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VOL. 126 | NO. 250 | Friday, December 23, 2011

Daily Digest

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Foreclosure Notice Filed for C'ville, Cordova Sites

A first-run foreclosure notice has been filed for three retail properties in Collierville and one in Cordova after borrowers defaulted on a $25.6 million loan secured by the properties. The properties are scheduled for sale Jan. 13 by substitute trustees Nelwyn Inman and Robert F. Tom.

The borrowers – Castle Country Club LLC, 129 Country Club LLC, Castle 743 Poplar LLC, 129 743 Poplar LLC, Castle Chickasaw LLC, 129 Chickasaw LLC, Castle Collierville LLC, 129 Collierville LLC, Castle 1130 Germantown LLC, 129 1130 Germantown LLC – used the properties to secure the $25.6 million loan through Lehman Brothers Bank FSB in October 2007. The current holder is U.S. Bank NA, as trustee.

The Collierville properties are the sites of a standalone Corky’s Ribs & BBQ Collierville location, 743 W. Poplar Ave. (also known as U.S. 72); Country Club Collection retail center, 2140 W. Poplar Ave.; and The Shops of Collierville retail center, 849 and 853 W. Poplar and 275 U.S. 72, according to the notice. The Cordova property is a standalone FedEx Office Print & Ship Center, 1130 N. Germantown Parkway.

For more information, see the Public Notices section, available in the Friday, Dec. 23, Daily News print edition and at www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Amazon Finalizes Deal to Build 2 Tenn. Ctrs.

With Amazon and Tennessee in agreement over the collection of sales taxes, the online retailer on Thursday, Dec. 22, finalized its plans to open two new distribution centers in Murfreesboro and Lebanon that are expected to create 1,300 new jobs.

Seattle-based Amazon.com Inc. earlier this year agreed to a deal to expand its presence in the state, with the requirement that Amazon would start collecting Tennessee sales taxes in 2014. The retailer already has facilities in Hamilton, Bradley and Wilson counties.

Amazon says the new distribution centers will employ about 1,300 people when they are completed next fall, bringing the online retailer’s total workforce at its five Tennessee facilities to more than 3,300.

The State Funding Board last week approved $7 million in grants to make infrastructure improvements at the sites in Murfreesboro and Lebanon. Bill Hagerty, commissioner of the Department of Economic and Community Development, said in a memo that Amazon’s investment in the two sites totals $145 million.

Republican Gov. Bill Haslam and Amazon officials in October announced the agreement for the company to begin collecting the state’s sales tax on items sold to customers in Tennessee.

Amazon also announced it will donate $20,000 to the Books from Birth Foundation, a nonprofit organization that provides books to preschool children in Tennessee.

– The Associated Press

Study: Leadership Academy has $70M Economic Impact

The Leadership Academy has a more than $70 million impact on the local economy, according to a newly released economic impact study by Younger Associates.

The academy’s mission is to recruit, cultivate and engage highly sought-after, diverse talent for the betterment of Memphis. From senior level executives to college interns, the academy said it works to showcase Memphis as a “city of choice.”

About 60 academy fellows annually – 30 in April and 30 in September – graduate from the nonprofit organization’s 12-month fellows program, which provides emerging leaders with the tools, experiences and connections to become agents of change and champions for Memphis.

– Aisling Maki

Roebuck to Auction Large Tracts of Land

Roebuck Auctions will conduct a land auction featuring large-acreage tracts in the Memphis area on Jan. 26 at 11:07 a.m. at 210 Quality Road in Byhalia.

The seller, Don Culbreath, has amassed several large tracts and commercial properties in his portfolio and is working with his bank to liquidate assets as he prepares for retirement, said John Roebuck, president of Roebuck Auctions. His bank recommended the auction method as a way to quickly sell the properties and suggested Roebuck Auctions handle the sale.

The featured property is a 140-acre tract in Chickasaw Trail Industrial Park in Byhalia. The tract will be offered in parcels as small as 2 acres. The industrial property is situated next to the proposed Interstate 269 and Tenn. 385 interchange, minutes from the Memphis International Airport and the Toyota plant in Blue Springs, Miss.

Also up for bid in the Chickasaw Trial Industrial Park is commercial property at 210 Quality Road, where the auction will be held. The property was built by Memphis builder Don Willis, and has 2,700 square feet on a fenced, 3.2-acre lot.

In addition, there are also two tracts in Fayette County up for bid. The first comprises 219 acres north of Oakland that is partially wooded and partially cultivated. The second property is a 68-acre home site near Moscow, Tenn., that is fenced and includes meadows and a pond.

Finally, two commercial properties at a high-traffic intersection on Lamar Avenue are also up for auction.

Prospective bidders must register prior to bidding. Broker participation is encouraged.

For more information, visit www.roebuckauctions.com, or call 888-763-2825.

– Sarah Baker

WKNO Will Broadcast NYE on Beale Street

WKNO/Channel 10 will air “LIVE! Beale Street on New Year’s Eve” from Dec. 31 at 11 p.m. to Jan. 1 at 12:30 a.m. It will be shown on public television stations in Tennessee, Mississippi, Arkansas and other stations throughout the country.

The live broadcast will be hosted by filmmaker Willy Bearden and local radio personality Tom Prestigiacomo.

The show will include live reports from Beale, a survey of acts performing on the street and a look at the history of Beale.

The broadcast also will include the countdown to midnight with fireworks and the dropping of a giant guitar.

Revelers will be invited to “come bury your blues” by dropping mementos and notes into a symbolic coffin. Viewers at home can do the same by emailing buryyourblues@bealestreet.com.

– Taylor Shoptaw

IRS Grants Extension to 1,400 Tenn. Groups

Approximately 1,400 Tennessee organizations are affected by an Internal Revenue Service announcement giving tax-exempt groups with January and February filing dates additional time to submit their annual returns.

They now have until March 30 to file the returns.

The IRS is granting the extension because the part of the e-file system that processes electronically filed returns of such organizations will be offline during January and February.

The rest of the e-file system will continue to operate normally.

– The Associated Press

Haslam Announces Review of Teacher Evaluations

Gov. Bill Haslam has commissioned an outside review to help “separate the anecdotes from flaws” in Tennessee’s new teacher evaluation system.

The Republican governor said in a news conference at the Capitol that he has asked for an education foundation launched by former U.S. Sen. Bill Frist to conduct the review and to report recommendations back to the state next summer. The organization called the State Collaborative on Reforming Education, or SCORE, is led by former state Sen. Jamie Woodson, a Knoxville Republican.

Haslam said he’s not concerned that SCORE advocated more data-driven teacher evaluations and that Woodson played a key role in passing the legislation establishing the new system before she left office last summer.

Woodson said the organization will seek a “wide range of voices,” especially from educators.

The new evaluation standards require half of teachers’ assessments to come from testing data, and the other half from classroom observations. Some principals have complained they don’t have enough time to perform multiple evaluations of students, while many teachers have voiced concerns that their subjects are not covered by standardized tests.

Jerry Winters, the lobbyist for the Tennessee Education Association, said teachers need action now. House Minority Leader Craig Fitzhugh, D-Ripley, said the evaluation standards should be suspended until problems can be worked out.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 327 11,765
MORTGAGES 76 371 15,350
FORECLOSURE NOTICES 41 112 3,023
BUILDING PERMITS 382 972 28,226
BANKRUPTCIES 65 345 11,307
BUSINESS LICENSES 19 117 4,155
UTILITY CONNECTIONS 184 700 17,184
MARRIAGE LICENSES 20 100 3,564

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