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VOL. 129 | NO. 153 | Thursday, August 7, 2014

Polls Open Under Eye of Federal Monitors

Memphis Democrats declared victory two days before the Thursday, Aug. 7, election day in Shelby County.

Problem Property

Blighted Main Street building has Downtown Memphis Commission president fuming

The city of Memphis and the Downtown Memphis Commission suffered a stinging setback this week in their quest to rid a key section of Main Street of a deteriorating eyesore, one that has survived multiple attempts to be sold and defied repeated orders to clean up.

Lawsuit Over Sale of Nineteenth Century Club Dropped

The Union Avenue building that once housed the Nineteenth Century Club could soon meet the wrecking ball.

Permit Pulled for Bass Pro Shops Hotel at The Pyramid

Bass Pro Shops will soon begin work on a 101-room hotel at The Pyramid.

Student Housing Tower Planned Near University of Memphis

A Frankfort, Ky.-based developer is planning to develop a student housing tower close to the University of Memphis.

Delta Airlines Cutting More Memphis Flights

Delta Airlines is once again slashing service at Memphis International Airport, eliminating flights from Memphis to Denver and Austin, Texas, in September.

Fred's July Sales Metric Up, Cuts Second-Quarter Outlook

MEMPHIS (AP) – Fred's sales at stores open at least a year edged up 0.7 percent in July, helped by better customer traffic and stronger sales of some general merchandise.

Supreme Court Justices Rally in Court Square

The three Tennessee Supreme Court justices on the Thursday, Aug. 4, ballot spent the day before the election campaigning in Memphis for retention.

Graceland Campus Financing Relies on Tight Boundaries

When Elvis Presley Enterprises breaks ground next week on the $75 million, 450-room hotel-resort it will build north of Graceland mansion, it will be the beginning of crossing something off the company’s wish list since Elvis Presley’s mansion opened for tours in the early 1980s.

New Logistics Venture Lands $250,000 Investment

Start Co.’s “Summer of Acceleration” already has proven a success for at least one startup that’s participated in one of the organization’s accelerators this year.

Greenway Grants Program Seeks Applicants

Money is available. There just aren’t many people asking for it. “That has been a problem in the past,” said Alice Hudson, director of development for the Tennessee Parks and Greenways Foundation, also known as TennGreen. “So far this year, we’ve only received one application.”

Sales Tax Hike Clears First Hurdle

After lingering for several weeks as the politically charged environment at City Hall has subsided some, the idea of a city sales tax hike to restore funding for health insurance cuts to city employees and retirees is moving. But it may not get very far.

LOCAL COLUMNISTS

How Much Should I Save for Retirement?

Ray’s take: Saving for retirement. It’s something we are all aware of and working on regularly. But how much do you need to save for retirement?

Asia Feels Boost From US GDP

Yippee, GDP! Last week, the U.S. government reported that GDP in the second quarter grew 4 percent and revised the first-quarter number upward from -2.9 percent to -2.1 percent. U.S. equity markets celebrated briefly and then became seriously fearful of Federal Reserve inflation countermeasures.

Rail House Mystery

Editor’s note: First in a three-part series. If you’re passing through Aberdeen, N.C., you should have no trouble finding Railhouse Brewery on East South Street. Moore County’s only microbrewery stands in the middle of downtown, just a few feet from the train track.

STATEWIDE

TVA to Cut More Than 2,000 Jobs

CHATTANOOGA, Tenn. (AP) – The nation's largest public utility is eliminating more than 2,000 jobs as part of a $500 million cost-cutting campaign.

Alexander Looks to Fend Off Tennessee GOP Challengers

LAWRENCEBURG, Tenn. (AP) – After losing his first bid for Tennessee governor 40 years ago, Republican Sen. Lamar Alexander shed his blue suit and buttoned-up appearance for a plaid shirt, hiking boots and a 1,000-mile walk around the state.

NATIONAL BUSINESS

Walgreen Turns Down Inversion to Cut Tax Bill

Walgreen plans to keep its roots firmly planted in the United States, saying it will no longer pursue an overseas reorganization that would have trimmed its U.S. taxes but drew political scorn.

US Trade Gap Narrows to Lowest Level in 5 Months

WASHINGTON (AP) – The U.S. trade deficit fell in June to its lowest level since January as imports dropped sharply, led by lower shipments of cellphones, petroleum, and cars.

Pew: Split Views on Robots' Employment Benefits

WASHINGTON (AP) – In 2025, self-driving cars could be the norm, people could have more leisure time and goods could become cheaper. Or, there could be chronic unemployment and an even wider income gap, human interaction could become a luxury and the wealthy could live in walled cities with robots serving as labor.

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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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