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VOL. 128 | NO. 79 | Tuesday, April 23, 2013

Daily Digest

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Windsor Points Finances 53 Wesley Forest Lots

Windsor Pointe 2011 LP, the Diamondhead, Miss.-based partnership that bought 53 lots in Wesley Forest Subdivision in November, has financed the property for $4.5 million.

Windsor Pointe filed the commercial trust deed, security agreement, and assignment of rents and profits through Stearns Bank on April 11. Gary R. Gibbs signed the deed, which matures Oct. 11, 2014, as chief manager of Windsor Pointe.

The partnership bought the lots from Southland Development Partners of Memphis for $1.1 million on Nov. 15. The sale included all but 12 lots in the 18.35-acre subdivision that sits along the west side of Neely Road, north of East Raines Road, in Westwood’s 38109 ZIP code.

Most of the lots have a 2013 appraised value of $15,000 each, unchanged from their 2012 appraisal, according to the Shelby County Assessor of Property.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Ubiquiti Networks Hires its First Marketing Chief

The next-generation communications technology company led by Memphis Grizzlies owner Robert Pera has hired its first chief marketing officer.

David Hsieh will be responsible for leading Ubiquiti’s corporate marketing strategy and managing corporate communications. He has 25 years of technology industry marketing experience, most recently serving as vice president of marketing for video and emerging technologies at Cisco Systems Inc.

At Cisco he was responsible for marketing the company’s video portfolio to enterprises, service providers and growing emerging technology businesses across several market segments.

– Andy Meek

Downtown Car Share Service to Launch This Week

The city’s first car sharing service has its launch Thursday, April 25, in Court Square.

The Downtown Memphis Commission has a partnership with Zipcar, a brand of Avis Budget Group Inc., for the four cars available in the Downtown area.

With a Zipcard, subscribers can reserve the cars for a certain period of time. The idea is to use them for short-term transportation and then return them for the next booked subscriber.

Memphis is the 18th city in North America to have Zipcars.

The Memphis City Council designated four free parking spaces Downtown earlier this year for the Zipcars.

The Thursday launch of the service begins at 10:30 a.m.

– Bill Dries

White House: Obama Backs Internet Sales Tax Bill

The White House says President Barack Obama supports a bill to give states more authority to collect sales tax from Internet retailers.

White House spokesman Jay Carney says the Senate bill would level the playing field for small businesses and brick-and-mortar retailers that are undercut by online companies.

Carney says that governors and mayors have overwhelmingly told the White House the bill is needed. He says states are losing out on revenue that could go to education, law enforcement, infrastructure investments and health care.

Under current law, states collect sales tax from companies that have a physical presence in their state. The Senate bill would expand that to include sales to people in other states.

– The Associated Press

Delta Regional Authority: $1 Million for Grant Applicants

The Delta Regional Authority is sweetening the pot for cross-state applications for federal grants to strengthen training partnerships between community colleges and employers.

Acting U.S. Labor Secretary Seth Harris said Friday that $474.5 million is available nationwide under the third round of the Trade Adjustment Assistance Community College and Career Training grants program.

The Delta Regional Authority is making up to $1 million available for applications from consortiums that cross state lines in its service area – Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri and Tennessee.

Officials want work-based training so students learn the skills employers need. They also want colleges to better track graduates’ employment and earnings.

– The Associated Press

Pilot Flying J Owner Signals 'Significant' Response to FBI Raid

Cleveland Browns owner Jimmy Haslam is preparing to announce a “significant” response to the FBI’s allegations of fraudulent business dealings at his family’s truck stop chain, Pilot Flying J.

FBI and Internal Revenue Service agents last week raided the Knoxville headquarters of the country’s largest diesel retailer. An affidavit filed in federal court alleges a widespread scheme to defraud customers.

Haslam, the privately held company’s CEO and brother of Tennessee Gov. Bill Haslam, has denied any wrongdoing and dismissed suggestions he step aside from running Pilot or the Browns while the investigation is underway.

Secretly recorded conversations among the sales team said Haslam was aware of at least some instances of employees withholding rebates from Pilot.

– The Associated Press

US Home Sales Slip as Supply Remains Tight

Sales of previously occupied U.S. homes dipped in March as the supply remained tight. But the sales pace remained ahead of last year’s.

The National Association of Realtors said Monday that sales dipped to a seasonally adjusted annual rate of 4.92 million, from 4.95 million in February. February’s figure was revised lower.

Sales in March were 10.3 percent higher than a year earlier.

Sales have remained mostly unchanged in the past four months – largely, analysts say, because of a limited supply of homes. Economists still expect the housing market to continue recovering this year.

The low supply, combined with rising demand for housing, could accelerate construction in coming months. The Realtors’ group said buyer traffic is 25 percent higher than it was a year ago.

A steady housing recovery is providing support to the economy this year. Builders are starting work on more homes, boosting construction jobs. And home prices are rising. Higher prices tend to make homeowners feel wealthier and encourage more spending.

Still, the pace of purchases of previously occupied homes has been little changed in recent months, partly because of the tight inventory. The supply of available homes has fallen nearly 17 percent in the past year to 1.93 million.

At the current sales pace, that supply would be exhausted in 4.7 months, below the 6 months typical in a healthy market.

The supply rose 1.6 percent from February to March. The Realtors’ group says it expects a much bigger increase in supply this month as the spring selling season began.

A larger supply would suggest that more sellers are putting their homes on the market because they’re confident they can fetch a good price.

The tight supply helps explain why prices have been rising. The median price rose 11.8 percent from February to March to $184,300, the biggest one-month gain since 2005.

– The Associated Press

World Finance Leaders Say Growth Still Weak

While world finance leaders say the global economy has improved slightly this year, they said the outlook for the future was uneven with growth and job creation still too weak.

The policy-setting committee for the 188-nation International Monetary Fund said governments need to act decisively to nurture a lasting recovery and restore the resiliency of the global economy.

But the major economies could not reach a consensus on what policies to follow as they move forward.

“The commodity that is in shortest supply now is confidence,” Tharman Shanmugaratnam, the chairman of the IMF panel and Singapore’s finance minister told reporters. “We need to regenerate optimism and confidence.”

The World Bank announced that its steering committee had approved a proposal to establish the goal of eliminating extreme poverty by 2030. The bank defines this condition as living on less than $1.25 a day. The bank estimates there are 1.2 billion people living in extreme poverty, mainly in sub-Saharan Africa and south Asia.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 254 17,975
MORTGAGES 0 303 23,371
FORECLOSURE NOTICES 0 71 4,589
BUILDING PERMITS 0 340 42,497
BANKRUPTCIES 0 155 16,846
BUSINESS LICENSES 0 49 5,830
UTILITY CONNECTIONS 0 254 25,428
MARRIAGE LICENSES 0 76 5,457

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