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VOL. 127 | NO. 154 | Wednesday, August 08, 2012

Daily Digest

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Airport-Area Warehouse Sells for $2.3 Million

A Class B warehouse in Airport Industrial Park has sold for $2.3 million, more than four times its price at a foreclosure sale two years ago. Northbrook, Ill.-based BCL-Memphis LLC bought the warehouse at 4049 E. Raines Road from Memphis-based Progression Realty, which paid $501,500 for it in August 2010.

Brian Califf and Hank Martin with NAI Saig Co. negotiated the deal for the seller.

The warehouse, which has more than 140,000 square feet, was built in 1973 and is situated on about 8.6 acres on the south side of East Raines between Pilot Drive to the west and Delp Street to the east.

The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million, down from a 2011 appraisal of $2.8 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

MAAR Reports July Home Sales

Memphis-area home sales for July rose 7.4 percent from a year ago, with 1,385 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database.

Total sales increased 8.5 percent from June. Average sales price year over year was up 14.1 percent at $147,373.

Inventory was up 1.1 percent, with 7,615 units listed for sale. Sales volume year to date increased 20 percent to $1.1 billion.

“The Memphis housing market is on the rise,” MAAR president Carol Lott said in a statement. “Sales and pricing are up, both year over year and year to date. Sales volume is way ahead of last year.”

The database includes records of all property transactions in Shelby, Fayette and Tipton counties.

– Sarah Baker

Landmark Community Bank Reports Earnings Increase

Collierville-based Landmark Community Bank has reported earnings from operations of $594,000 during the three months ended June 30, compared to earnings of $554,000 during the same period in 2011.

At the end of Q2 2012, the company reported $371.6 million in assets under management, with $281.8 million in deposits and $36.2 million in total shareholders’ equity.

Landmark has two branches in Germantown and one on Ridgeway Loop in East Memphis. The bank specializes in loans to small businesses as well as real estate mortgage products.

– Andy Meek

Federal Funds to Aid Efforts in Binghampton, Frayser

Two Memphis neighborhood revitalization efforts will split $225,000 in federal funds awarded Monday, Aug. 6, to the Greater Memphis Partnership – a coalition of local agencies.

The grants are through the Building Neighborhood Capacity Program, a White House initiative directed at distressed neighborhoods. The Greater Memphis Partnership will match the federal funding for a total of $450,000 that goes for technical assistance on revitalization plans in Binghampton and Frayser.

Meanwhile River City Capital Investment Corp., part of the Greater Memphis Partnership, has a federal technical assistance grant of $99,940 through the U.S. Treasury Department’s Community Development Financial Institutions Fund.

River City will use the money to set up a redevelopment loan fund for the Binghampton and Frayser areas as well as part of South Memphis. All three areas are those where the city Innovation Team has been working to grow small businesses and deal with crime issues. The loan fund is scheduled to launch in November.

– Bill Dries

Youth Villages, Darden Partner to Advance Program

Memphis-based Youth Villages has been selected to receive a $2,000 grant as part of the inaugural Restaurant Community Grant Program from the Darden Foundation, the charitable arm of Darden Restaurants Inc.

The Restaurant Community Grant Program is a local grants program intended to help support nonprofit organizations in the hundreds of communities Darden and its restaurant brands serve.

Youth Villages received $1,000 from two Darden restaurants: Red Lobster at 895 Barnes Crossing Road in Tupelo, Miss., and LongHorn Steakhouse at 8324 U.S. 64 in Bartlett.

The $2,000 donation will support Youth Villages’ Food With Class program, which helps teenagers in residential programs learn job skills through food preparation and service.

Youth Villages’ Food With Class program employs teens ages 14 and older on Youth Villages’ Bartlett campus.

The participants learn skills such as food preparation, customer service, healthy eating habits, budgeting and how to be responsible in a professional environment.

– Sarah Baker

TVA Prices 10-Year Bonds at Record Interest Rate

The Tennessee Valley Authority is offering $1 billion in 10-year global power bonds bearing an interest rate of 1.875, the lowest interest rate ever on a TVA long-term bond.

TVA said in a statement Tuesday, Aug. 7, that the public utility issued the 10-year bond with a yield of 1.97 percent on Monday to use to pay down short-term debt. Fitch Ratings assigned a AAA rating to the bonds on Monday.

Chief Financial Officer John Thomas said that achieving the record low interest rate allows them to keep power rates low and supports their goal to provide lower-cost, cleaner energy by 2020.

TVA provides electricity for utility and business customers in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia to a population of over 9 million people.

– The Associated Press

Election Chief: No Time for New Dem. Primary

There isn’t enough time to hold another primary following the state Democratic Party’s disavowal of its U.S. Senate nominee, State Election Coordinator Mark Goins said Tuesday, Aug. 7.

The state party has said it rejects the vocally anti-gay platform of nominee Mark Clayton, who received nearly 50,000 votes, or twice the number of his nearest competitor in a field of seven little-known candidates to challenge incumbent Republican Sen. Bob Corker in November.

Goins, a former Republican state lawmaker, said in a letter to fourth-place finisher Larry Crim that state Democratic Party Chairman Chip Forrester could have disqualified Clayton within a week of the April 5 filing deadline.

“Although Chip Forrester had the authority in April to disqualify Mr. Clayton, he did not do so,” he wrote.

Goins said Crim wants the result overturned because Forrester had failed to properly vet the candidates.

“It is not within the state’s purview to determine whether Chip Forrester is adequately performing the duties assigned to him by the party,” Goins wrote.

It would be up to the party’s executive committee to evaluate a challenge on those grounds and to decide if “justice and fairness” require replacing Clayton as the nominee, he said.

A spokesman for the state party did not immediately return a message seeking comment.

Clayton, 35, is vice president of Falls Church, Va.-based Public Advocate of the United States.

He denies assertions by the state Democratic Party and the Southern Poverty Law Center that the organization is a hate group.

Clayton told The Associated Press this week that he believes marriage is between a man and a woman, as stated in the Tennessee Constitution.

The primary election is not expected to be certified until later this month. Goins said there isn’t enough time to hold another statewide contest because military ballots must be mailed by Sept. 22 for the general election.

– The Associated Press

Grizzlies Announce Preseason Tip Off Against Madrid

The Memphis Grizzlies will tip off their preseason schedule by hosting Real Madrid on Oct. 6 at FedExForum.

The eight-game slate includes home games against Atlanta on Oct. 14, Toronto on Oct. 15 and Orlando on Oct. 24.

On the road, Memphis faces Chicago on Oct. 9, Houston on Oct. 17, Milwaukee on Oct. 18 and Indiana on Oct. 20.

Memphis opens its regular season on Oct. 31 in Los Angeles against the Clippers before returning home to host the Utah Jazz in the home opener on Nov. 5.

The Grizzlies open training camp on Oct. 2 in Memphis.

The complete preseason and regular season schedule is available at Grizzlies.com.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 32 344 10,222
MORTGAGES 52 452 13,327
FORECLOSURE NOTICES 0 76 2,614
BUILDING PERMITS 0 783 24,307
BANKRUPTCIES 60 359 9,892
BUSINESS LICENSES 23 133 3,736
UTILITY CONNECTIONS 76 595 14,558
MARRIAGE LICENSES 23 104 3,167

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