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VOL. 127 | NO. 80 | Tuesday, April 24, 2012

Daily Digest

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Raleigh Assembly of God Finances Two Campuses

Raleigh Assembly of God Inc. has filed a $2.2 million loan through Assemblies of God Loan Fund secured by the church’s two campuses – in Raleigh and Southwind – and two vacant parcels. The loan matures in 2032.

The church’s primary campus is four acres at 3683 Austin Peay Highway in Raleigh, on the northwest side of Austin Peay north of Lakehurst Drive. The Shelby County Assessor of Property’s 2011 appraisal is $59,100. One of the two vacant parcels securing the loan is about half an acre on the north side of the Raleigh campus having a 2011 appraisal of $24,800.

The church’s second campus, called The Springs, is 2.2 acres at 8180 T&B Blvd. east of Hacks Cross Road in Southwind. It includes a 20,101-square-foot religious-use building constructed in 1999 and appraised at $2.3 million.

The fourth property securing the loan is 13.7 vacant acres on Hamberly Cove south of Wolf River Boulevard in Collierville, having a $10,900 appraisal.

Raleigh Assembly of God in October filed two loans through Assemblies of God Loan Fund secured by the same properties. Those included a $2 million conventional loan maturing in 2031 and a $100,000 line of credit maturing in 2014.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Tom Lee Park Closes for MIM Prep

Tom Lee Park closed to the public Monday, April 23, with limited access to recreational users of the park as the Memphis in May International Festival began setting up for a month of events there.

The first is the Beale Street Music Festival, May 4-6.

Auto traffic on Riverside Drive will be diverted starting Saturday, April 28, with two-way traffic in what are normally the northbound lanes and the closing of the southbound lanes.

All auto traffic on Riverside will stop with the start of the month of activities.

Also closing to vehicles will be Beale Street from Wagner Place to Front Street and Wagner Place from Beale to Linden Avenue.

– Bill Dries

Cadence Bank, Cintas Promote Shred Days

Cadence Bank and Cintas Document Managing are sponsoring the sixth annual Community Shred Days to help Memphis residents and businesses destroy old and unwanted documents free of charge.

It’s an effort to combat the growing problem of fraud and identity theft in a way that’s environmentally friendly.

The first shred day was April 20. The next is April 25 at 591 S. Mendenhall Road from 9 a.m. to 1 p.m. The shred day after that will be held April 27 from 9 a.m. to 1 p.m. at 1516 Union Ave.

Individuals and businesses can bring up to five boxes of paper material, and all material will be shredded onsite by Cintas.

Paper clips, staples and bindings don’t have to be removed. However, CDs, floppy disks, aluminum cans, plastic bottles, magazines, newspapers and cardboard containers cannot be shredded.

– Andy Meek

UTHSC Professor Receives Distinguished Practice Award

The American Pharmacists Association has named Dr. Vivian S. Loveless, associate professor at the University of Tennessee Health Science Center in Memphis, recipient of its 2012 APhA Academy of Pharmacy Practice and Management William H. Briner Distinguished Achievement Award in Nuclear Pharmacy Practice.

The APhA awards and honors program is the most comprehensive recognition program in the profession of pharmacy. The American Pharmacists Association is a nonprofit representing more than 62,000 practicing pharmacists, pharmaceutical scientists, student pharmacists, pharmacy technicians and others interested in advancing the profession. The organization, which is dedicated to helping all pharmacists improve medication use and advance patient care, is the first-established and largest association of pharmacists in the United States.

Loveless, an associate professor in the Department of Pharmaceutical Sciences at the College of Pharmacy, was selected for her leadership in the fields of nuclear pharmacy and medicine, as well as sustained contributions to the profession as a practitioner, educator and researcher.

Loveless also serves as a clinical assistant professor in the Department of Radiology, College of Medicine, and is a member of the graduate faculty in the College of Graduate Health Sciences. She received a PharmD and completed a nuclear pharmacy residency at the UT College of Pharmacy. Board certified in nuclear pharmacy, she is also a Fellow of APhA.

– Aisling Maki

Macadvantage to Host Tech Recycling Event

Macadvantage, a Memphis-based Apple reseller and service center, will host a technology recycling event Friday, April 27, and Saturday, April 28, to educate consumers on the importance of recycling technology rather than throwing it away.

Macadvantage will accept and recycle more than 30 additional recyclable electronics of any brand and in any quantity, including computer systems and accessories, handhelds, office equipment, and audio and video equipment.

To recycle, drop off items at Macadvantage, located at 4860 Poplar Ave. in the Erin Way shopping center.

In addition to recycling technology, Macadvantage will kick off an environmental program aimed at reducing the carbon footprint of its customers.

Beginning April 27, for every computer or iPad sold, Macadvantage will provide a tree for the customer to plant. Customers will also have the option for Macadvantage to plant a tree for them in partnership with the Arbor Day Foundation.

For more information on acceptable items to recycle, call 683-6221.

– Sarah Baker

Bill to Drug Test For Tenn. Welfare Advances

A proposal to drug test people as a condition for receiving welfare is advancing in the House.

The measure sponsored by Republican Rep. Julia Hurley of Lenoir City was approved on a voice vote in the House Finance Subcommittee on Monday. The companion bill is awaiting a Senate floor vote.

The proposal differs from original legislation that the state’s attorney general opined was constitutionally suspect. That measure would have drug tested applicants who had been convicted of using drugs within five years.

The opinion said that approach would violate the constitutional rights of applicants who have a right not to be drug tested unless there is suspicion that they are taking illicit drugs.

Under the amended version, new applicants would undergo a special screening process. If suspicion is raised after the screening, then the applicant would be drug tested.

– The Associated Press

SunTrust Earns $245M in Q1 on Loans; Beats Street

SunTrust Banks Inc. gave out more mortgage loans to its customers and commercial loans to businesses in the first three months of the year, which boosted earnings at the bank to $245 million, compared to $38 million in the same period last year.

The regional bank said it earned 46 cents a share on revenue of $2.22 billion, a slight increase from $2.16 billion last year. The bank beat the 33 cents a share earnings expectations from analysts surveyed by data provider FactSet.

Overall loans at SunTrust increased 6 percent. The government played a key role in SunTrust’s new loans, which reflected the continued skittishness in the lending markets. Sequentially, government-guaranteed mortgage loans grew by $1.2 billion and government-guaranteed student loans increased by $1.3 billion.

Commercial loans increased by $1.1 billion from the fourth quarter, signaling that businesses are starting to feel more confident and are investing in the country’s economic growth.

More of the bank’s customers are also able to make their payments on time, reflecting broader trends that show Americans are getting their financial houses in order by paying down debt and saving more. Loans that were charged off fell to $422 million in the quarter compared to $571 million for the first quarter of 2011.

However, new regulation that went into effect in October hurt its ability to collect fees from debit cards. They fell by $39 million to $61 million. A law championed by Sen. Dick Durbin, D-Ill., capped the amount banks charge stores for debit card transactions at 24 cents.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 180 11,618
MORTGAGES 81 223 15,202
FORECLOSURE NOTICES 21 68 2,979
BUILDING PERMITS 0 392 27,646
BANKRUPTCIES 90 218 11,180
BUSINESS LICENSES 26 63 4,101
UTILITY CONNECTIONS 99 422 16,906
MARRIAGE LICENSES 19 62 3,526

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