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VOL. 128 | NO. 139 | Thursday, July 18, 2013

Daily Digest

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Owner Files Loan on Kirby Parkway Center

The owner of the retail strip center at 3275 Kirby Parkway in Hickory Hill has filed a $920,000 loan on the property.

Star-SM Properties LLC filed the Tennessee deed of trust, assignment of rents and leases, security agreement and fixture filing July 11 through Renasant Bank.

Sung Sil Moon signed the trust deed as member of Germantown-based Star-SM Properties, which bought the 19,614-square-foot center in 2003 for $1.7 million from 3275 Kirby Parkway Center LLC.

Built in 1986, the Class C retail property sits on 2.2 acres along the west side of Kirby Parkway south of Knight Arnold Road.

The Shelby County Assessor of Property’s 2013 appraisal is $1 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Council Delays Referendums, Approves Hike in Alarm Fees

Memphis City Council members delayed Tuesday, July 16, several items that would have called for special referendum elections in this off-election year for Memphis voters.

The council delayed final votes to set referendums on civil service changes as well as on a proposed half-percent sales tax hike.

It also delayed a vote on third and final reading of the ordinance prohibiting pension “double dipping” by retired city employees who return to work for the city or a local government entity and continue to collect their pension as they get paid for the new job.

The council approved on third and final reading an ordinance that ups some false alarm fines and fees.

Also approved was $250,000 in funding for traffic signal improvements at Pleasant View Road and Covington Pike as well as $300,000 for engineering and inspection work on a Central Avenue crosswalk funded by the state for the University of Memphis. And $936,400 for road improvements along Fairley Road were approved.

The council approved accepting $1.1 million in state Fast Track grant money for an access road into the site of the Nike plant expansion in Frayser.

With a $3.2 million contract approved between the city and Memphis Light, Gas and Water Division, the next phase of the renovation of the Elvis Presley Boulevard streetscape in Whitehaven will begin. The contract is to locate overhead utility lines underground on the stretch of the state highway from Brooks Road to Winchester Road.

– Bill Dries

Bank of Bartlett Receives High Marks From Banking Magazine

The “ABA Banking Journal,” the American Bankers Association’s monthly magazine, has recognized Bank of Bartlett as among the nation’s top performing banks based on return on equity for 2012.

In the current edition of the magazine, the “ABA Banking Journal” lists the bank as the nation’s second best-performing community bank, with return on average equity at 65.33 percent and assets of $370.4 million.

Since its founding in 1980, Bank of Bartlett has financed the construction of more than 20,000 homes in Shelby County and currently operates eight bank branches in Shelby County.

– Andy Meek

Wunderlich Lists First Horizon as Buy

Wunderlich Securities Inc. has an analyst note out maintaining a buy rating on First Horizon National Corp., the Memphis-based parent company of First Tennessee Bank, and keeping a price target of $13 on the stock.

First Horizon reports second quarter results before the market opens Friday, July 19. In his note, Wunderlich analyst Kevin Reynolds said he expects the banking company to “meet or exceed” the consensus earnings estimate, which is $0.19 for the quarter.

The company’s results for the quarter, he added, “should include modest commercial loan growth, improving asset quality, and continued expense reductions, partially offset by slight (net interest margin) compression.”

– Andy Meek

AFSCME Union Names Tyree Interim Director

Gail Tyree, the assistant director of local 1733 of the American Federation of State, County and Municipal Employees, becomes the interim executive director of the Memphis local effective July 22.

Tyree’s appointment was announced Wednesday, July 17, by union administrator Shelley Seeberg.

Outgoing executive director Chad Johnson is leaving the Memphis local to become California Area Field Services director of the international union.

Johnson had been instrumental in fashioning a still unfolding new model for city sanitation services as the administration of Memphis Mayor A C Wharton Jr. seeks to move to a “pay as you throw” model. The model, which is still an emerging proposal, is one in which city residents would begin to move toward a system in which they pay a solid waste fee based on the amount of waste they leave for the city to pick up.

Tyree has been a regular presence at countywide school board meetings representing union members who were affected by the countywide school board decisions to outsource some transportation services and all custodial services.

The union is one of the big three municipal unions representing the bulk of city employees.

– Bill Dries

Reid-Hooker Road Closed July 24-25

Reid-Hooker Road between Raleigh Lagrange Road and Monterey Road in north Shelby County will be closed to through traffic July 24-25.

County road crews will be repairing a pipe culvert north of Mary Creek Lane.

– Bill Dries

Fed: Growth Improves Moderately Throughout US

A Federal Reserve survey says the U.S. economy grew in most parts of the country from late May through early July, bolstered by the housing recovery, consumers and more factory output.

Eleven of the Fed’s 12 banking districts reported “modest to moderate” growth. The Dallas district reported strong growth for the second straight survey.

Housing construction and home prices improved, while consumer spending increased in most districts, fueled by rising car and truck sales. The housing recovery is also driving more production of lumber, materials and construction equipment.

The report says hiring held steady or increased in most districts. But employers in some districts were reluctant to hire permanent or full-time workers.

– The Associated Press

Officers Step Up Highway Safety Campaign

Law enforcement officials across the state are stepping up a campaign to increase highway safety.

Richard Holt is the Governor’s Highway Safety Office Law Enforcement administrator.

He says law enforcement statewide will be out in force from Thursday, July 18, to Sunday, July 21, and from July 25 to July 28 for the final phase of the More Cops-More Stops campaign to crack down on drivers who are speeding, drunk, distracted or not wearing a seat belt.

In 2011, officials say more than 700 people died in Tennessee traffic crashes.

Twenty-seven percent of the fatalities involved a drunk driver, and 23 percent were speeding-related crashes. Fifty-seven percent of those who died were not wearing their seat belts at the time of the crash.

– The Associated Press

Appeal to Support Gun Law in Mississippi Coming

Mississippi Attorney General Jim Hood says he’ll file an appeal early next week to try to push an open-carry gun measure into law.

A Hinds County circuit judge has put the law on hold, calling it “unconstitutionally vague.” Hood will ask the state Supreme Court to overturn that ruling.

Hood says many law enforcement officers around the state are confused about whether they can arrest someone who’s openly carrying a firearm.

Hood says a Hinds County judge has the power to block a state law from taking effect, because the seat of state government is in Hinds County.

But Hood’s also telling sheriffs and police officers in the other 81 counties they might be wasting their time by arresting people for simply carrying a gun that’s not concealed.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

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