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VOL. 128 | NO. 232 | Wednesday, November 27, 2013

Daily Digest

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Mid-South Food Bank Buys Oakhaven Warehouse

Mid-South Food Bank has paid $3.6 million for the 122,496-square-foot warehouse at 3834 Knight Road in Oakhaven.

The nonprofit organization, which was founded in 1981 to fight hunger in the area, bought the Class A facility in a Nov. 18 special warranty deed from a Bethesda, Md.-based entity called 198-6 Memphis Industrial Portfolio Holdings LLC.

That company had acquired the property as part of a larger portfolio purchase in a 2006 substitute trustee’s deed.

Built in 1992, the warehouse sits on 5.5 acres along the east side of Knight Road north of its intersection with South Perkins Road. The special warranty deed lists an alternate address of 3865 S. Perkins Road.

The Shelby County Assessor of Property’s 2013 appraisal is $2.3 million.

No financing was associated with the purchase.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Raymond James Donating $430,000 in Memphis

Raymond James Financial Inc. will distribute more than $430,000 in Memphis as part of the company’s distribution of $4.3 million around the country through its annual United Way giving campaign.

In Memphis, the funding will go toward 89 partner agencies and impact the lives of more than 300,000 people, the company said.

Companywide this year, Raymond James associate pledges totaled $2.4 million, surpassing the firm’s fundraising goal of $2.25 million, and the firm contributed an additional $1.9 million through a dollar-for-dollar match for eligible associates.

– Andy Meek

County Commission Races Generate Early Interest

The first two days of the period for candidates in the 2014 county elections to pull qualifying petitions has been dominated by incumbents and contenders for the newly configured district seats on the Shelby County Commission.

The latest additions to the list of declared candidates for Shelby County Commission include Alvin Croo, who pulled a petition for commission District 12. Attorney Van Turner already has a petition out for that position.

Ron Fittes picked up a petition Monday, Nov. 25, for District 4 on the commission. George Chism pulled a petition for District 2, the same race for which David C. Bradford Jr. picked up a petition Friday.

The three new petitions bring to six the number of possible contenders for four of the seats on the 13-member legislative body.

In countywide races, three petitions were pulled Friday, opening day of the qualifying petition period, all by Republican incumbents – Juvenile Court Clerk Joy Touliatos, Probate Court Clerk Paul Boyd and County Clerk Wayne Mashburn.

– Bill Dries

Regalia to Host 'Festive Night Out'

Regalia Shopping Center at Poplar Avenue and Ridgeway Road is hosting A Festive Night Out on Thursday, Dec. 5, from 4:30 p.m. to 8 p.m.

Shoppers can take advantage of extended holiday shopping hours and enjoy caroling by DeltaCappella, complimentary refreshments, a wine tasting at Great Wines & Spirits and a drawing for a $250 gift certificate to use at any of Regalia’s shops and restaurants. In addition, Santa will be strolling throughout the center, handing out candy.

As part of the event, each of the shops and restaurants at Regalia, which is owned and managed by Memphis-based Boyle Investment Co., will stay open late and have a special sale, promotion or in-store drawing.

For more information, visit regaliacenter.com.

– Amos Maki

Haslam Wraps Hearings with Transportation Dept.

The Tennessee Transportation Department commissioner said Monday that the state won’t be able to start any new highway projects if it loses federal funding next year.

Gov. Bill Haslam wrapped up his annual budget hearings with the department at the state Capitol.

Commissioner John Schroer told Haslam that money from a measure President Barack Obama signed in 2012 to extend federal highway and transit funding will end on Oct. 1, 2014. If Congress doesn’t extend it, then that would mean a loss of more than a billion dollars for Tennessee.

“We don’t know we’re going to lose it,” Schroer said. “They could come and pass a new authorization ... and funding could be in place. But there’s a possibility that won’t happen, and so I thought the governor needed to be aware of that.”

Schroer said the state would likely be able to maintain current construction projects, but not take on new ones.

When asked by a reporter after the hearing if the state should consider ways to increase revenue in case of the loss, the commissioner said such discussion is premature, despite sluggish revenue reports for the state.

The state’s annual transportation budget is about $1.8 billion. The state makes up about 44 percent of that funding, largely from fuel taxes.

The governor has asked all departments to present potential spending cuts because of the state’s sluggish economic performance.

– The Associated Press

Banks Earn $36 Billion in Third Quarter

U.S. banks earned less in the July-September quarter than they did a year earlier, marking the first year-over-year decline in earnings since the spring of 2009, when the country was still mired in the Great Recession.

The Federal Deposit Insurance Corp. says the banking industry earned $36 billion in the third quarter, down $1.5 billion, or 3.9 percent, from the third quarter of 2012.

The FDIC says the year-over-year earnings decline came primarily from a $4 billion increase in litigation expenses at a single institution. The FDIC did not name the institution.

Lower revenue from reduced mortgage activity and lower gains from asset sales also contributed to the reduction in earnings.

Half of the nation’s 6,891 insured banking institutions had year-over-year growth in earnings while half reported declines.

– The Associated Press

Tennessee Driving Records Now Available Online

State officials are giving Tennessee residents an online option to access driving records.

The Department of Safety and Homeland Security announced this week that it has launched an online service at www.tn.gov/safety that allows people to download or print copies of their official driving records.

Officials hope the online option will reduce the wait time at driver services centers.

A $2 convenience fee will be assessed to each online transaction, in addition to the $5 state fee set by the Tennessee General Assembly for a copy of a driver record.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 35 250 5,016
MORTGAGES 60 382 6,608
FORECLOSURE NOTICES 17 55 1,534
BUILDING PERMITS 179 720 11,979
BANKRUPTCIES 54 257 5,216
BUSINESS LICENSES 24 89 2,025
UTILITY CONNECTIONS 92 443 6,907
MARRIAGE LICENSES 16 81 1,422

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