VOL. 127 | NO. 5 | Monday, January 09, 2012
Tennessee Street Building Sells for $3M in Foreclosure
Telesis Community Credit Union has bought back a mixed-use building at 460 Tennessee St. for $3 million at a foreclosure sale. The Downtown property went into foreclosure after 460 Tennessee Street LLC defaulted on a 2007 loan for $3 million through Telesis.
The current owner is listed as Memphis Center City Revenue Finance Corp., with 460 Tennessee Street LLC, whose principal is Downtown developer Robert G. “Bob” Williams Jr., having leasehold interest.
Built in 1900, the 50,820-square-foot, three-story Class C mixed-use building sits on 0.8 acres bounded by Tennessee Street to the west and Wagner Place to the east, north of West Butler Avenue. In 2001, 460 Tennessee Street LLC was granted a payment-in-lieu-of-taxes (PILOT) to add apartments to the building.
The limited liability company leases two floors to Memphis publisher Contemporary Media Inc., parent company of the Memphis Flyer, Memphis Magazine and two other magazines. Contemporary Media is not related to the property owner.
The foreclosure notice for this sale, which ran in The Daily News in December, listed interested parties as Shelby County, Bank of Mason, J. Lester Crain, the Tennessee Department of Revenue and the Internal Revenue Service.
This is the second foreclosure notice filed against 460 Tennessee Street LLC. The first filing was in July 2009, but Williams filed for Chapter 7 bankruptcy protection the following month.
460 Tennessee Street LLC itself filed for Chapter 11 bankruptcy protection in July 2009. It listed three creditors – holding first, second and third mortgages – with secured claims totaling $3.3 million. The one asset it listed was its master lease for the property, valued at $4 million.
Then, in December 2010, it filed for Chapter 7 bankruptcy, listing the same creditors and asset.
Source: The Daily News Online & Chandler Reports
– Daily News staff
FedEx Pays $370K to Settle Export Claims
Memphis-based FedEx Express, a subsidiary of FedEx Corp., has come to terms with the U.S. Department of Commerce on six alleged civil violations of U.S. export regulations.
FedEx Express will pay a $370,000 civil penalty.
The allegations involved unlicensed exports to Dubai and Syria including electronic components used in making improvised explosive devices used in Iraq and Afghanistan against U.S. and other coalition troops.
Two electronic components shipments to Mayrow General Trading in Dubai were stopped before their delivery in 2006 by the Commerce Department’s Bureau of Industry and Security.
Earlier that year, the bureau had specifically denied such exports to Mayrow based on information that the company was buying the components specifically to make IEDs.
The other violations were three shipments in 2004 of printer components from the U.S. to Syria without an export license.
– Bill Dries
Terminix, TruGreen to Add Dallas, Atlanta Jobs
The Memphis-based ServiceMaster Co. plans to hire more new employees in Dallas and Atlanta for its TruGreen and Terminix divisions.
ServiceMaster, which is the parent company of a set of commercial and residential service companies, recently held job fairs for new positions in Memphis.
All of TruGreen’s 110 new jobs are in Dallas, and include sales, sales management and customer-retention positions with the lawn-care subsidiary of ServiceMaster.
The new Terminix jobs, which total 75, are in the Dallas area as well as the Atlanta area. The Dallas jobs are inside sales and collections at the company’s Lewisville, Texas contact center. The Atlanta jobs are at the Norcross, Ga. contact center.
– Bill Dries
Memphis Chamber Wins Site Selectors Award
The Greater Memphis Chamber’s economic development team has won the Excellence in Economic Development Award in the Metro category from the Site Selectors Guild.
The guild is a professional association made of up of site selection consultants from around the world. Its mission is to advance the profession of international corporate site selection by providing education, networking and other services to those in the industry.
The chamber and other award winners will be honored during the group’s conference later this month.
– Andy Meek
AOC Headquarters Earns LEED Silver Certification
AOC LLC earned LEED Silver certification from the U.S. Green Building Council for the design, construction and operation of its world headquarters in Collierville. LEED stands for Leadership in Energy and Environmental Design.
AOC is a global supplier of resins, gel coats, colorants and synergistic systems for composites and cast polymers.
The 48,991-square-foot building is on 62 acres and includes 98 office spaces, a 49-seat training center, six conference rooms and an in-house datacenter.
AOC’s LEED Silver qualifications included a geothermal heating, ventilation and air-conditioning (HVAC) system; building materials with recycled or renewable content; low-emitting sealants, paints and construction materials; regionally produced construction materials; ambient lighting; water-saving systems; a reflective roof; and incentives for employees to use low-emitting vehicles and bicycles.
– Taylor Shoptaw
The MED's Clinical Lab Awarded Accreditation
The Regional Medical Center at Memphis Clinical Laboratory has been awarded accreditation by the Accreditation Committee of the College of American Pathologists (CAP), based on the results of a recent onsite inspection.
Dr. Sherri Flax serves as medical director of the laboratory, which now joins 7,000 CAP-accredited laboratories worldwide.
The CAP Laboratory Accreditation Program is recognized by the federal government as being equal to or more stringent than the government’s own inspection program.
The accreditation process involves inspectors examining the laboratory’s records and quality control of procedures for the preceding two years. CAP inspectors also examine laboratory staff qualifications, as well as the laboratory’s equipment, facilities, safety program and record.
The overall management of the laboratory is also examined. The stringent program is designed to ensure the highest standard of care for all laboratory patients.
– Aisling Maki
19,000 Tenn. Rebates Paid for Energy Appliances
More than 19,000 rebates totaling more than $4.5 million have been paid to Tennesseans this year for using Energy Star appliances.
The rebates ranged from $40 to $250 for using room air conditioners, central air conditioners, air source heat pumps and gas furnaces.
Appliances purchased since April 22, 2010, are eligible for a rebate debit card on a first-come, first-served basis. Officials at the Department of Economic and Community Development estimate that $770,000 is left for future rebates. Applications must be postmarked by Saturday, Jan. 14.
– The Associated Press
White House Proposing Raise for Federal Workers
An Obama administration official says the White House is proposing a 0.5 percent raise for civilian federal employees in its 2013 budget.
If Congress approves the measure, it would mark the first pay increase for federal workers since the two-year freeze ordered President Barack Obama ordered in 2010.
Republican lawmakers have suggested extending the freeze for federal workers as one way to pay for a full-year extension of payroll tax cuts. A short-term, two-month extension is due to expire at the end of February.
The official says the White House notified agencies of the proposal Friday morning. The official spoke on the condition of anonymity because a formal announcement has not been made.
The White House proposal was first reported by The Washington Post.
– The Associated Press