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VOL. 127 | NO. 138 | Tuesday, July 17, 2012

Daily Digest

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Owner Files $1.3 Million Loan on Cadre Building

Cadre Realty LLC has filed a $1.3 million loan through First Alliance Bank on the Cadre Building at 149 Monroe Ave., on the southeast corner of Monroe and South Second Street.

The Shelby County Assessor of Property, whose 2012 appraisal of the property is $1.3 million, lists the address as 44. S. Second St.

Built in 1928, the 34,614-square-foot events center contains a ballroom, which is just more than 13,000 square feet, and has a 2,500-square-foot mezzanine.

The facility hosts proms, weddings, class reunions and other functions. The owner completed renovations of the property in 2007.

S. Thomas Peters signed the trust deed as governing member of Cadre Realty, which bought the building in July 1999. The Cadre Building was occupied by Union Planters Bank until 1996, when the bank purchased Leader Federal.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Lawsuit Filed Over Millington Annexation

The city of Millington’s June annexation of the Lucy community has prompted a Shelby County Chancery Court lawsuit by attorney Claiborne H. Ferguson.

Ferguson, who lives in the area to be annexed, is suing Millington, claiming the city “was rushing into an annexation decision for the sole purpose of having a sufficient population of school children” to form a municipal school district.

He also said the rural nature of the Lucy area makes it a “fully developed community” that would have problems adjusting to Millington zoning regulations that restrict farming and livestock.

Ferguson is asking the court to stop the annexation.

– Bill Dries

Lottery Raises Record $323M for Education Programs

Tennessee lottery officials announced Monday, July 16, that the lottery has raised more than $323 million this year for state education programs, the eighth consecutive record-setting year.

The figure is a 10.2 percent increase – or roughly $30 million – over last year’s then-record of $293.4 million, officials said.

Data from the Tennessee Student Assistance Corp., which oversees lottery-funded programs, show more than 600,000 scholarships have been awarded to in-state education institutions since the lottery’s inception in 2004.

Total education funding since then stands at more than $2 billion.

A Republican-backed proposal that failed during the recent Tennessee General Assembly sought to cut students’ lottery scholarships in half, depending on lottery revenues.

The legislation looked as though it might pass after being approved in the Senate 20-10. But the measure was withdrawn from consideration in the House Finance Subcommittee when the sponsor recognized he didn’t have the vote to pass it.

Under the proposal, the lottery scholarship requirements wouldn’t change if lottery proceeds matched, or exceeded, the previous year’s through 2015.

An original proposal sought to reduce by 50 percent the award for students who do not meet both standardized testing and grade requirements.

Currently students can get a scholarship worth $4,000 for each of four years if they either earn a 3.0 grade point average in high school or score a 21 on their ACT college entrance exam.

– The Associated Press

Job Fair at Central Library to be Held Tuesday

The Benjamin L. Hooks Central Library at 3030 Poplar Ave. is holding a JobLinc Career and Information Fair on Tuesday, July 17.

Several workshops will be held at the fair providing job readiness seminars, one-on-one assistance in conducting job searches, listings of available jobs, aid in locating training opportunities, and community information and referral. Typical services include handouts on interviews, resumes, and cover letters, job readiness materials, and local job listings.

The fair will be held in the Library’s Meeting Rooms A, B and C, and the Gallery Area from 10 a.m. to 3 p.m. Professional attire is mandatory.

– Andy Meek

Govt. to Supervise Credit Reporting

For the first time, companies that issue credit scores for millions of consumers, which determine their credit-worthiness will be under government oversight.

The Consumer Financial Protection Bureau will supervise roughly 30 firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.

Director Richard Cordray said Monday, July 16, that given the huge impact on consumers’ lives, it is important to ensure that the credit market is working properly.

There have been thousands of complaints about the ratings bureaus by consumers who say they can’t correct what they say is inaccurate information contained within credit reports.

The protection bureau will start regulating the industry in October.

– The Associated Press

Orion Federal Credit Union Awards ‘Home Run’ House

Orion Federal Credit Union has announced the second recipient of one of its “Home Run” houses, part of an Orion program that helps Orion members obtain their own home.

Monique Banks was given the keys to her new home on July 9. As part of the program, she’ll rent a home owned by Orion, make regular monthly payments and attend a financial education course administered by the credit union. After two years of renting the property, Orion will sell the house to Banks at a cost below the tax-appraised value and apply her rent as a down payment on her mortgage.

– Andy Meek

College of Optometry to Host Infant Eye Health Event

Southern College of Optometry on July 25 will host a community event to educate the public about the importance of infant eye and health and the InfantSEE Program, a public health program designed to ensure that eye and vision care are an integral part of infant wellness.

The event will take place from 9 a.m. to 11 a.m. at Southern College of Optometry,

1245 Madison Ave.

Although 25 percent of children ages 5 through 12 have vision problems, less than one in five infants receive a critical first-year eye assessment. InfantSEE provides no-cost eye and vision assessments to children 6 to 12 months regardless of family income or access to insurance coverage.

Southern College of Optometry’s event will feature a series of presentations on infant eye and vision health to educate the public about infant developmental milestones and the vital role vision plays in learning.

Speakers will include Tom Sullivan, a blind actor, singer, writer and producer; Robin Stevens, parent and family advocate; Glen T. Steele, professor of pediatric optometry at Southern College of Optometry; Pam Schnell, assistant professor at Southern College of Optometry; and Katy Spurlock, director of education and dissemination at The Urban Child Institute.

For more information, call Abbie PeGan at 312-255-6549 or Abbie.PeGan@hkstrategies.com.

– Aisling Maki

Oil Price Rising on Stimulus Hopes

Oil prices climbed for a fourth day on hopes that the Federal Reserve will take additional steps to prop up the economy.

Benchmark U.S. crude on Monday, July 16, added 69 cents to $87.79 per barrel in New York, while Brent crude rose by $1.05 to $102.47 per barrel in London.

The Federal Reserve is considering new moves to boost consumer spending, and analysts are betting Fed Chairman Ben Bernanke will talk about that when he addresses Congress on Tuesday and Wednesday. As consumers spend more and the economy strengthens, demand for oil is likely to rise.

Last month the Fed extended plans to drive down long-term interest rates. Fed officials are still open to taking more aggressive steps to support the economy, though policymakers disagree over whether now is the right time to do that.

At the pump, retail U.S. gasoline prices were relatively flat over the weekend, adding less than a penny from Friday to a national average of $3.396 per gallon, according to AAA, Wright Express and Oil Price Information Service. Gasoline prices have dropped by an average of 54 cents per gallon since topping out close to $4 a gallon in April. They’re also 28 cents per gallon cheaper than the same time last year.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 182 13,079
MORTGAGES 135 267 17,025
FORECLOSURE NOTICES 0 21 3,322
BUILDING PERMITS 0 0 30,564
BANKRUPTCIES 67 133 12,476
BUSINESS LICENSES 23 43 4,532
UTILITY CONNECTIONS 182 328 19,221
MARRIAGE LICENSES 0 35 3,944

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