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VOL. 127 | NO. 237 | Wednesday, December 05, 2012

Daily Digest

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Kensington Manor Sells for $2.2 Million

The Kensington Manor Apartments at 2893 Getwell Road in Oakhaven have sold for $2.2 million to a Miami Beach, Fla., entity called Memphis Heights LLC.

Following a host of financial woes including foreclosure and bankruptcy, the property sold Nov. 19 in a special warranty deed with LEDIC Management Group LLC acting as court-appointed receiver for California Bank & Trust and the seller.

Kensington Manor is a 545,790-square-foot, 570-unit multifamily complex on 29.19 acres along the west side of Getwell Road between American Way and Knight Arnold Road.

Built in 1973, the Class D property has an appraised value of $3.1 million, according to the Shelby County Assessor of Property’s 2012 data.

An alternate address for the complex is 3836 Chippewa Road, according to a LoopNet listing that also shows the property containing 559 units and 525,280 square feet.

Jeffrey Ezekiel, chief financial officer for Memphis-based LEDIC, signed the warranty deed.

In July 2009, the apartment complex was foreclosed when its Irving, Texas-based owner, Tennessee Bay Kensington Manor LP – whose partners are James Goody, Brian Printz and Jonathan Goody – defaulted on a $12.3 million loan through Vineyard Bank NA and dated Sept. 24, 2007.

According to the warranty deed, “On Sept. 14, 2012, the (Shelby County Chancery) Court entered an order … authorizing the Receiver to sell the Property ... .”

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Unveils Terms of Employee Buyouts

FedEx executives announced terms Tuesday, Dec. 4, of an employee buyout expected to run from June 2013 through May 2014.

Employees in the Corporate, Express, Services and TechConnect divisions of FedEx in the U.S. with at least five years of continuous service at FedEx as of Nov. 30 will get buyout packets. Preference would go to those with the most seniority in their section if more employees in a section accept the offer than there are slots.

FedEx spokesman Glen Brandow said the company is not offering any numbers yet on how many employees it hopes will take the buyout or a dollar figure the company hopes to realize from the voluntary buyouts.

The employees eligible get the packets with the terms in February and have until April 1 to make their decisions.

Key terms include four weeks of base salary for every year of service with a cap at two years of base pay.

And the offer will include a $25,000 health care credit that can be used over five years including for insurance premiums.

The buyouts would take effect in three phases starting in the year that begins in June 2013 with FedEx management assessing how many take the terms in each phase and each work group and then adjusting accordingly.

There is not a fallback position that would revert to automatic layoffs if enough people don’t take the buyouts.

FedEx executives said in October that the buyout will cost the company approximately $600 million, which would be split over two fiscal years. That was also when FedEx founder and CEO Fred Smith told investors that the company has set a goal of increasing its profitability by $1.7 billion a year. Most of that will come from reductions in FedEx Express.

The oldest division of FedEx, Express has been hit hard by the rise in jet fuel prices that have dramatically changed the nature of passenger airline business.

– Bill Dries

RedRover Co. Receives Pro Bono Service Award

Memphis sales and marketing firm RedRover Co. was one of 10 Pro Bono award recipients at a recent recognition event in Downtown Memphis as part of Celebrate Pro Bono Month in October.

The event was held by the Memphis Bar Association’s Access to Justice Committee, the Community Legal Center and Memphis Area Legal Services Inc. to honor their outstanding volunteers.

RedRover has volunteered to help with several Memphis Area Legal Services projects throughout the year, including a video campaign to raise awareness of the need for more pro bono legal services and private donations. RedRover Co. designed the 2012 “We’re All In” campaign to put a face to the legal aid Memphis Area Legal Services provides to those in need and to encourage the community to contribute.

– Sarah Baker

Commission Approves Pidgeon Land Purchase

Shelby County Commissioners approved Monday, Dec. 3, the purchase of 33.6 acres of land in the Frank C. Pidgeon Industrial Park by Carolyn Hardy for the Hardy Investment Trust.

Hardy intends to open a business to store and stage modular containers on the land. She is paying $12,000 an acre for the land or a total of $403,980.

The Memphis-Shelby County Port Commission and the City Council approved the sale of the land earlier.

The commission approved the purchase with no discussion on an 11-0 vote.

In other action, the commission approved $2 million in additional funding to the Shelby County Sheriff’s Office for school resource officers in what are now Memphis City Schools. The funding allows the sheriff’s department to put commissioned law enforcement officers in the city schools next school year when the county’s two public school systems merge. The Memphis Police Department now provides those officers to city schools but is to stop with the merger.

The commission also approved an agreement for the Shelby County Trustee’s office to collect taxes for Lakeland, which recently implemented its property tax.

A “wage theft” ordinance was approved on the second of three readings. Commissioner Steve Mulroy said he intends to amend the ordinance before third and final reading, which would push a final vote into the first commission meeting in January.

And the commission appointed Quran Folsom as the commission’s chief administrator. Folsom is a senior executive assistant at Memphis City Schools who begins her job in January.

– Bill Dries

Seniors at St. George's Defend Study Projects

Seniors at St. George’s Independent School are defending their senior independent study projects in front of a panel of teachers this week.

Oral defenses began Monday for the project, a distinctive aspect of the St. George’s curriculum and one that is a graduation requirement. The evaluating committee is made up of teachers and administrators, and it’s designed to ensure that seniors demonstrate skills like critical thinking, public speaking and writing.

The oral defense aspect in which students defend their research in front of a panel is a new feature this year. Oral defenses run through Dec. 7 and cover senior projects on a range of topics including creation of historical archives, history and treatment of Crouzon’s Syndrome and implementation of a youth in government program for a Binghampton school.

– Andy Meek

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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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