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VOL. 127 | NO. 95 | Tuesday, May 15, 2012

Second Budget Vote Tops Agenda

Memphis City Council members take the second of three votes Tuesday, May 15, on a city budget for the fiscal year that begins July 1 as well as a property tax rate for the fiscal year to come.

Fast Forward

A new agenda is at hand for local economic development efforts

Local economic development leaders have been talking for a while now about a transition from one five-year strategy – a plan that’s helped guide the addition of thousands of new local jobs to the local economy – to a new vision that carries things forward.

Loeb Makes Progress on Square Plan

The blue banner that hung until recently at the curved building at Cooper Street and Madison Avenue and read “Returning in 2012” will soon ring true for Overton Square and its developer, Loeb Properties Inc.

Bookend Disasters Plague Grizzlies in Playoff Series

The pain flashed in the redness of Marc Gasol’s eyes. The hurt was evident in the pauses and head shaking of Zach Randolph.

Seven Schools Chosen For ‘Innovation Zone’ Program

Those planning the new consolidated countywide school system to come in August 2013 now have a list of seven elementary and middle schools that will be part of a federally funded “innovation zone.”

Local Weather
Today
Memphis, TN
49°F
Fair
Wind: 12 mph
Humidity: 44%

EVENTS

The Better Business Bureau breakfast series will continue with a seminar on fraud risks facing small businesses Tuesday, May 15, from 7:30 a.m. to 9 a.m. at the BBB, 3693 Tyndale Drive. Cost is free for BBB members and $10 for nonmembers. R.S.V.P. to Cheryl Stewart at cstewart@bbbmidsouth.org or 757-8603.

more events »

Law Firm Ensures Children Enjoy ‘Worry Free Summer’

For five years, Daniel Law Firm has been providing Memphis children and parents with a Worry Free Summer Camp.

GOVERNMENT AGENDA

Memphis City Council Agenda

The Memphis City Council will meet Tuesday, May 15, at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the icon for a full agenda.

REAL ESTATE RECAP

Farrisview Freight Terminal Sells for $1.7 Million

2727 Farrisview Blvd., Memphis, TN 38118 -
Vitran Express Inc., a subsidiary of Toronto-based freight services provider Vitran Corp., has bought a truck terminal at 2727 Farrisview Blvd. from Old Dominion Freight Line Inc. for $1.7 million.

LOCAL COLUMNISTS

Summer Internships and Samaritan’s Feet

Last week we spotlighted Metropolitan Inter-Faith Association, which is engaging our community to sustain the independence of seniors, transform the lives of families in crisis, and equip teens for success. This week let us focus on two upcoming opportunities to help our youth: 1) free summer internships for high school students, and 2) providing compassion and hope through a new pair of shoes to children in need.

Rhodes Thankful for Hometown

On May 12, Rhodes College graduated 409 seniors, most of whom come from someplace other than Memphis. They successfully completed the rigorous academic demands in our classrooms, yet it is our city that has provided each of them access to a truly unique educational experience. Simply stated, Memphis, and the college’s connections to it, are now as much a part of the Rhodes education as any lab or lecture hall.

REGIONAL

Supporters Gather Signatures for Ark. Casino Plans

LITTLE ROCK, Ark. (AP) – Two competing ballot proposals would bring casinos to Arkansas, primarily in counties along the border and in the state's largest cities – but only one of the measures can become law.

NATIONAL BUSINESS

2012 Grads Enter Better Market

NEW YORK (AP) – The class of 2012 is leaving college with something that many graduates since the start of the Great Recession have lacked: jobs.

Next Up for Dimon: Facing the Shareholders

NEW YORK (AP) – JPMorgan Chase CEO Jamie Dimon came clean to stock analysts and accepted blame in a TV interview for a $2 billion trading mistake. Next he faces the shareholders, who have taken a big hit from the bank's blunder.

Revolving Door: Yahoo Ushers Out Another CEO

SAN FRANCISCO (AP) – Yahoo still has credibility issues, even after casting aside CEO Scott Thompson because his official biography included a college degree that he never received.

Best Buy Chairman Steps Down After CEO Probe

NEW YORK (AP) – Best Buy said Monday its founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and failed to alert the audit committee.

REAL ESTATE

Residential Capital Seeks Chapter 11 Protection

DETROIT (AP) – The U.S. government is hoping that Monday's bankruptcy filing by Ally Financial Inc.'s troubled mortgage business will help the company repay its government bailout faster.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 269 16,682
MORTGAGES 0 313 21,745
FORECLOSURE NOTICES 0 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 0 287 15,829
BUSINESS LICENSES 0 67 5,558
UTILITY CONNECTIONS 0 413 23,986
MARRIAGE LICENSES 0 94 5,129

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