spending up by the largest amount in five months, the latest indication that the housing sector is slowly recovering.

HEALTH CARE

GlaxoSmithKline to Pay $3 Billion for Health Fraud

WASHINGTON (AP) GlaxoSmithKline LLC will pay $3 billion and plead guilty to promoting two popular drugs for unapproved uses and to failing to disclose important safety information on a third in the largest health care fraud settlement in U.S. history, the Justice Department said Monday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 16 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 81 211 13,214
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 39 72 4,269

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