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VOL. 123 | NO. 223 | Thursday, November 13, 2008

Daily Digest

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Park Place Takes Out Loan For Whitehaven-Area Complex

Park Place Apartment Complex LLC has taken out a $1.3 million loan from Hypothecator Realty Corp. for its apartments at 4392 McCorkle Road. An assignment of rents and security agreement is included in the mortgage deed.

The loan was taken out in October and has a maturity date of Jan. 31.

The complex is a 115,056-square-foot, two-story brick apartment building with 120 units. It was built in 1967. The complex sits on a 6.2-acre lot on the east side of McCorkle Road north of Hale Road.

The Shelby County Assessor’s 2008 appraisal for the property is $1.3 million.

Dongsung Lim signed the loan document as the vice president of Memphis Holdings Inc., which is associated with Park Place Apartment Complex. The Secretary of State’s Web site gives 775 Ridge Lake Blvd., Suite 105, as the address for Memphis Holdings – which is also the address for Anderson-Tully Co., a lumber company.

A representative from Anderson-Tully said the company had no connection to Memphis Holdings Inc., although the representative did say the company that was there in the fall of 2006, when Anderson-Tully moved into that office space, moved to another location in the same building. However, no contact information could be found for Memphis Holdings Inc.

The number given for Park Place Apartment Complex has been disconnected.

Source: The Daily News Online & Chandler Reports


Gameday Application On Tap at City Hall

A planned development application for the 25.62-acre Gameday Sportsplex in Cordova is scheduled to go before the city-county Land Use Control Board today.

Cordova Development Group Inc. is seeking approval to develop the sports center at the southeast corner of Fischer Steel and Herbert roads. It will consist of retail, restaurant, hotel and sports arena uses.

Planners got a look this summer at the proposal that would have served as an expansion of the existing First Tennessee Fields baseball park in the area and would bring several new buildings to fruition that would house everything from hockey rinks to indoor basketball courts.

Also on the agenda is a requested amendment to the Tournament Center Planned Development at the corner of Tournament Drive and Hacks Cross Road that would allow multi-family dwellings in certain areas of the development.

The board will meet at 10 a.m. in the City Council chambers at 125 N. Main St.



FedEx Maintains Long-Term Profit, Sales Goals

FedEx Corp. on Wednesday reaffirmed its long-term plans to grow revenue by 10 percent and earnings per share by 10 percent to 15 percent per year.

In fiscal 2008, the package delivery company reported a profit of $3.60 per share on revenue of $37.95 billion.



FedEx Pledges to Reduce Carbon Footprint by 2020

In other FedEx news, the company plans to reduce by 20 percent carbon dioxide emissions from its FedEx Express aircraft fleet and improve fuel efficiency by the same amount by 2020, according to the FedEx 2008 Global Citizenship Report the company released Wednesday.

FedEx has reduced aircraft carbon dioxide emissions by 3.7 percent per available ton mile and improved fuel efficiency by 13.7 percent since 2005, the report says.

FedEx currently operates the largest fleet of commercial hybrid electric trucks in North America with more than 170 vehicles. FedEx also has converted its FedEx Express fleet to smaller, more fuel-efficient vehicles and has upgraded its aircraft fleet to Boeing 757 planes that reduce fuel consumption up to 36 percent.

FedEx Express and FedEx Freight operate three solar-powered facilities in Oakland, Whittier and Fontana, Calif., and FedEx Express has broken ground on its largest solar-powered hub in Cologne, Germany.



Medtronic Moves Forward With Stent

Medtronic Inc. has completed enrollment two months ahead of schedule in a clinical study of a drug-eluting stent involving 2,300 people, the company announced Wednesday.

The study will compare the safety and efficacy of Medtronic’s Endeavor Resolute drug-eluting stent, which is used to treat heart problems, with Abbott Laboratories’ Xience drug-eluting stent.

The Endeavor stent is available in more than 100 countries, but its use is limited to clinical trials in the United States.

Medtronic’s Spinal and Biologics Business is based in Memphis.



2 of 3 White Tenn. Voters Evangelicals

Their presidential candidate lost and their influence in national politics may be waning, but white born-again Christians clearly dominated the 2008 election in Tennessee.

Two of every three white voters in Tennessee identified themselves as evangelical Christians in exit polls.

This is in a state where 84 percent of the voters were white, according to surveys of 1,520 randomly selected voters by Edison Media Research for The Associated Press and television networks.

“The importance (Republican John) McCain’s supporters in Tennessee placed on shared values underscores the role that religion plays in Tennessee presidential politics,” said Ken Blake, a political pollster at Middle Tennessee State University.

McCain carried Tennessee convincingly and the white evangelical turnout likely contributed to Republicans taking control of both chambers of the Tennessee Legislature for the first time in 140 years.

“These so-called ‘values voters’ didn’t single-handedly deliver Tennessee to McCain. But they represented a key constituency for McCain as they did for George W. Bush in 2000 and 2004,” Blake said.

Out of the 40 states where exit polls asked voters if they are born-again Christians, only Arkansas had more white evangelicals than Tennessee. Arkansas had 55 percent. Tennessee and Oklahoma each had 52 percent. For Tennessee, that number was virtually unchanged since 2004.

The survey had a margin of error of plus or minus 4 percentage points, meaning white born-again Christians could actually comprise anywhere from 48 percent to 56 percent of Tennessee’s voters.

Arkansas is home to Mike Huckabee, the former governor and ordained Baptist minister, who beat McCain in the Republican presidential primary in Tennessee in February.

White evangelicals made up 26 percent of the electorate nationwide in this election.

They voted 3-1 for McCain across the country and in Tennessee. But for the first time in several election cycles, white born-again Christians weren’t a factor in the national contest. Obama won easily, 53-45 percent, without them.

Richard Land, president of the Southern Baptist Convention’s Ethics and Religious Liberty Commission, acknowledged this new political reality in an open letter congratulating Obama.

“On issues where we agree, such as standing against genocide in Darfur and protecting basic human rights around the world, we will support you,” Land wrote. “On issues where we disagree ... we will do our best to persuade you to change your approach.”

With Southern Baptists “unalterably committed to the protection of unborn human life,” Land urged the president-elect to support legislation co-sponsored by U.S. Rep. Lincoln Davis, D-Tenn., to improve health care, nutrition and education services for low-income children, their parents and pregnant women, with the hope of reducing abortions.

Tennessee exit polls showed that a presidential candidate’s values were most important to about a third of voters overall, but to an even greater number – 41 percent – of white evangelicals.

More than half of white born-again Christians in Tennessee said the economy was the No. 1 issue, slightly less than statewide, followed by terrorism, slightly more than statewide.

Tennessee white evangelicals were far more likely to be Republican and live in East Tennessee.

White born-again Christians were 44 percent Republican, 37 percent independent and 19 percent Democrat, compared with Tennesseans overall of 32 percent Republican, 37 percent independent and 30 percent Democrat.

They represented two of every three voters in East Tennessee and slightly more than half the voters in the rural counties of Middle and West Tennessee. They were just under half the voters in metropolitan Nashville and about two of every five voters in greater Memphis.



Harold’s to Close All of Its Stores

Harold’s Stores Inc. is closing all its clothing stores, including the one in Memphis at 518 Perkins Road Extended and Poplar Avenue.

Ronald Staffieri, the company’s chief executive officer, announced the closings on Tuesday after the company filed for Chapter 11 bankruptcy on Friday. He attributed the business problems to increased competition and a weak economy.

The Dallas-based company began in 1948.



The Situation Opens at Wolfchase

The Situation, a boutique that specializes in edgy designs, has opened in Wolfchase Galleria.

The store carries the Ed Hardy, Laguna Beach, William Rast and Affliction lines. Several special events are in the works including a custom T-shirt “cutting” by Ed Hardy, designer Adam Sakks and a runway show. The show is scheduled for Nov. 28 at The Atlas Club Downtown.

Other recent additions to the shops at Wolfchase Galleria include Barbershop The Remix, Dream and German Roasted Nuts.



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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 52 136 5,209
MORTGAGES 79 182 6,891
FORECLOSURE NOTICES 13 50 1,606
BUILDING PERMITS 328 328 12,307
BANKRUPTCIES 70 175 5,475
BUSINESS LICENSES 30 58 2,119
UTILITY CONNECTIONS 85 182 7,240
MARRIAGE LICENSES 19 43 1,501

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