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VOL. 129 | NO. 76 | Friday, April 18, 2014

Daily Digest

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Strip Center, Gas Station Sell for $1.7 Million

The Cash Express retail strip center and gas station at 3950 Raleigh Millington Road in Raleigh has sold for $1.7 million.

Noorallah Dharani and Yasoo Dharani bought the 8,400-square-foot retail property in an April 8 warranty deed from Haitham Alyousef, Naser Ozrail, Mohammad Isa and Wael Salem. Alyousef acquired the then-vacant property in 2006 for $60,000.

Built in 2011, the Class C shopping center sits on an acre at the southeast corner of Raleigh Millington Road and St. Elmo Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $591,800.

In conjunction with the purchase, the buyers filed a $1.1 million loan through First Citizens National Bank.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Simmons Named President of Financial Planning Association

Legacy Wealth Management chief compliance officer Cathy Simmons has been tapped to serve as president of the Memphis Chapter of the Financial Planning Association.

The term lasts for one year, and her responsibilities include helping guide new planners, shaping a vision for the future of financial planning and delivering the standard of care that is at the core of the profession.

The Memphis-based firm she’s a part of has been in business for more than 30 years and provides portfolio management and financial planning services to more than 750 clients.

– Andy Meek

Continental Approved for Tax Freeze

The tire division of Continental AG, one of the world’s largest automotive industry suppliers, will open a tire retreading, service and sales center in Memphis after receiving approval for a tax break.

Continental Tire the Americas LLC was awarded a five-year tax break from the Economic Development Growth Engine of Memphis and Shelby County for the project that will employ 25 people at 3474 Winchester Road.

The company’s total capital investment is expected to reach $2.1 million, and the 25 new jobs will pay an average annual wage of $41,814. The five-year payment-in-lieu-of-taxes incentive saves the company $161,325 while producing $616,281 of new tax revenue.

– Amos Maki

Head Joins CBU as Chief Financial Officer

Carolyn Head is the new chief financial officer and vice president for administration and finance at Christian Brothers University.

Head, who is currently chief budget officer for the University of Tennessee Health Science Center College of Medicine, begins her duties at CBU in June.

She has held the chief budget officer post at UTHSC since January 2011. Before that, she was accounting and business manager for the UT Medical Group and owner of Management Consulting and Accounting Services.

Head succeeds Daniel Wortham, who is retiring at the end of May after being CFO and vice president at CBU for 14 years.

– Bill Dries

NBA Playoff Tickets on Sale Saturday

Tickets for the first two Memphis Grizzlies home games in the first round of the 2014 NBA Playoffs will go on sale Saturday, April 19, at 10 a.m.

The Grizzlies will begin their first-round series against the Oklahoma City Thunder on the road Saturday, April 19. The third and fourth games – to be held Thursday, April 24, at 7 p.m. and Saturday, April 26, at 8:30 p.m. – will be at FedExForum, as will Game 6, if necessary.

Fans interested in purchasing tickets for the first two home games can do so at all Ticketmaster outlets, by calling 800-4-NBA-TIX, visiting the FedExForum Box Office or online at grizzlies.com or ticketmaster.com.

– Don Wade

Baptist Named Among 100 Great Hospitals

Baptist Memorial Hospital-Memphis was recently named to Becker’s Hospital Review’s 2014 list of “100 Great Hospitals in America.”

To develop this list, the Becker's Hospital Review editorial team conducted research, considered nominations and evaluated hospital ranking sources, such as U.S. News & World Report, Truven Health Analytics' 100 Top Hospitals, Healthgrades, the American Nurses Credentialing Center, The LeapFrog Group and several other resources.

The Baptist Memphis campus includes the 706-bed hospital that is the flagship of the Baptist Memorial Health Care system. It serves as a major referral center for patients from across the Mid-South and offers diagnostic, surgical and rehabilitation services.

– Don Wade

Lawmakers Vote to Delay Common Core Testing

The testing component of Tennessee's Common Core education standards would be delayed a year under legislation headed to Republican Gov. Bill Haslam's desk.

The measure was sent to the governor on Thursday after lawmakers in both chambers voted to accept a conference committee report that recommended the delay. Haslam has said he doesn't want any type of delay, so it's unclear what he will do with the legislation.

Last month, lawmakers passed a bill that sought to delay further implementation of the new standards for two years. It also sought to delay the testing component for the standards for the same amount of time.

The measure now only affects the testing component, which is scheduled to begin in the school year that begins in August.

– The Associated Press

Measure to Allow Electric Chair in Tennessee

Tennessee could electrocute death row inmates if lethal injection drugs are unavailable under legislation that's headed for Republican Gov. Bill Haslam's desk.

The Senate voted 25-3 on Thursday to agree to changes to the legislation made by the House, which approved the measure 68-13 the day before.

The legislation keeps lethal injection as the preferred method for executions, but allows the electric chair if the state were unable to obtain the necessary drugs or if lethal injections were found unconstitutional.

And electrocutions would be allowed regardless of when the crime was committed.

Under Tennessee law, death row inmates could choose to be electrocuted if their crimes were committed before 1999, when lethal injection became the preferred method.

There are 76 inmates on Tennessee's death row, including one woman.

– The Associated Press

Bill to Make Changes to Hall Tax Fails

A proposal to make changes to the state's Hall tax has failed this session.

The sponsor of the measure withdrew it from the Senate Finance Committee on Wednesday after the committee voted to add an amendment the sponsor felt hurt the legislation.

The state currently imposes a 6 percent levy on income from dividends and investments. The rate for the state is 3.75 percent, and 2.25 for local governments.

Before the amendment, Republican Sen. Mark Green of Clarksville proposed removing the state rate and keeping the one for local governments. However, Republican Sen. Randy McNally proposed, and the committee adopted, an amendment to essentially phase out the tax over 10 years.

Green said that legislation was harmful because some local government budgets depend heavily on the tax.

He withdrew the measure, but told reporters outside the committee that he planned to bring it back next year.

– The Associated Press

30-Year Mortgage Rate Falls to 4.27 Percent

Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins.

Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. The average for the 15-year mortgage eased to 3.33 percent from 3.38 percent.

Mortgage rates have risen about a full percentage point since hitting record lows about a year ago.

Many analysts have been expecting an improving economy to lift the housing market, which has been recovering over the past two years. But housing has struggled to maintain momentum. Rising home prices and higher mortgage rates have held back some potential home buyers. Others have had trouble qualifying for mortgages.

The Commerce Department reported Wednesday that U.S. home construction rose moderately in March as builders resumed work at the end of a frigid winter. But applications for building permits slid, clouding the outlook for future construction.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 238 10,116
MORTGAGES 103 297 13,172
FORECLOSURE NOTICES 20 60 2,598
BUILDING PERMITS 192 562 24,086
BANKRUPTCIES 75 227 9,760
BUSINESS LICENSES 20 71 3,674
UTILITY CONNECTIONS 126 390 14,353
MARRIAGE LICENSES 15 68 3,131

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