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VOL. 128 | NO. 10 | Tuesday, January 15, 2013

Daily Digest

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Firebirds Wood Fired Grill in Bartlett Sells for $2.1 Million

An affiliate of Scottsdale, Ariz.-based STORE Capital has paid $2.1 million for the Firebirds Wood Fired Grill at 8470 U.S. (Highway) 64 in Bartlett.

The entity, STORE Master Funding II LLC, bought the 7,168-square-foot restaurant in a Dec. 28 special warranty deed from DMLD Building Group LLC of Charlotte, N.C.

Built in 1998, the freestanding restaurant sits on the north side of U.S. 64 between North Germantown Parkway and 64’s intersection with Interstate 40 near Wolfchase Galleria.

The Shelby County Assessor of Property’s 2012 appraisal of the restaurant was $2.4 million.

DMLD Building Group bought the restaurant in 2003 for $1.3 million from Don Pablos Operating Corp.

In conjunction with the purchase, STORE Master Funding II filed a $2.3 million deed of trust, assignment of rents and leases, security agreement and fixture filing through Citibank NA.

Michael T. Bennett signed the deed as executive vice president of the buyer, a real estate investment trust whose name stands for Single Tenant Operational Real Estate.

The Bartlett restaurant is one of two Firebirds in the area along with a location at Carriage Crossing in Collierville.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Christian Brothers University Offers New Business Degree

Christian Brothers University is offering a new Master of International Business degree beginning in January 2014.

The degree is designed to prepare graduates for global careers in domestic or foreign business entities and to conduct business on an international basis.

Graduates of the new master’s program will gain an understanding that the future of American business is dependent on the global markets as well as the ability of American businesses to compete with foreign businesses in those global markets.

The MIB is a dual degree program in which graduates will earn a Master of International Business from CBU as well as a Master of International Business from Ramon Llull University in Barcelona, Spain, which is a member of the Association to Advance Collegiate Schools of Business International.

The 12-month program is offered in executive format and geared toward professionals with prior master’s education who want to give their knowledge a more global perspective.

– Andy Meek

Downtown Memphis Among ‘Top ArtPlaces’ in the Country

Downtown Memphis has been identified as the Memphis metropolitan area’s top ArtPlace, which recognizes neighborhoods where the arts are central to creating the kinds of places where people want to be.

These communities have been successful at combining art, artists and venues for creativity and expression with independent businesses, retail shops and restaurants, and a walkable lifestyle to make vibrant neighborhoods.

ArtPlace director Carol Coletta said in a prepared statement that the impact the arts have had on the “vibrancy and economy of Downtown Memphis is unmistakable.”

The list included 45 areas such as Anchorage, Alaska; Atlanta; Austin, Texas; Baltimore; The Bronx, N.Y.; Charlotte, N.C.; Chicago; Dallas; Denver; Detroit; Los Angeles; Miami Beach, Fla.; Milwaukee; Nashville; Philadelphia; Portland, Ore.; St. Louis; Salt Lake City; San Francisco; Seattle; Tampa; Williamsburg, Va.; and Washington.

ArtPlace is an initiative of national and regional foundations, various federal agencies, and major banks to accelerate creative placemaking across the U.S. ArtPlace’s determination of the Top ArtPlaces in the country was based on a set of six indicators identified by Impresa Inc., a Portland-based consulting firm specializing in the study of metropolitan economies.

Four indicators measure ingredients of vibrancy: the number of retail and service businesses; the percentage of independent businesses; the neighborhood’s Walk Score; and the percentage of workers in creative occupations living in the neighborhood. The number of arts-related nonprofits and businesses were also used.

ArtPlace is currently developing measures specific to smaller metropolitan areas and will release America’s Top Small Town ArtPlaces later this year.

– Sarah Baker

State Revenue Department Features Tax Video Series

The Tennessee Revenue Department is featuring a series of videos on its website, www.TN.gov/revenue, on state taxes and the proper filing of returns.

By law many of the returns and payments have to be made electronically.

The first video on the website deals with registration for electronic filing.

Other videos in the series are on how to file a sales tax return and payment electronically as well as a business tax return.

Telephone service from the department remains available from 7 a.m. to 5 p.m. weekdays, except for holidays, at 1-800-342-1003 or 615-253-0600.

– Bill Dries

Education Group Hosts Talk With Haslam, Jeb Bush

A Nashville think tank is hosting a discussion about education reform between Tennessee Gov. Bill Haslam and former Florida Gov. Jeb Bush.

Monday’s event was hosted by the State Collaborative on Reforming Education, or SCORE, which was founded by former U.S. Senate Majority Leader Bill Frist and is run by former state Sen. Jamie Woodson.

The discussion comes as Tennessee lawmakers prepare to decide over proposals to create a state-wide charter authorizer and a school voucher program. Also expected is legislation to create a “parent trigger,” which would empower families with options to turn around a failing school, such as converting it to a charter school.

Haslam has been noncommittal about which proposals he will take a lead on during this year’s legislative session.

– The Associated Press

Court Continues Order Targeting Voter Intimidation

The Supreme Court has turned down an effort by the Republican National Committee to end a 30-year-old court order aimed at preventing intimidation of minority voters.

The justices did not comment Monday in rejecting an appeal of lower court decisions that left the order in place at least until 2017.

The order stems from a lawsuit filed by Democrats in New Jersey in 1981 that objected to a “ballot security” program the RNC ran in minority neighborhoods.

Republicans said the order hampers efforts to combat voter fraud, but U.S. District Judge Dickinson Debevoise said voter intimidation remains a threat and preventing it outweighs the potential danger of fraud.

The court action is unrelated to legal challenges to Republican-inspired voter identification laws in the 2012 campaign.

– The Associated Press

Obama: Debt Ceiling Fight Threatens Social Security

President Barack Obama is urging Congress to increase the debt ceiling, declaring “we’re not a deadbeat nation.” He insists he will not negotiate with Republicans over raising the government’s borrowing authority and says there are no contingency plans to avoid congressional action.

“There are no magic tricks here. There are no loopholes. No easy outs,” Obama told a White House news conference on Monday.

Obama said Congress’ failure to raise the government’s borrowing limit would delay payments of benefits to veterans and Social Security recipients.

He said he is willing to hold talks with Republicans over reducing the government’s deficits. But he says those negotiations should take place separately from action on the debt ceiling.

Even the threat of defaulting on government obligations is hurting the economy, Obama said.

The government has hit its $16.4 trillion borrowing limit and is expected to run out of ways to meet all of its obligations around March 1, perhaps earlier. Republicans want spending cuts in exchange for raising the debt ceiling.

Threatening to not raise the debt ceiling, Obama said, is “absurd.”

Without an increase, the government would not have enough money to pay interest to debt holders and pay for all government programs.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 114 332 10,554
MORTGAGES 119 412 13,739
FORECLOSURE NOTICES 12 80 2,724
BUILDING PERMITS 522 915 25,222
BANKRUPTCIES 80 264 10,156
BUSINESS LICENSES 16 78 3,814
UTILITY CONNECTIONS 92 430 14,987
MARRIAGE LICENSES 15 83 3,250

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