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VOL. 129 | NO. 58 | Tuesday, March 25, 2014

Daily Digest

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Owner Files Loan On Germantown Land

The owner of a 1.2-acre parcel at the corner of Germantown and Farmington roads in Germantown has filed a $1.8 million loan on the land.

The entity, called Lot 3 Saddlecreek PUD Partners, filed the deed of trust, security agreement and assignment of rents and leases March 20 through Financial Federal Bank.

M. Spence Ray signed the trust deed as authorized partner of Lot 3 Saddlecreek PUD Partners.

The borrower bought the land, whose address is referred to as 0 Germantown Road, in 2012 for $475,000 from DI-TN NO2 LLC.

The land, which is in the Walgreens at Saddle Creek PUD, has an appraised value of $603,300, according to the Shelby County Assessor of Property. It sits next to a Walgreens at the northwest corner of Germantown and Farmington.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Moore Appeals to Chancery For Place on Ballot

Former Shelby County Commissioner Edith Ann Moore is taking her quest for a place on the May county primary ballot to Shelby County Chancery Court.

Attorneys for Moore filed suit in court late last week against the Shelby County Election Commission seeking to restore her name to the Democratic primary for Shelby County Commission District 6.

Moore’s name was first approved for the ballot by the Election Commission despite questions about whether she lives in the district.

But last week the commission reconsidered and disqualified her from running after five residents of the street where she owns a house said she did not live there.

Early voting in advance of the May 6 election day begins April 16.

– Bill Dries

Las Vegas Company To Buy Tunica Casino

Las Vegas-based Full House Resorts has agreed to buy Fitzgerald’s Casino in Tunica, Miss., from Majestic Star Casino LLC.

The purchase price is $62 million, exclusive of working capital and other adjustments, fees and expenses as of the closing date. The agreement is subject to Full House obtaining financing for the acquisition within 90 days of its execution, obtaining regulatory approvals, and other customary closing conditions.

Full House said in a news release Monday that it expects to close the deal during the third quarter of 2014.

“This property fits our acquisition strategy perfectly,” Andre M. Hilliou, chairman and chief executive officer of Full House said in a statement.

“The property has historically been well run and maintained under the current management team; however, we believe that we can leverage our knowledge and proven track record of managing properties catering to local customers in competitive environments to further improve the profitability of the Fitz Casino,” Hilliou said.

The Fitz Casino has 38,000 square feet of gambling space with 1,100 slot and video poker machines and 20 table games. The property includes a 506-room hotel with 68 suites, a fine dining restaurant, buffet, quick service restaurant, two casino bars and an 8,100-square-foot multi-purpose event center.

Full House Resorts is a regional casino company that owns, develops and manages gambling facilities.

Full House owns the Rising Star Casino Resort in Rising Sun, Ind., the Silver Slipper Casino in Hancock County, Miss., and Stockman’s Casino in Fallon, Nev. Full House also operates the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nev., under a lease agreement, and has a management agreement with the Pueblo of Pojoaque for the operations of the Buffalo Thunder Casino and Resort in Santa Fe, N.M., along with the Pueblo’s Cities of Gold casino facilities.

– The Associated Press

County Judge Sees Arkansas Mill Work by Mid-June

Mississippi County should see construction of a $1.1 billion steel mill begin by early summer now that an administrative law judge has rejected a challenge to the plant’s air-quality permit, the county’s chief administrative officer said.

County Judge Randy Carney told the Jonesboro Sun newspaper on Sunday that hiring could begin within the next couple of months.

“I expect them to hire in May for construction,” Carney said. “After that, it will be full throttle.”

The Northeast Arkansas plant is expected to employ 2,000 people during construction and have about 600 permanent employees.

“It will change Mississippi County for the better,” Carney said.

Nucor Steel, which has two mills east of Blytheville, had challenged Big River Steel’s air-quality permit, saying the plant didn’t fulfill state and federal anti-pollution requirements. An administrative law judge last week rejected the challenge.

Nucor officials said last month they would appeal if the administrative law judge ruled against it. A hearing before the Arkansas Pollution Control and Ecology Commission on the judge’s decision is scheduled for Friday.

John Correnti, who is directing the Big River Steel effort, called the challenges “frivolous legal gymnastics.”

Since Big River Steel announced it would build a mill near Osceola, a number of other businesses have also announced plans for the county.

Blue Oak Arkansas hopes to close soon on a deal that would have it build a $35 million facility to reclaim metals from refrigerators and cellphone circuit boards. It would employ 75 people. Correnti is Blue Oak’s board chairman.

Also, last April, a Texas company, Indigo Resources, said it would build a rail-to-barge oil terminal near Osceola, creating 200 permanent jobs after using 800 workers for construction. The oil would be shipped from Canada and North Dakota by rail to Osceola, then sent by barge down the Mississippi River.

– The Associated Press

Crowdfunding on Tap For Local Filmmakers

Since August, retired financial executives from the Memphis chapter of SCORE (Service Corps of Retired Executives) have been working in partnership with leaders from the Memphis-Shelby County Film and Television Commission to start an educational program for filmmakers.

The goal is to launch a program that guides local filmmakers in a new way to raise capital for film related to President Barack Obama’s jobs bills, thanks to which online investing in films will be possible early next year through equity crowdfunding.

Matt Heiter of Baker, Donelson, Bearman, Caldwell & Berkowitz PC is keeping the group up to speed on new developments in crowdfunding regulations. SCORE’s crowdfunding co-directors will lead a financial workshop in early 2015 designed to prepare filmmakers for the equity crowdfunding experience. Those co-directors are Reese Austin, formerly managing director of institutional equity with Morgan Keegan & Co Inc., and Ramkrishna Kasargod, formerly managing director of equity research with Morgan Keegan.

SCORE board member Jack Gibson will discuss film business plans and producer Mike Ryan – whose films include “40 Shades of Blue” – will discuss film budgeting. For a fee, the workshop will be open to Shelby County residents.

Successful graduates of the workshop with camera-ready scripts will be eligible to apply for a competitive mentoring program. SCORE financial executives plus Ryan and several film commission established clients will choose three filmmakers for special mentoring.

– Andy Meek

Registration Still Open For Hope House 5K

Hope House will hold its 15th Annual Help for Hope 5K at Harbor Town Square on Friday, March 28, at 6:30 p.m. Registration is open for walkers and runners.

Participants can register as individuals or as a group. All participants will receive a long-sleeve T-shirt, and food, drinks and musical entertainment will be provided after the race. The entry fee for individual runners is $30 before March 28 or $35 at race registration. Memphis Runners Track Club members can register for $25 before March 28 or for $30 at the race. Groups of 10 or more can register for $25 each. Registration at the 5K begins at 5 p.m.

To register, visit http://www.hopehousememphis.org. Anyone interested in sponsoring the 5K should contact Craig Locke by calling 272-2701, ext. 216.

All funds raised from the 5K directly benefit the programs and services Hope House provides to children and families affected by HIV.

– Don Wade

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 312 10,190
MORTGAGES 103 400 13,275
FORECLOSURE NOTICES 16 76 2,614
BUILDING PERMITS 221 783 24,307
BANKRUPTCIES 72 299 9,832
BUSINESS LICENSES 39 110 3,713
UTILITY CONNECTIONS 129 519 14,482
MARRIAGE LICENSES 13 81 3,144

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