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VOL. 127 | NO. 233 | Thursday, November 29, 2012

Daily Digest

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MED Buys East Memphis Land for $3.4 Million

The Regional Medical Center at Memphis has closed on its $3.4 million purchase of two parcels totaling 54.5 acres of land at Quince Road and Tenn. 385 in East Memphis.

Operating in the transaction as Regional Med Properties LLC, the MED on Nov. 16 paid $3.4 million for 29.5 acres between Quince and 385 from KG Land LLC.

It also paid $50,000 for 25-acre parcel on the other side of Tenn. 385 from Walter D. Wills III, who is affiliated with KG Land.

The MED board approved the purchase in October to build an outpatient hospital on the land.

The 29.5-acre site is immediately west of the Quince Centre office building at the corner of Quince and Kirby roads, with Tenn. 385 along its south border. It has a 2012 appraised value of $3.4 million, according to the Shelby County Assessor of Property.

The 25-acre site across Tenn. 385 runs between it and Mount Moriah Road Extended. Its 2012 appraisal is $12,500.

No financing was associated with either purchase.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Helps Sandy Victims With Food Bank Donations

FedEx Office is helping the victims of Superstorm Sandy by donating $1 to New York and New Jersey food banks for each Pack and Ship transaction through Dec. 2.

According to the company, each dollar donated will provide five warm meals through the Food Bank For New York City or $10 worth of groceries through the Community Food Bank of New Jersey.

Brian Philips is president and CEO of FedEx Office. He said the company has been supporting the two food banks for years and is eager to provide this additional aid while the demand for their services is so high.

The company will donate up to $50,000 through the Pack and Ship promotion.

– The Associated Press

Countywide School Board Discusses School Closings

Countywide school board members meet Thursday, Nov. 29, at 4 p.m. in special session to discuss closing under-utilized schools.

The special meeting at the Teaching and Learning Academy at Union Avenue and Hollywood Street is the latest by the board to consider recommendations on the coming schools merger from the consolidation planning commission.

The planning commission recommended closing 21 schools in the western part of Memphis.

But on Monday, Memphis City Schools superintendent Kriner Cash said he would propose considering the closing of five elementary schools and converting Humes Middle School to a charter school that would be part of the state-run Achievement School District. Cash’s plan would include “impact studies” by school system staff and public hearings in the affected communities.

– Bill Dries

Brentwood Funeral Services Buys Kimbro Funeral Home

Brentwood Funeral Services, a Memphis-based holding company with funeral homes and cemeteries in Mississippi and Tennessee, has bought Kimbro Funeral Home of Marks, Miss.

The acquisition announced Tuesday, Nov. 27, makes Brentwood the fourth-largest funeral provider in the Mid-South.

Kimbro had been family owned and operated since the 1930s.

Brentwood is owned by former Shelby County Commissioner and Memphis City Council member Brent Taylor and his wife, Kimberly.

Brentwood owns six funeral homes and one cemetery.

– Bill Dries

Palm Beach Tan to Make $86K Donation to St. Jude

Palm Beach Tan Inc., the nationwide chain of indoor tanning salons, has raised more than $86,000 that will be donated to St. Jude Children’s Research Hospital.

During October, local Palm Beach Tan salons joined 286 Palm Beach Tan locations across 26 states encouraging members to make a donation to St. Jude. Palm Beach Tan salons joined other retailers nationwide in St. Jude’s annual “Pin Up a Pumpkin for St. Jude” fundraiser, in which customers donated a dollar to pin a paper pumpkin to the wall of the store with their name displayed.

Palm Beach Tan set a goal of raising $50,000 for the month. But by the time the contest ended Oct. 31, the company had raised a total of $86,031.00 to support St. Jude.

– Andy Meek

Firefighters Association Supports Cancer Foundation

The Memphis Firefighters Association IAFF Local 1784, in conjunction with Pink Heals Memphis/Mid-South, will present a check to Wings Cancer Foundation at the West Clinic, 100 N. Humphreys Blvd., on Wednesday, Dec. 5, at 10:45 a.m.

The Memphis Firefighters Association and Pink Heals are donating proceeds from their “pink T-shirt” sales to Wings’ for their support programs in the fight against cancer.

Many of the Memphis Fire Fighters Association’s own members have dealt with family members who have been diagnosed with various forms of cancer. Their commitment to the citizenry of Memphis is to support them on and off-duty.

Pink Heals Memphis/Mid-South is a group of firefighters whose purpose is to raise awareness and money for the fight against cancer for women. They drive a pink fire truck, dress in pink turnouts (fire suits) and spread their awareness program that supports all women and their fight against cancer.

Wings Cancer Foundation’s mission is to provide hope, education, research and support at no charge to anyone touched by cancer. Wings was founded to address the emotional and psychological needs of cancer patients and their families.

– Sarah Baker

'Fiscal Cliff' Worries Pressure Oil Prices

The price of oil is lower as traders look for signs of progress in negotiations over U.S. budget issues.

Benchmark oil dropped 88 cents, or 1 percent, to $86.31 per barrel in New York.

Oil has traded in a narrow range this month as cautious investors await the outcome of budget talks in Washington. Without an agreement, huge tax hikes and spending cuts will take effect Jan. 1 that economists say could push the U.S. into a recession. And would mean less demand for oil and other energy products.

“As long as our legislators keep tossing a whole lot of uncertainty at us, these fixed asset classes such as oil are more apt to drop than increase,” oil analyst Jim Ritterbusch said.

At the pump, the price of gasoline was flat overnight at $3.415 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That’s about 13 cents less than a month ago but still 12 cents more than a year ago.

Brent crude, which is used to price many international varieties of oil, fell 91 cents to $108.96 a barrel on London’s ICE Futures exchange.

In other energy futures trading on the New York Mercantile Exchange heating oil fell 2 cents to $3 per gallon; wholesale gasoline fell 3 cents to $2.66 per gallon; and natural gas fell 13 cents, or 3.3 percent, to $3.76 per 1,000 cubic feet.

– The Associated Press

Unemployment Rates Fall in Half of Large US Cities

Unemployment rates declined last month in more than half of the 372 largest U.S. cities, further evidence of steady improvement in the job market.

The Labor Department said Wednesday that rates fell in 201 metro areas. They rose in 116 and were unchanged in 55. And the number of cities with unemployment below 7 percent rose to 180 last month, up from 107 a year ago.

Nationwide, the unemployment rate ticked up to 7.9 percent from 7.8 percent in September. That was mostly because more Americans began searching for work but not all found jobs. Employers added 171,000 jobs in October and the previous two months were revised higher.

Unlike the national data, the metro unemployment rates are not adjusted for seasonal trends, such as the hiring of many part-time retail employees for the winter holidays. So they tend to be more volatile from month to month.

The number of areas with sharply higher unemployment is declining. Thirty-five metro areas had unemployment rates of 10 percent or above last month. That’s the same as the previous month but down from 80 a year ago.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 67 156 11,921
MORTGAGES 77 227 15,577
FORECLOSURE NOTICES 15 57 3,080
BUILDING PERMITS 222 606 28,832
BANKRUPTCIES 82 210 11,517
BUSINESS LICENSES 23 73 4,228
UTILITY CONNECTIONS 87 339 17,522
MARRIAGE LICENSES 18 61 3,625

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