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VOL. 124 | NO. 122 | Wednesday, June 24, 2009

Daily Digest

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Restaurant Files Loan On Walnut Grove Land

DM Restaurants Inc., doing business as Breaktime BP DQ Grill and Chill, has filed a $1.5 million loan through Six Bridges Capital Corp. for a 1.84-acre parcel at the southwest corner of Walnut Grove and Houston Levee roads.

The Shelby County Assessor of Property lists the address as 101 Walnut Grove Road, but the Shelby County Register of Deeds lists it as 101 S. Houston Levee Road.

The company in 2007 filed a $4 million construction loan for the land through First Citizens Bank. It is zoned for a convenience store.

Charanjiv Singh Dhaliwal signed the trust deed as president and secretary of DM Restaurants. He also appeared in February before the Shelby County Beer Board for a beer license. Attempts to reach Dhaliwal by press time were unsuccessful.

The transaction also included a third-party lender agreement, in which the Small Business Administration lent $2.7 million to DM Restaurants for the property, plus an assignment of deed of trust to Six Bridges Capital Corp.

DM Restaurants bought the land from MSMM-II Realty Investment Co. for $1.6 million in August 2007.

Source: The Daily News Online & Chandler Reports

Montgomery Martin Earns Certified Contractor Status

The West Tennessee Chapter of Associated Builders and Contractors has named Montgomery Martin Contractors LLC the chapter’s first Certified Commercial Contractor.

The program was launched to honor commercial and industrial construction contractors for reaching high standards in areas including professional development and training, employee benefits, safety and community involvement. Winners of the designation receive a letter detailing their accomplishments that can be distributed, community recognition and a special logo they can use.

US Existing Home Sales Rise Less Than Expected

Sales of previously occupied homes rose modestly from April to May, the third monthly increase this year, but signs of a housing recovery are fragile at best.

The National Association of Realtors reported Tuesday that home sales rose 2.4 percent to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April. The results, however, missed analysts’ expectations and stock markets edged lower on the news.

“While activity has stabilized, a meaningful recovery has yet to begin,” wrote Paul Dales, U.S. economist at Capital Economics.

About one in three homes sold last month was a foreclosure or distressed sale, dragging down the median price to $173,000 – 16.8 percent below a year ago. Falling prices coupled with new rules for property appraisers have caused many transactions to fall apart or be delayed.

“We have just been flooded with e-mails, telephone calls on the appraisal problems,” said Lawrence Yun, the Realtors’ chief economist.

One bright spot, however, was that the number of unsold homes on the market at the end of May fell 3.5 percent to nearly 3.8 million. That’s a 9.6-month supply at the current sales pace, compared to about 6 months in a normal market.

That drop was “the best news in the report,” said Joseph LaVorgna, Deutsche Bank’s chief economist.

Valero Closes Aruba Refinery For at Least Two Months

Valero Energy Corp., which has a refinery in Memphis, said it will close its Aruba refinery for at least two months this summer as falling prices for its refined products make the plant less profitable.

The refinery, which now processes about 275,000 barrels a day, will be completely off-line by mid-July, spokesman Bill Day said Monday in an e-mail. The San Antonio-based refiner will decide whether to restart operations in August or September.

The plant’s 700 workers, meanwhile, will perform routine maintenance projects or join training programs during the shutdown, he added.

Valero, the largest refining company in the U.S., bought the Aruba plant in 2004 but has been looking to sell it since last year. Day said Monday that no date had been set for a sale. He declined to provide further details and named no prospective buyers.

The facility processes heavy crude oil into distillate products that are shipped to U.S. refineries to be made into lighter fuels including gasoline.

Valero’s Memphis refinery recently dealt with fears that state legislation to start making gasoline available to wholesalers with ethanol would force it to close. But it was announced the plant will remain open. The plant processes about 190,000 barrels per day and employs about 500 people.

Miss., Other States, Reach Mortgage Firm Deal

A Florida-based firm has agreed to pay Mississippi and 13 other states $9 million to help them oversee the company’s mortgage lending practices.

State banking regulators say the agreement was reached with Taylor, Bean & Whitaker Mortgage Corp. after a multistate examination of nontraditional loans issued by the firm in 2006.

The loans include interest-only mortgages, payment option adjustable-rate mortgages, and stated income loans.

The firm, one of the 10 largest wholesale mortgage lenders in the country, stopped offering nontraditional mortgages in 2007. It has also agreed to hire an outside company to review the loans.

The firm did not immediately return a request for comment.

The agreement also covers Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, New Jersey, North Carolina, Pennsylvania, Vermont and the District of Columbia.

St. Jude Dream Home Nears Deadline

The deadline is approaching to purchase a $100 ticket for the St. Jude Children’s Research Hospital dream home in Collierville.

A winner for the $577,900 home will be drawn Sunday. The last opportunity to purchase tickets will be at the house before the drawing. Details about the house can be found at www.stjude.org.

State Allows Charities To Register Online

The Tennessee Department of State has set up an online system for charities to renew their registrations.

Many charities will need to renew their applications by Tuesday because the renewal date is six months after the end of a charitable organization’s accounting year.

The registration process involves submitting an application, a summary of financial activities and a copy of the organization’s Form 990 report to the Internal Revenue Service as well as paying a registration fee.

Applications still will be accepted by mail. The site is state.tn.us/sos/charity/index.htm.

Chucalissa Museum Receives IMLS Bookshelf

The C.H. Nash Museum at Chucalissa has received the Connecting to Collections Bookshelf, a core set of conservation books and online resources donated by the Institute of Museum and Library Services.

IMLS has awarded almost 3,000 free sets of the IMLS Bookshelf in cooperation with the American Association for State and Local History.

The IMLS Bookshelf focuses on collections typically found in art or history museums and in libraries’ special collections with an added selection of texts for zoos, aquariums, public gardens and nature centers.

The IMLS Bookshelf is part of “Connecting to Collections: A Call to Action” initiative launched in 2006. The initiative is designed to assist the needs of collections held by smaller institutions that lack the resources necessary to adequately care for their collections.  

The IMLS is the primary source of federal support for the nation’s 123,000 libraries and 17,500 museums.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 5 40 2,578
BUILDING PERMITS 216 370 23,894
BANKRUPTCIES 82 152 9,685
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 29 53 3,116

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