VOL. 128 | NO. 131 | Monday, July 08, 2013
Barnhart Buys Industrial Property for Expansion
Barnhart Crane & Rigging Co. has paid $2.6 million for the industrial property at 2085 W.E. Freeman Drive in the Defense Depot area as part of its local expansion.
The Memphis-based company bought the 153,455-square-foot facility in a June 27 special warranty deed from Varma Family LP.
The board of the Economic Development Growth Engine for Memphis and Shelby County last month approved a nine-year payment-in-lieu-of-tax (PILOT) program for Barnhart.
The company plans to invest $5.2 million in the property, including the addition of a 60,000-square-foot warehouse. The expansion should add 20 jobs, at an average salary of $64,532, and create $838,043 in new tax revenue for the city and county.
The project will bring in $1.27 of new tax revenue for every $1 abated, according to EDGE.
Built in 1990, the Class C industrial building sits on 14.4 acres on the west side of W.E. Freeman Drive north of Memphis Depot Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
Varma Family bought the property in 2011 from The Depot Redevelopment Corp. of Memphis and Shelby County, Tennessee, for $1.1 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
US Adds 195,000 Jobs; Unemployment 7.6 Percent
U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and makes it more likely the Federal Reserve will slow its bond purchases as early as September.
The unemployment rate remained 7.6 percent because more people started looking for jobs – a healthy sign – and some didn’t find them. The government doesn’t count people as unemployed unless they’re looking for work.
The U.S. job market is showing surprising strength and resilience in the face of tax increases, federal spending cuts and economic weakness overseas. Employers have added an average 202,000 jobs for the past six months, up from 180,000 in the previous six.
June’s job gain was fueled by consumer spending and the housing recovery. Hiring was especially strong among retailers, hotels, restaurants, construction companies and financial services firms.
“The numbers that we’re seeing are more sustainable than we thought,” said Paul Edelstein, U.S. economist at IHS Global Insight, a forecasting firm. “We’re seeing better job numbers, the stock market is increasing and home prices are rising.”
Pay also rose sharply last month and is outpacing inflation, the Labor Department’s monthly jobs report Friday showed. Average hourly pay rose 10 cents in June to $24.01. Over the past 12 months, it’s risen 2.2 percent. Over the same period, consumer prices have increased 1.4 percent.
Friday’s report showed the economy added 70,000 more jobs in April and May than the government had previously estimated – 50,000 in April and 20,000 in May.
Further job growth could lower the unemployment rate and help the economy rebound after a weak start this year. If so, the Fed would likely scale back its bond purchases before the year ends.
The Fed has been buying $85 billion worth of Treasury and mortgage bonds a month since late last year. The purchases pushed long-term rates to historic lows, fueled a record-breaking stock market rally and encouraged consumers and businesses to borrow and spend. They’ve also helped support an economy that’s had to absorb federal spending cuts and a Social Security tax increase that’s reduced consumer paychecks this year.
Friday’s report contained one element of concern: Many of the job gains were in generally lower-paying industries, a trend that emerged earlier this year. The hotels, restaurants and entertainment industry added 75,000 jobs in June. This industry has added an average of 55,000 jobs a month this year, nearly double its 30,000 average in 2012. Retailers added 37,000. Temporary jobs rose 10,000.
The health care industry added 20,000 and construction 13,000. But manufacturing shed 6,000.
Many of the new jobs were part time. The number of Americans who said they were working part time but would prefer full-time work jumped 322,000 to 8.2 million – the most in eight months.
Last month’s job growth came solely from the private sector, particularly services firms. Government jobs fell 7,000, mostly at the federal level. The federal government has shed 65,000 jobs in the past 12 months. Some of that decline likely reflects the federal budget cuts that kicked in March 1.
– The Associated Press
Arlington, Lakeland September Ballots Set
Lakeland has a three-way race for mayor in September, and the three incumbent aldermen seeking re-election in Arlington each have opposition, also in September.
The Shelby County Election Commission has set the ballot for the Sept. 19 non-partisan elections in the two suburban communities.
In Lakeland, incumbent mayor Scott Carmichael faces a challenge from former mayor Jim Bomprezzi and Shelby County Commissioner Wyatt Bunker.
Voters in Lakeland will also elect two commissioners from a field of five contenders – Donald O. Barber, Sherrie Gallick, Clark W. Plunk, Cecil Tompkins and John Wilkerson. Each voter votes for two candidates in the group.
In the three races for Arlington aldermen, Position 4 incumbent Oscar Brooks Sr. is being challenged by Brian Groves, who ran for Arlington mayor in 2011.
Position 5 incumbent Harry McKee has a challenger in Joshua Fox.
And Larry M. Harmon Jr. is challenging Position 6 incumbent Brian Thompson.
Early voting in advance of the Sept. 19 election day in each city is Aug. 30 to Sept. 14.
– Bill Dries
St. Jude Awarded Nearly $450,000 Grant
St. Jude Children’s Research Hospital has picked up a $437,500 grant.
The funding comes from the National Eye Institute, part of the National Institutes of Health. It was announced by U.S. Rep. Steve Cohen, D-Memphis, who said the money will help doctors and scientists at St. Jude better understand one of the most basic human senses.
According to Cohen’s office, the funding will be used for a project researching the epigenetic reprogramming of retinal neurons.
– Andy Meek
MED Adds Healy-Collier, Colley to Leadership Team
The Regional Medical Center at Memphis has added two new employees to its leadership team.
Kathleen Healy-Collier has been hired as vice president of business line operations.
Healy-Collier joins The MED after holding various executive leadership roles at Le Bonheur Children’s Hospital.
She holds a doctorate in health administration from the Medical University of South Carolina, a master’s degree in health administration from the University of Memphis and a bachelor’s degree from Saint Louis University.
And Sarah Colley has joined The MED as senior vice president of human resources. In her new role, Colley is responsible for personnel, recruitment, labor relations, training and development and occupational health.
Colley joins The MED after working in human resources leadership positions for nearly a decade at health systems in Little Rock, Ark.
Colley earned her undergraduate degree from Guilford College in Greensboro, N.C., a Juris Doctorate from the University of Arkansas School of Law and a master’s degree in health administration from Webster University in Little Rock.
– Jennifer Johnson Backer
Zellner Construction Honored for MATA Facility
Memphis-based Zellner Construction received an award for the Memphis Area Transit Authority airport facility the company built.
Zellner was awarded the American Institute of Architects Gulf States Honor Citation for the project at the corner of Brooks and Airways near Memphis International Airport. The $15.8 million, 30,000-square-foot MATA station houses MATA and Greyhound Lines.
The terminal, which was built with steel and aluminum and incorporated recycled materials, has previously won LEED Silver Certification and a 2012 AIA Tennessee Award.
– Amos Maki