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VOL. 127 | NO. 58 | Friday, March 23, 2012

Daily Digest

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MC Ionic Continues Work on HQ, Plant

MC Ionic Solutions US Inc., a subsidiary of Mitsubishi Chemical Corp. that will produce an electrolyte solution used in lithium-ion batteries, is moving ahead with its North Memphis headquarters and production plant.

An $8.2 million building permit application has been filed with the city-county Office of Construction Code Enforcement for a solvent feed at the facility, 2665 Fite Road. The scope includes site work, structure modifications and fire and electrical work, according to the application.

Cordova-based Smith-Doyle Contractors Inc. is listed as the general contractor.

Formed last year, MCIS US was awarded a 14-year payment-in-lieu-of-taxes (PILOT) agreement by the city-county Industrial Development Board for the Memphis plant – the company’s first.

The PILOT recommendation states the facility, set to be built on land leased from Lucite International, will create 52 jobs with an average wage of more than $69,000 without benefits.

Real property improvements by MCIS US would total $12 million, and personal property improvements would total $50 million.

MCIS US requested – and the IDB approved – two, four-year ramp-up periods before the PILOT begins. The terms of the first ramp-up period, which runs through the end of 2015, require that MCIS US create 27 jobs with an average base wage of $72,000 and a capital investment of $31 million: $6 million in real property improvements and $25 million in personal property improvements. If MCIS US fails to reach those requirements, the PILOT lease will be re-evaluated.

In July, the company filed a permit application for $1.3 million to cover structural work on a pipe bridge and truck unloading area.

Lithium-ion batteries are used in many devices, such as computers and cellphones. The electrolyte solution produced at the Memphis facility will be for electric vehicle batteries, according to the IDB.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Monmouth REIT Acquires Anda's Olive Branch Site

Monmouth Real Estate Investment Corp. has acquired the 234,660-square-foot Crossroads Distribution Center in Olive Branch for $16.2 million.

The property is net-leased for 10 years to Anda Pharmaceuticals Inc., a distribution division of Watson Pharmaceuticals Inc. Weston, Fla.-based Anda is the fourth-largest U.S. distributor of generic pharmaceuticals.

The LEED-qualified building, situated on 12.3 acres at 8644 Polk Lane, is a built-to-suit construction project by Atlanta-based Industrial Developments International.

The project – which will create about 70 jobs – represents a $23 million investment by Anda and is projected to be operational by the second quarter.

“This brand new, Class A industrial building is well located at a new industrial park and is part of the Memphis market,” Monmouth chief operating officer said in a statement.

“Anda moved to this new built-to-suit facility to be near one of Monmouth’s FedEx buildings that specializes in critical supply chain services. This makes this acquisition an excellent and natural fit for our portfolio. We anticipate that this will be the first of many acquisitions with IDI.”

Freehold, N.J.-based Monmouth is a publicly owned real estate investment trust specializing in net-leased industrial properties subject to long-term leases primarily to investment-grade tenants. The company’s portfolio consists of 69 industrial properties across 25 states as well as a portfolio of REIT securities.

– Sarah Baker

EDGE Board Approves Tax Freeze, Loan Fund

Economic development officials have granted a five-year tax freeze to an expanding importer and wholesale distributor of safety products to industrial distributors and retailers.

The Memphis-Shelby County Economic Development Growth Engine board granted the payment-in-lieu-of-taxes benefit to International Sourcing Co. Inc., which has plans to acquire and renovate a larger facility. In the process, the company plans to create 20 jobs and invest $1.9 million to expand and consolidate its warehouse facilities.

In other news, the EDGE board approved an arrangement with the National Development Council, which bills itself as the oldest national nonprofit community development group in the country.

The NDC is going to provide basic consulting to the EDGE entity and help it form a loan fund that will be used to support small- and medium-sized business developments.

The board is chipping in $500,000 of its local money that the NDC will leverage to provide more than $3 million to businesses.

– Andy Meek

Center City Board Grants Incentives

A new loft-style apartment development, a retail renovation and a new clothing store all got a helping hand from a Downtown development board this week.

The Center City Development Corp. approved an $85,000 development loan for what will be a roughly $3.2 million mixed-use development Downtown called Printer’s Alley Lofts that will be anchored by loft-style apartments. It’s in the works for the northwest corner of Front Street and Talbot Avenue.

The CCDC also approved a $66,000 development loan to help spur the renovation of the A. Schwab store on Beale Street, which was purchased in December by a group of investors led by Terry Saunders and other Saunders family members of Piggly Wiggly heritage.

About $2.4 million in renovations are planned there.

The CCDC also approved a façade grant covering expenses of up to $6,922 for Life is Good, a retailer that designs, prints, embroiders and distributes clothing and accessories.

Life is Good is operating at 100 Peabody Place.

– Andy Meek

Animal Services Staff to be Trained in Handling

The Humane Society of Memphis & Shelby County has teamed up with Memphis Animal Services to train city workers in animal handling and the law.

MAS’ animals care technicians are working with Whitney Jones, animal care manager with the humane society, on handling techniques including positive animal interaction, appropriate use of catchpoles and others humane ways to work with dogs and cats.

Jones, a certified dog trainer and veterinary technician, has 13 years of experience in animal care.

City Court Judge Tarik Sugarmon has spoken with MAS animal control officers about the law and their role in the justice system enforcing animal cruelty and nuisance laws and regulations about animal vaccinations and licenses.

The sessions are part of a comprehensive review of the city shelter’s employee training.

– Aisling Maki

Rhodes to Host Mock Trial Opener

Rhodes College will serve as one of eight opening round hosts for the American Mock Trial Association National Championship Tournament to be held Friday through Sunday, March 23-25.

More than 200 students representing 24 teams will attend the tournament, including teams from Rhodes, Northwestern University, Vanderbilt University, the University of Texas at Austin, the University of Washington and the University of Georgia.

All rounds will take place in the Shelby County Court House and will be scored by local judges and attorneys.

– Taylor Shoptaw

Peabody Hotel Announces 2012 Rooftop Party Season

The Peabody hotel’s 2012 Rooftop Party season kicks off April 19.

Memphis’ own FreeSol will headline the season opener that will be part musical showcase and part meet-and-greet with “The X Factor USA” finalist Chris Rene.

The entertainment line-up through the end of May also includes Dr. Zarr’s Amazing Funk Monster, Party Planet, Kevin & Bethany Paige, Lord T & Eloise, G3: The Garry Goin Group and Mudflap King. Details for June through August have not yet been released.

The rooftop parties run from 6 p.m. to 11 p.m. Thursdays from April 19 to Aug. 16.

– Andy Meek

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