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VOL. 126 | NO. 71 | Tuesday, April 12, 2011

FedEx's Smith, Delta's Anderson Tout Aviation Strength

FedEx founder Frederick W. Smith told several hundred attendees of the Airport Cities World Conference & Exhibition held in Memphis this morning that the U.S. is a leader in aviation. But he said aviation “has reached a point where it is a bit taken for granted.”

On Display

World airport leaders glimpse city’s aerotropolis assets

More than 300 airport industry professionals from around the world loaded onto six buses outside The Peabody hotel Monday morning for a unique trip around the city.

Cleaborn Homes Demolition Begins

Cleaborn Homes, a defining part of the inner city landscape south of Downtown Memphis for decades, began to fall Tuesday morning.

Q1 Permits Slip 29 Percent

For the first time in recent history, homebuilder sales didn’t exceed starts in the first quarter, a sign that demand has caught up with supply.

March Permits Down Half From Last Year

Shelby County builders filed 51 new home permits last month, a 51 percent decrease from 104 permits in March 2010 – a dip they attributed to the now-expired homebuyers tax credit.

Memphians Among Those Receiving State Arts Awards

NASHVILLE (AP) – Tennessee's highest honor in the arts will be awarded Tuesday in Nashville for exemplifying the state's finest cultural traditions.

MPA Board Suspends Sewell

J.D. Sewell, the president of the Memphis Police Association, was suspended by the municipal union’s board of directors last week for at least six months because he wasn’t being as vocal as the board thought he should have been about the possibility of city employee layoffs.

$1.2B Budget Presented To County Commission

The budget season began officially Monday morning as Shelby County Mayor Mark Luttrell took a $1.2 billion consolidated county government budget proposal to county commissioners with $22.7 million in red ink.

Turner Stays on To Lead Local Democrats

Van Turner Jr. remains the Shelby County Democratic Party chairman after a weekend local party convention.

Conference Pits MEM At Center of Aviation World

For five years Memphis International Airport executives and other civic leaders have worked on developing the city’s aerotropolis – the concept of an airport serving as a region’s economic engine.

Shelby Farms Plans Earth Week 2011 Festivities

Shelby Farms Park is gearing up to celebrate Earth Week 2011 in a big way, starting with Sunday’s Down to Earth Festival, expected to draw as many as 20,000 visitors over the course of the day if the weather cooperates.

IQ Use in Death Penalty Ruled On

The Tennessee Supreme Court Monday set new standards in death penalty cases for determining whether a defendant was intellectually disabled at the time of the crime.

Cabot Affiliate Buys Airport Industrial Warehouse

3924 Crowfarn Drive, Memphis, TN 38118, Sale Amount: $2.2 million, Sale Date: March 28, 2011, Buyer: Cabot III-TN1M01 LLC, Seller: MM Industrial Memphis LLC -
Cabot III-TN1M01 LLC, an affiliate of Boston-based Cabot Properties Inc., has bought a warehouse on two parcels at 3924 Crowfarn Drive from MM Industrial Memphis LLC for $2.2 million.

Opening Doors

Every commercial real estate submarket in the Memphis area has seen its share of foreclosures – even those with the strongest demographics and continued expansion and development. The assumption might be that foreclosures are occurring in lower income areas where crime and poverty have played a role in a property’s decline. But, in fact, foreclosures have occurred across all submarkets.

Run, Run, Runaway!

Some of you probably remember when early western movies always involved the old tried-and-true runaway stagecoach scene. I guess in movie directors’ school, learning to create that particular scene was the equivalent of learning the Pythagorean theorem in regular school, except knowing how to film a runaway stagecoach scene came in handy later in life for film directors.

Memphis-Paris Pact Kicks Off Airport Cities Conference

The Airport Cities World Conference & Exhibition opened informally Monday with Memphis Mayor A C Wharton Jr. and French Minister of Urban Development Maurice Leroy signing a trade pact between the cities of Memphis and Paris.

STATEWIDE

9 Percent of THP Spending Dedicated to Non-Traffic

NASHVILLE (AP) – The Tennessee Highway Patrol's leadership says it wants to rename the agency the Tennessee State Patrol because its role has evolved beyond traffic enforcement in the years since it was established in 1929.

STATE LEGISLATURE

Gore Lauds McWherter's Commitment to Transparency

NASHVILLE (AP) – Former Vice President Al Gore lauded former Gov. Ned McWherter's commitment to transparency during a memorial service that was attended by Tennessee Gov. Bill Haslam, who's been criticized over disclosure issues.

NATIONAL BUSINESS

Tenet, Community Health Fight Gets Nasty

INDIANAPOLIS (AP) – Tenet Healthcare has charged rival hospital operator Community Health Systems with systematically bilking Medicare and the burgeoning legal fight sent shares of the entire sector plummeting Monday.

Sears Interim CEO 2010 Pay More Than Triples

NEW YORK (AP) Sears Holdings Corp.'s interim CEO W. Bruce Johnson, who gave up the top role in February, received compensation worth $5.3 million in 2010, more than triple the prior year, according to an analysis by the Associated Press.

Wal-Mart Hammers Price Theme to Woo Back Shoppers

NEW YORK (AP)Wal-Mart Stores Inc. is hammering home its low-price message with a new ad campaign in a bid to bring back customers who no longer trust it to save them money.

NATIONAL POLITICS

Yellen Sees No Rush to Start Tightening Credit

WASHINGTON (AP) – The Federal Reserve's second-highest ranking official on Monday said the economy is not strong enough for the Fed to begin tightening credit, countering a vocal minority of members who argue the central bank's stimulus programs are contributing to higher inflation.

WH: Obama Regrets Vote Against Raising Debt Limit

WASHINGTON (AP) – The White House said Monday that President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit – a vote he's now pressuring Congress to take.

White House: Obama to Lay Out Spending Plan

WASHINGTON (AP) – President Barack Obama this week will outline a broad plan to reduce the nation's deficit, shifting from immediate budget concerns to the debate over the nation's long-term economic health. Obama is expected to call for cuts to Medicare and Medicaid and tax hikes for the wealthy.

Retired General: US Vulnerable to Cyber Attacks

COLORADO SPRINGS, Colo. (AP) – The United States is still "hugely vulnerable" to cyber attacks, but so are most other nations, a former chairman of the Joint Chiefs of Staff said Monday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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