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VOL. 129 | NO. 35 | Thursday, February 20, 2014

Daily Digest

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Collierville Apartments Sell for $1.2 Million

The 30-unit Center Court Apartments at 282 Center St. and 288 Center St. in Collierville have sold for $1.2 million.

Norman Itkiwitz bought the two-parcel multifamily property in a Jan. 29 warranty deed from MPG Properties, which had acquired the complex in 2011 quitclaim deed.

The Class C Center Court Apartments sit on close to two acres along the east side of Center Street between South Street and Keough Road. The combined 2013 appraisal of the two parcels was $631,300, according to the Shelby County Assessor of Property.

The larger of the two parcels is the 288 Center St. complex. Built in 1966, the 24-unit, multi-building apartment property contains 19,186 square feet on one acre and had a 2013 appraisal of $505,000.

The six-unit, single-building apartment property at 282 Center St. was built in 1969. It contains 4,350 square feet and had a 2013 appraisal of $126,300.

No financing was associated with the purchase.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Medtronic Spine’s Q3 Revenue Flat

Quarterly revenue for Memphis-based Medtronic Spine was $744 million, down about 1 percent from a year ago. Core Spine revenue of $631 million, also was off about 1 percent.

“Stability in our business continued, as worldwide Spine revenue grew slightly in the third quarter on constant currency basis,” Doug King, Medtronic president, said in a statement. “Customers continue to respond favorably to our new technologies and procedural innovations, and enabling technologies like imaging, navigation and powered surgical instruments are a growing competitive differentiator.”

– Don Wade

New CEO Chosen for Methodist University Hospital

Jeffrey H. Liebman has been selected as the new chief executive officer for Methodist University Hospital.

A seasoned executive with more than 25 years of health care leadership experience, Liebman currently serves as president of the Good Samaritan Medical Center in Brockton, Mass.

Liebman selected after a national search that included input from a cross-section of physicians and Methodist Le Bonheur Healthcare senior leaders. Liebman will start on Feb. 24.

“Jeff is an excellent fit with our Power of One mission-driven culture, having devoted his career to enhancing patient satisfaction and clinical quality,” MLH Executive Vice President and COO Michael Ugwueke said in a statement.

In addition to hospital leadership experience, Liebman also has experience with large physician practices, including Affiliated Physicians Group, a community-based Harvard primary care network that he grew from 28 to 220 physicians.

Liebman earned a Bachelor of Arts degree from Queens College in New York, a Doctor of Dental Medicine degree from the University of Pennsylvania and a Master of Business Administration from the University of Chicago.

– Don Wade

Council Rethinking Streetlight Fee

Memphis City Council members are rethinking the streetlight fee Memphis Light, Gas and Water Division has been charging.

The monthly fee has several different rates for homeowners, renters, small commercial property owners and large commercial property owners.

The council voted Tuesday, Feb. 18, to recommend the utility board consider a new set of rates that would be the same for homeowners and renters.

The key to the formula is that the set of rates have to bring in a total of $12.9 million in revenue to pay the cost of the streetlights.

With that assumption, council member Lee Harris proposed a monthly fee of $3.17 for homeowners and rental dwellers, a rate of $6.67 for owners of “small commercial” properties and $19.54 for owners of “large commercial” properties.

The current rate for homeowners is $4.32. For apartment renters it is $1.08. For small commercial, the monthly rate is $6.48 and for large commercial, the rate is $19.07.

The proposal includes no exceptions for areas of the city that don’t have street lights or planned unit developments where homeowners have already paid for streetlights and their maintenance.

– Bill Dries

U of M Professor Honored by Steinway

Victor Santiago Asuncion, associate professor of piano at the University of Memphis, has been chosen as a Steinway artist.

Amro Music, the Memphis area’s Steinway & Sons dealer, will celebrate Asuncion’s honor on Feb. 22. The recognition puts him in the company of other Steinway artists like Duke Ellington, Sergei Rachmaninoff and Franz Liszt.

Asuncion will be listed worldwide on the Steinway artist roster and will be able to use the world-famous Steinway piano bank, which allows Asuncion access to a Steinway concert grand for his performances.

– Andy Meek

Council Hires Actuary Consultant

The Memphis City Council approved hiring its own actuary firm Tuesday, Feb. 18, to review the city’s financial state, namely city government’s unfunded pension liability. The council voted to hire Segal Consulting of Atlanta to advise it as the council prepared for a March 4 committee session in which it will meet with the administration’s actuary and others on the unsustainable trajectory the pension fund is on.

The council won’t employ Segal to come up with an alternate plan as the company originally pitched. Instead the company will advise the council on the administration’s numbers as well as conflicting estimates of the size of the problem by actuaries working for the city’s municipal unions.

The cost for Segal’s services is expected to be $45,000 to $65,000 paid at an hourly rate. Memphis Mayor A C Wharton Jr. agreed that his administration would find the money to fund the cost.

Meanwhile, council chairman Jim Strickland announced that Tennessee Comptroller Justin Wilson and Tennessee Treasurer David Lillard will also attend the March 4 committee session which Strickland and other council members have nicknamed “actuary day.”

– Bill Dries

Dunavant Transportation Hires Nashville Manager

Chris McMahan has joined Dunavant Transportation Group as the terminal manager of its Nashville location.

McMahan will be responsible for overseeing all aspects of the terminal’s operations, including supervision of intermodal dispatchers, driver management, recruitment and retention, customer service and increasing profitably through greater efficiency in utilization and load scheduling.

McMahan previously held administrative and managerial positions with Tombigbee Transport Corp., Medegen Medical Products and Intermodal Cartage.

Dunavant Transportation Group acquired Sea Lane Express, which specializes in regional trucking and intermodal drayage operations, in 2011. The company currently has terminal operations in intermodal and port cities including Atlanta and Savannah, Ga., Norfolk, Va., Charleston, S.C., Charlotte and Wilmington, N.C., and Nashville.

– Amos Maki

Baptist-Collierville Names Chief Nursing Officer

Denise Ferguson is the new chief nursing officer at Baptist Memorial Hospital-Collierville.

In addition to overseeing the nursing staff and working with the hospital’s leadership team, Ferguson will take a lead role in the hospital’s March 11 rollout of Baptist OneCare, Baptist’s electronic health record, slated to begin in phases throughout the Baptist system by the middle of 2015.

“Denise is a perfect fit for the role of CNO,” said Kyle Armstrong, administrator and CEO of Baptist Collierville. “Her hands-on clinical experience and various roles in administration have given her a keen understanding of what factors go into creating an optimal outcome and experience for patients.”

Most recently, Ferguson served as the administrative house supervisor for Baptist Collierville. Before that, she served as a staff nurse and unit manager in oncology and eventually as the director of oncology services for Baptist Memphis.

– Don Wade

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 5 40 2,578
BUILDING PERMITS 216 370 23,894
BANKRUPTCIES 82 152 9,685
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 29 53 3,116

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