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VOL. 128 | NO. 235 | Tuesday, December 03, 2013

Daily Digest

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Cordova Industrial Owner Files $1 Million Loan

The owner of three warehouses in the Trinity Creek Industrial subdivision in Cordova has filed a $1 million loan on the properties.

The Class B industrial properties, all built in 2006, are 556 Trinity Creek Cove, 564 Trinity Creek Cove and 568 Trinity Creek Cove. They sit along the east side of Trinity Creek Cove south of Trinity Road.

Cobb 64 Investments LLC, the buildings’ developer, filed the deed of trust Nov. 13 through First Citizens National Bank. Nanni K. Pidikti and Deynath Pidikti signed the trust deed as chief manager and member, respectively, of Cobb 64 Investments.

The 5,000-square-foot warehouse at 556 Trinity Creek Cove sits on 0.8 acres and has a 2013 appraisal of $268,300, according to the Shelby County Assessor of Property.

The 6,000-square-foot warehouse at 564 Trinity Creek Cove sits on 0.4 acres and has an appraised value of $335,900. And the 6,500-square-foot warehouse at 568 Trinity Creek Cove sits on 0.6 acres and has an appraised value of $389,400.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Delta Flight Cuts Take Effect Tuesday

With the Thanksgiving travel days now past, Delta Air Lines is following through with further cuts in air service at Memphis International Airport, reducing its number of flights to approximately 40 a day.

The 24 daily flight cuts, which begin Tuesday, Dec. 3, were announced by the Atlanta-based air carrier in October. With it, Delta executives also announced the first job cuts at its Memphis airline operations since it dehubbed Memphis International Airport earlier this year. The 126 jobs included closing a flight attendant center at Memphis.

The Delta cuts over the past two years have been so significant that origin and destination air traffic, not connecting flights, now comprise the majority of flights into and out of Memphis. Before the Northwest Airlines-Delta Air Lines merger in 2008 and in the early years of the merger, the majority of passenger traffic was connecting flights.

– Bill Dries

Terminix Hosts Job Fair Tuesday

Memphis-based Terminix will hold a job fair Tuesday, Dec. 3, at its 6399 Shelby View Drive location to fill 100 customer service and sales positions.

The company, which is among the brands under the ServiceMaster umbrella of commercial and residential service providers, plans to fill the positions by the end of January.

The job fair is from 11 a.m. to 1 p.m., and applicants should bring a resume. They can also apply online at jobs.servicemaster.com and find more information about the company at terminix.com.

– Bill Dries

Flight Wins OpenTable Diners’ Choice Award

Flight Restaurant and Wine Bar has been named a winner of OpenTable Diners’ Choice Awards for the top 100 restaurants in the United States that specialize in American cuisine.

Based on feedback collected from OpenTable diners between Nov. 1, 2012, and October 2013, the 100 award-winning restaurants received the highest scores.

Flight Restaurant and Wine Bar is at 39 S. Main St.

– Andy Meek

Overton Square to Hold ‘Sugar Plum Shindig’ Friday

The holiday spirit returns to Overton Square with the first Sugar Plum Shindig Friday, Dec. 6, from 5:30 p.m. to 10 p.m.

Loeb Properties will turn the newly built Tower Courtyard into a winter wonderland, complete with a holiday tree-lighting, carolers and more.

Sweet Noshings will have hot cocoa and other treats for children, and Bar Louie will serve specialty drinks to keep the adults warm. Milk and cookies will be on hand and more adventurous eaters can take part in a hot pepper relish-eating contest, both courtesy of Lenny’s Sub Shop.

Lasting Expressions will be on site to take photos with Santa, and each visitor will receive a free photo as a souvenir. Interactive craft opportunities will be available, sponsored by Sew Memphis and Chem-Dry of Shelby County.

“Random acts of yoga” will be performed by Delta Groove Yoga. Hot green tea, cider and free class giveaways will be offered by the Bikram Yoga.

Cardio Barre’s “Dancing Sugar Plum Fairies” will be there, along with DJ Funn, Playhouse on the Square and the Saint Mary’s School concert choir.

There will be plenty of shopping opportunities at the Sugar Plum Shindig, with pop-up shops by The Attic Women’s and Men’s Apparel and several local artists.

And if you’re stressed from shopping or just want to relax, Gould’s on the Square will be onsite offering holiday stress relief chair massages.

– Amos Maki

Five Memphis Artists Win ArtsMemphis Grants

Five Memphis-area artists will be the first recipients of ArtsAccelerator grants, created earlier this year by ArtsMemphis to help individual working artists in the field of visual arts.

The winners are Ben Butler, Mary Jo Karimnia, Susan Maakestad, Brandon Marshall, and Terri Phillips. Each artist will receive a $3,000 ArtsAccelerator grant, and all projects will be completed by August 2014.

ArtsAccelerator grants are designed as incentive grants for the visual arts to help local artists offset expenses.

– Andy Meek

Arkansas Finance Officials Release Revenue Forecast

Arkansas finance officials are releasing the general revenue forecast for the coming fiscal year ahead of next year’s legislative session.

The Legislature convenes in February for a session devoted to the state’s budget. On Monday, the Department of Finance and Administration released its official general revenue forecast for the coming fiscal year, along with an update for the current fiscal year.

The agency says net available revenues in the 2015 fiscal year are expected to increase by about 2 percent compared to the forecast for the current fiscal year, which ends June 30. The agency also revised its forecast for the current fiscal year down .3 percent compared to its previous forecast.

Gov. Mike Beebe said Monday that the latest numbers reflect slow growth.

– The Associated Press

US Construction Spending Up 0.8 Percent in October

U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government projects. But spending on home construction and commercial projects both fell.

Overall construction spending increased 0.8 percent in October to a seasonally adjusted annual rate of $908.4 billion, the Labor Department said Monday. That’s up from September, when spending fell 0.3 percent.

The October pace was the best since May 2009 and was driven by a 3.9 percent surge in public spending. Federal spending increased 10.9 percent, suggesting the 16-day partial government shutdown had little impact on public projects.

Spending on state and local government construction also rose. One troubling sign: Home construction fell 0.6 percent in October from September, dragged lower by a drop in single-family homes.

But spending on home construction has surged 17.8 percent in the past 12 months, the fastest year-over-year pace since the peak of the 2008 financial crisis. And a recent jump in permits to build apartments indicates that will continue.

Deutsche Bank chief U.S. economist Joseph Lavorgna said that spending on single-family houses should rebound given plans by homebuilders to ramp up construction.

“The recent dip should reverse course given the ongoing improvement in permits for new construction,” Lavorgna said in a client note.

Nonresidential spending fell 0.5 percent in October from September, lowered by declines in the building of private power plants, communication facilities and amusement parks and recreation centers. Construction of office buildings, hotels and private schools all increased.

The decline in home construction in October may prove temporary. Permits issued to build apartments increased in October at their fastest pace in more than five years. But permits for single-family home construction rose only slightly and were at the same pace as in May.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 79 146 10,368
MORTGAGES 95 202 13,529
FORECLOSURE NOTICES 19 43 2,687
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 122 10,014
BUSINESS LICENSES 21 37 3,773
UTILITY CONNECTIONS 99 248 14,805
MARRIAGE LICENSES 27 58 3,225

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