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VOL. 123 | NO. 176 | Tuesday, September 9, 2008

Daily Digest

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York Properties Files $2.5M Construction Loan

York Properties LLC, an entity related to St. Clair Foods, has filed a $2.5 million construction loan through Cadence Bank NA for its property at 3100 Bellbrook Drive in Whitehaven’s Bellbrook Industrial Park.

The company’s existing facility is a 113,069-square-foot warehouse built in 1965. It sits on 9.85 acres near the intersection of East Brooks Road and Interstate 55. The Shelby County Assessor of Property’s 2008 appraisal is $1.5 million.

York Properties in 2004 bought the property for $3.4 million from APF Bellbrook Industrial Inc. Oscar Edmonds III signed the trust deed as chief manager of York Properties. He also serves as president and CEO of St. Clair Foods. That company, which began in 1975, makes more than 90 food products.

Calls to Edmonds for comment were not returned by press time.

Source: The Daily News Online & Chandler Reports

Council to Request Audit of MPD

Memphis City Council members today are expected to discuss a resolution requesting an audit investigation of the Memphis Police Department.

The resolution asks that the Internal Audit Department or Civilian Law Enforcement Review Board review MPD’s policies, protocols, procedures, citizen complaint process and Internal Affairs to determine “corrective actions, which will ensure that the human and civil rights of citizens are protected.”

Council members also are expected to vote on a resolution appropriating about $234,000 funded by G.O. Bonds for the Elvis Presley Improvement Study. The study is expected to contain an analysis and plan for implementation to facilitate improvements along Elvis Presley Boulevard, from Brooks Road south to Shelby Drive.

The meeting will begin at 3:30 p.m. at City Hall, 125 N. Main St.

Washington Mutual Ousts CEO

Washington Mutual Inc., ravaged by losses from sour mortgages, replaced Kerry Killinger as chief executive of the nation’s largest savings and loan on Monday, adding him to the growing list of banking bosses ousted by their boards. Its shares fell almost 12 percent.

Killinger, who was stripped of his chairman title in June, became CEO of the Seattle-based thrift in 1990 and built WaMu into one of the country’s largest banks.

Killinger is being replaced by Alan H. Fishman, the former president and chief operating officer of Sovereign Bank and president and CEO of Independence Community Bank.

WaMu also reported Monday that it has entered into a memorandum of understanding with the Office of Thrift Supervision concerning aspects of its operations. WaMu has committed to provide the OTS with an updated, multiyear business plan and forecast for its earnings, asset quality, capital and business segment performance. The plan will not require the company to raise capital or increase liquidity, WaMu reported.

Killinger’s exit follows that of Wachovia Corp. CEO Ken Thompson, Merrill Lynch & Co.’s Stanley O’Neal and Citigroup Inc.’s Charles Prince.

Battered by rising mortgage delinquencies and defaults, and by the sinking value of its mortgage portfolio, WaMu has lost nearly 70 percent of its market value this year.

In July, the bank reported a $3 billion second-quarter loss – the biggest quarterly loss in its history – as it increased its loss reserves to more than $8 billion to cover bad loans.

Heart Clinic’s Nuclear Lab Receives Accreditation

The Memphis Heart Clinic’s nuclear laboratory has been granted accreditation by the Intersocietal Commission for the Accreditation of Nuclear Medicine Laboratories.

The laboratory is one of the first nuclear cardiology laboratories in the United States, Canada and Puerto Rico to be recognized for its high quality diagnostic testing.

The ICANL developed the accreditation program to evaluate the quality of nuclear cardiology testing, which evaluates the condition of the heart under stress and at rest.

The Memphis Heart Clinic physicians also have been recognized by the National Committee for Quality Assurance Physician Recognition Program for Heart/Stroke Care, a three-year recognition awarded for excellence in cardiac care.

Urban League Conference Kicks Off in Memphis

The Memphis Urban League will host the 2008 Whitney M. Young Leadership Conference today through Friday at the Hilton Memphis, 939 Ridge Lake Blvd.

The conference is expected to bring about 300 Urban League executives and professionals from across the nation to Memphis for staff development in the areas of workforce development, entrepreneurship, housing, education and health. Additionally, the affiliate presidents and CEOs will participate in executive leadership training, conducted by Duke Corporate Education.

The conference aims to equip Urban League staffers with the tools necessary for leadership.

This is the first National Urban League conference held in Memphis. The conference will feature keynote addresses from National Urban League president and CEO Marc Morial and Stedman Graham, and will include a tour of the National Civil Rights Museum, a Beale Street dine-around and an opportunity for the attendees to tour Memphis.

UrbanArt Commission To Hold Workshops

The UrbanArt Commission will host a series of workshops beginning in October that are designed to promote efforts toward greater arts advocacy in the Memphis community.

The first of the “Art Matters” workshops will be geared toward high school juniors and seniors, and will focus on what impact they can have on the Memphis arts scene. The second workshop will be geared toward members of the community who want to learn more about arts-related issues and the public art process in Memphis. The third session of the workshop will be focused on arts professionals, and also will give the UrbanArt Commission a chance to talk more with local artists about what the group does.

Each workshop will take place at the UrbanArt Commission’s office at 2549 Broad Ave. For more information, visit www.urbanartcommission.org.

PROPERTY SALES 157 157 10,093
MORTGAGES 161 161 11,107
BUILDING PERMITS 229 229 22,402
BANKRUPTCIES 54 54 6,365