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VOL. 127 | NO. 126 | Thursday, June 28, 2012

Daily Digest

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Strike King Property Sells as Part of C'ville PILOT

The Strike King Lure Co. headquarters and distribution center in Collierville has traded hands as part of a 10-year payment-in-lieu-of-taxes incentive from the suburb’s Industrial Development Board that will retain 46 jobs.

In a series of real estate transactions that are standard PILOT procedure, Anglers’ Real Estate LLC bought the property at 466 Washington St. from Fraser Humphreys Family LP, 3295 Family LP and LT Inc. for $1.2 million, transferred it to the Collierville IDB then leased it back under terms of the PILOT agreement. Anglers’ Real Estate subleases the site to Strike King, a manufacturer of soft plastic lures, spinner baits and crankbaits.

The 5.5-acre site is on the north side of Washington between Eastley Street to the west and Progress Road to the east. It includes 58,500 square feet of manufacturing/warehouse space and 3,150 square feet of attached warehouse office space. The Shelby County Assessor of Property’s 2012 appraisal is $1.2 million.

Under the terms of the PILOT, Strike King will invest $1.3 million in the first year of its lease and retain 46 jobs with a median annual income for $67,217.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Consumer Credit, ClearPoint Form Partnership

The Memphis Consumer Credit Education Association provided more than 1,300 free housing counseling sessions to Memphis consumers in 2011, the organization announced this week.

And to help meet the needs of consumers in a timely fashion, the association is forming a collaborative partnership with ClearPoint Credit Counseling Solutions, a consumer credit counseling agency that provides financial counseling and educational outreach in Memphis.

ClearPoint has more than 40 years’ experience in the credit counseling industry. The new partnership will allow consumers immediate counseling by phone or Internet and face-to-face counseling within a two-week timeframe.

Online assistance, along with other details, is available at www.clearpointccs.org. MCCEA staff members will remain in Memphis and will continue to serve Memphis-area clients.

– Andy Meek

American Queen Docks Thursday At Greenbelt

The American Queen steamboat will dock Thursday, June 28, at Greenbelt Park on Mud Island because of the low level of the Mississippi River at Memphis.

The river was expected to be at -4.4 feet on the Memphis gauge Thursday.

Beale Street Landing, farther south on the river, is the home port of the world’s largest steamboat and the landing is designed to handle the river’s changing levels.

But the parts of the landing that would accommodate the American Queen and other boats at such a low level are still under construction.

The American Queen will dock by the northernmost parking lot at Greenbelt Park, which includes a boat ramp.

– Bill Dries

SRVS Awarded Grant for Housing Projects

Tennessee Housing Development Agency’s Housing Trust Fund Program has awarded a $690,000 grant to Memphis-based SRVS, West Tennessee’s most comprehensive service provider for people with disabilities, to construct and/or renovate six homes for low-income people with disabilities.

SRVS grant money will be matched by United Housing Inc. through a Neighborhood Stabilization Program grant. SRVS will provide all support services and property management for the accessible housing, while United Housing will provide the developer services.

With an average of three renters per home, SRVS anticipates 18 individuals with disabilities will benefit from the new homes. The total cost to complete the homes – all single-family houses designed specifically for people with disabilities – is estimated at $1,035,000.

The six homes will be located in areas of high need determined by the Tennessee Housing Development Agency. The new construction homes will be in 38127 and the rehabilitation homes will be in 38128.

SRVS supports more than 800 people with disabilities, with more than 200 individuals receiving residential services through its Community Living Program. The nonprofit’s wide range of programs includes day programs, community living, behavior and nursing services, employment and elder care.

– Aisling Maki

US Durable Goods Rose 1.1 Percent in May

U.S. factories received more orders for long-lasting manufactured goods in May, rebounding after two weak months. But the trend in orders has slowed this year, adding to worries that the U.S. economy has weakened.

The Commerce Department said Wednesday that orders for durable goods rose 1.1 percent in May after two months of declines.

And so-called core capital goods, which signal business investment plans, increased 1.6 percent. That also followed two months of declines, which raised concerns that businesses were losing confidence in the economy. Companies ordered more heavy machinery, computers and communication equipment in May.

Durable goods are items that are expected to last at least three years.

Orders can be volatile from month to month.

“All in, the improvement in May is, again, a relief,” said Jennifer Lee, a senior economist at BMO Capital Markets. “However, smoothing out the monthly wiggles in core orders shows a decelerating trend. … In other words, continued uncertainty over Europe’s debt crisis and the fiscal problems in the U.S. are still hurting business and consumer confidence, and suggests only modest growth as we enter the second half of 2012.”

In May, orders rose to $217.2 billion, 46 percent above the recession low hit in April 2009. Orders are still 11.4 percent below their 2007 peak.

The May durable goods report showed orders for transportation products increased 2.7 percent, led by a 4.9 percent gain in volatile demand for commercial aircraft. Orders for motor vehicles and parts rose 0.5 percent following a 5.7 percent surge in April.

Excluding transportation, durable goods orders rose 0.4 percent.

– The Associated Press

Vet-Targeted Website Turned Over to Feds

A company Kentucky Attorney General Jack Conway says preyed on veterans for their education benefits has agreed to pay a total of $2.5 million to 20 states and turn over its website to the U.S. Department of Veterans Affairs.

Conway announced the consumer protection settlement Wednesday against QuinStreet Inc., which ran the website GIBill.com.

The states alleged GIBill.com misled military veterans by giving the impression schools listed on its site were the only ones where education benefits could be used. The schools were primarily for-profit colleges.

QuinStreet says it doesn’t consider the website misleading, but reached the agreement to provide greater clarity.

Other states involved are Alabama, Arizona, Arkansas, Delaware, Florida, Idaho, Illinois, Iowa, Massachusetts, Mississippi, Missouri, New York, Nevada, North Carolina, Ohio, Oregon, South Carolina, Tennessee and West Virginia.

– The Associated Press

PROPERTY SALES 106 318 6,336
MORTGAGES 131 363 7,084
BUILDING PERMITS 178 482 13,795
BANKRUPTCIES 40 208 4,301