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VOL. 128 | NO. 141 | Monday, July 22, 2013

Daily Digest

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Presidents Island Property Sells for $1.1 Million

CHS Inc., an Inver Grove Heights, Minn.-based agribusiness, has paid $1.1 million for 18.5 acres at 2269 Channel Ave. on Presidents Island.

The company bought the property – which includes water access and a 7,668-square-foot manufacturing mill – in a July 15 special warranty deed from Holcim (U.S.) Inc. No financing was associated with the transaction.

The Waltham, Mass., seller had acquired the property in a 2004 quitclaim deed from Trimcim LLC.

Built in 1961, the property’s structure has an appraised value of $798,100, according to the Shelby County Assessor of Property.

CHS operates a nearby Presidents Island property at 2226 Channel Ave.

According to its website, the company is “owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations.”

Source: The Daily News Online & Chandler Reports

– Daily News staff

Parman Energy to Open First Memphis Location

Parman Energy said Friday, July 19, it will open its first Memphis location.

The Nashville-based energy company has been supplying the West Tennessee market with lubrication and fuel solutions for years but without a dedicated team headquartered locally.

“Our most recent expansion is centered on providing our Memphis-based customers with more effective and timely access to fuel, lubricant and DEF supplies and equipment,” Chris Bridgford, Parman Energy director of fuels, said in a statement.

Bridgeford said the Memphis-based service team will reduce customer turnaround time and give the company a bigger presence in West Tennessee.

– Jennifer Johnson Backer

Parking Meters Slated for Downtown in Fall

New parking meters in the Downtown and Medical Center districts should be up and running sometime in the fall, according to city engineer John Cameron.

The new meters will be able to take credit cards and coins with one payment kiosk for a line of on-street parking spaces once the Memphis City Council changes the city ordinance.

The current ordinance specifies coin-operated, single-space machines. The council should have approved the ordinance changing that by fall, with installation taking approximately two months by Cameron’s estimate.

By third and final reading in August, the draft ordinance will include the rates for parking and some new extended hours for paying to park on the street in metered spots.

Cameron told the council this week that the city also has a pending lease purchase agreement with Parkeon, the Moorestown, N.J.-based company that would lease the city the new technology.

Over the five year lease agreement that is still tentative and which the council must approve, the city would pay Parkeon $27,800 a month from the revenues the city expects to make from the new meters at the new rates that allow parking for more than an hour and extended hours.

The city would own the equipment at the end of the five-year period.

– Bill Dries

International Paper Finalizes Temple-Inland Sale

Memphis-based International Paper Co. announced Friday, July 19, it has finalized the sale of the building products division of Temple-Inland to Georgia-Pacific Building Products LLC for $710 million in cash.

International Paper acquired Temple-Inland of Austin, Texas, in the summer of 2012 and by December announced its intent to sell the building products division.

The assets involved are five solid wood mills, four particleboard plants, two fiberboard plants and four gypsum wallboard plants.

– Bill Dries

Survey: Local Homeowners Paid $100,000 for Houses

Homeowners in the Memphis area – including portions of Mississippi and Arkansas – paid a median of $100,000 for their homes, according to a 2011 American Housing Survey profile released this week.

The median purchase price of homes constructed in the past four years was higher at $185,000. Nationally, homeowners paid $110,000 overall and $235,000 for new construction.

There was no statistically significant difference between the national and Memphis median purchase price of homes constructed in the last four years.

The statistics come from the American Housing Survey, which is sponsored by the U.S. Department of Housing and Urban Development and conducted by the U.S. Census Bureau.

– Amos Maki

Wealth Management Firm Kelman-Lazarov Adds Staff

Wealth management firm Kelman-Lazarov Inc. has some new faces.

Jacob Samuels joined the firm in April. He has been helping prepare client reviews, provide general research and support, and improve technology utilization.

Kelman-Lazarov also has a new intern for the summer. Monte Eiseman is a senior at the University of Miami with a major in finance who came home for the summer, and his responsibilities include helping with data entry, client management and running portfolio reports.

Tavenor Cooke is an intern who joined earlier this year and will continue into the fall. This summer, his main project has been updating the firm’s client databases.

– Andy Meek

Tennessee Agritourism Visitors Spent More Than $34 Million in 2012

A new study of the state’s agritourism industry estimates that its economic impact in Tennessee more than doubled between 2006 and 2012.

Researchers with the University of Tennessee Institute of Agriculture estimate visitors to Tennessee agritourism operations in 2012 spent more than $34.4 million directly and more than $54.2 million total.

Those estimates are based on survey responses from 171 Tennessee agritourism farms. The 110 agritourism operators who reported visitor numbers on the survey estimated they hosted more than 1.75 million people on their farms in 2012.

The most common types of activities and attractions were on-farm retail markets, school field trips, event hosting, pick-your-own product operations, wagon rides and farm tours.

More information is available on the website of the UT Center for Profitable Agriculture at ag.tennessee.edu/cpa.

– The Associated Press

Humana to Sell Policies in Unserved Mississippi Counties

Humana says it will cover the 36 Mississippi counties that had been left uncovered on the new federal online marketplace when it starts enrolling customers in October.

The move means consumers in all counties will be able to buy health insurance through the online exchange. Coverage under those policies begins Jan. 1.

Until Friday, insurers had announced plans to only cover 46 of the state’s 82 counties. Of states where insurers had been announced for exchanges, Mississippi had been the only one with areas that no insurer had filed to serve.

Humana, based in Louisville, Ky., had said it would cover people in four urban Mississippi counties – Hinds, Madison, Rankin and DeSoto.

Magnolia Health Plan, a unit of St. Louis-based Centene Corp., has said it will serve 46 counties.

– The Associated Press

Arkansas Unemployment Unchanged at 7.3 Percent

Arkansas’ unemployment rate for June remained unchanged from the month before at 7.3 percent.

The Department of Workforce Services said Friday that there was a slight decline in the number of employed people but not enough to move from the 7.3 percent figure.

The national unemployment rate also remained steady for the month at 7.6 percent.

A year ago, the Arkansas unemployment rate was also 7.3 percent, though the national rate for June 2012 was 8.2 percent.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 54 266 12,031
MORTGAGES 111 406 15,756
FORECLOSURE NOTICES 18 98 3,121
BUILDING PERMITS 0 606 28,832
BANKRUPTCIES 73 364 11,671
BUSINESS LICENSES 17 119 4,274
UTILITY CONNECTIONS 121 549 17,732
MARRIAGE LICENSES 23 104 3,668

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