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VOL. 125 | NO. 221 | Friday, November 12, 2010

Daily Digest

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Memphis Exxon Sale Completed Wednesday

Forty Memphis-area Exxon stations being sold by ExxonMobil officially changed hands Wednesday, according to ExxonMobil spokeswoman Kristen Hellmer.

The buyer of the stations, as reported earlier this year, is Lawrenceville, Ga.-based Excell Petroleum.

A string of sales and mortgage documents has begun appearing in public records filed with the Shelby County Register of Deeds’ office.

In June 2008, the company announced it was transitioning its company-owned stores to the distributer model – a move that is about 80 percent complete nationwide, Hellmer said.

The Memphis stations will sell Exxon products, but it is unclear whether the stores will be branded as Exxon stations.

A call to Excell Petroleum was not returned by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Laura Bush to Speak at Methodist Luncheon

Former first lady Laura Bush will speak at a sold-out luncheon for the Methodist Healthcare Foundation Cancer Center.

She will talk about her life and her recent memoir, “Spoken from the Heart.”

The book, released in May, is an account of her life from her childhood in Texas to her years in the White House.

It is a companion to the more recent memoir her husband, former President George W. Bush, released this month, “Decision Points.”

Friday’s annual luncheon is in its ninth year.

– Bill Dries

Builders Group Predicts 'Slow Progress' for 2011

The Associated Builders and Contractors Inc. (ABC) predicts “grudgingly slow progress” in 2011 in its recently released 2011 economic forecast for the U.S. commercial and industrial construction industry.

Nonresidential construction spending declined 9 percent in 2009, according to U.S. Census Bureau data, and ABC projects that spending will fall 14.7 percent this year. ABC points out that nonresidential construction typically lags the overall performance of the U.S. economy by 12 to 24 months.

“After losing about 50,000 jobs in 2010, ABC does not see nonresidential building employment rebounding until 2012,” said ABC chief economist Anirban Basu. “However, ABC predicts that residential construction employment will grow substantially as the number of housing starts will expand by roughly 25 percent.”

By remaining near 2010 levels, 2011 construction spending is positioned to be nearly a quarter less than 2008 totals.

ABC also forecasts total spending for nonresidential construction during 2011 to be 0.1 percent less than 2010 levels.

– Sarah Baker

Sam Phillips Inducted in Nat'l Radio Hall of Fame

Sam Phillips has been inducted into the National Radio Hall of Fame.

He began his career as a disc jockey and engineer at WLAY in Muscle Shoals, Ala. He later worked at WMSL in Decatur, Ala., WLAC in Nashville and WREC in Memphis before opening the Memphis Recording Service and founding Sun Records.

Phillips became a station owner of WHER, an all-female radio station in Memphis in 1955. He died July 30, 2003.

– Taylor Shoptaw

CCDC to Consider Several Grants

Downtown leasing and development activity is continuing at a steady clip, judging from the agenda of next week’s Center City Development Corp. monthly meeting.

At Wednesday’s meeting, the board will consider approving $71,200 in incentives for the development of Red Velvet, a cupcake and wine business coming to the South Main neighborhood.

Construction is scheduled to begin next month. Feb. 14 is when Neil Armstrong, who owns the property at 314 S. Main St., said he’d like to have a grand opening.

The $71,200 in incentives would include $18,000 for which Red Velvet is eligible in the form of a facade improvement grant and $53,200 for which it’s eligible in the form of a development loan.

With a tagline that promises “sophisticated and decadent” treats for anyone with a sweet tooth, Red Velvet’s draw will include the unique combination of cupcakes paired with wine.

Meanwhile, commercial office grants from the CCDC could solidify the signing of two office leases Downtown.

Resolute Systems LLC, which provides mediation and arbitration services to law firms, insurance companies, corporations and government agencies, plans to sign a 5-year lease for about 2,448 square feet of space at 50 Peabody Place. It’s eligible for a $7,500 commercial office grant.

Also going before the CCDC is Prochaska, Thompson, Quinn & Ferraro PC, which is planning to renew its lease in Morgan Keegan Tower. The firm, which specializes in bankruptcy work and has operated in Memphis for 14 years, is eligible for a commercial office grant of $3,326.

– Andy Meek

Yale Historian to Speak at St. George's

David Blight of Yale University, one of the nation’s top experts in African-American history, will speak Monday at St. George’s Independent School.

He will speak at a morning assembly at the Collierville campus. He will also speak to classes at the Collierville and Germantown campuses.

Blight will wrap up his day with a teacher workshop from 3:30 p.m. to 5 p.m. at the Memphis campus, 3749 Kimball Ave. The topic is “The 14th Amendment and its Defining Impact.”

Admission to the workshop is free to teachers and administrators from all local public, independent and parochial schools. Participants are asked to preregister by visiting www.sgis.org.

– Tom Wilemon

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PROPERTY SALES 80 80 6,019
MORTGAGES 107 107 7,199
BUILDING PERMITS 142 142 12,733
BANKRUPTCIES 58 58 4,405

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