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VOL. 122 | NO. 78 | Monday, April 30, 2007

Daily Digest

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Panattoni Development Co. Finances Holmes/Getwell Land

     Real estate developers Panattoni Development Co. (PDC) has filed a construction loan for acreage near Getwell and Holmes roads. The property is zoned for industrial use.
     Four limited liability companies (LLCs) - Holmes-Getwell 200 Panattoni LLC, Holmes-Getwell 200 Rieger LLC, Holmes-Getwell 200 Mitchell LLC and Holmes-Getwell Panattoni 2003 - transferred 28.4 acres at the site to Memphis Oaks 3 PDC LLC last week via quitclaim deed. The land the same day was transferred to Memphis Oaks 3 LLC, an entity that shares the same Sacramento, Calif., address as Panattoni Development Co. headquarters.
     Memphis Oaks 3 then filed a $1.9 million loan through Wachovia Bank for 54 acres. In addition, Memphis Oaks and Wachovia modified a $13 million construction loan originally filed in April 2005. Changes included increasing the principal to $25.4 million and adding the land as collateral.
     Panattoni representatives were unavailable for comment.
     PDC is an industrial, office and retail real estate development company with multiple holdings in Memphis. In February, the company announced plans to nearly double the size of its 3860 E. Holmes Road property to more than 1 million square feet. PDC has two Tennessee offices: one on Primacy Parkway in Memphis and one in Nashville.

New MATA Stop, PILOTs Highlight Public Meetings

     Memphis Area Transit Authority (MATA) plans to construct a trolley stop in front of the North End Terminal at 447 N. Main St.
     That's one of the items to be discussed at the Center City Commission (CCC) Design Review Board meeting Wednesday at 5 p.m. The meeting will be held at CCC, 114 N. Main St.
     Also on Wednesday, the Health, Educational and Housing Facility Board (HEHFB) of the city of Memphis meets at noon in the conference room of the HEHFB, 65 Union Ave., Suite 1120. Items on the agenda include the consideration of payment-in-lieu-of-taxes (PILOT) applications for the Goodwill Village Apartments, Highland Towers Apartments and Lamar Crossing Apartments. Also being considered are PILOT extensions for Aspenwood Square Apartments, Ivy Chase Apartments and Prescott Place Apartments.
     And the Memphis City Council budget committee will meet at 1 p.m. Wednesday to discuss the mayor's proposed debt service plan. At 1:30 p.m. the committee will meet to discuss the proposed budget for police services.

Nearly $200,000 Tax Lien Filed Against Kuglin

     A federal tax lien has been filed against Vernice Kuglin for $188,025.
     This is Kuglin's latest tax lien, with others dating all the way back to 1999, according to The Daily News Online, www.memphisdailynews.com.
     Kuglin had been engaged in a battle with the Internal Revenue Service (IRS) for more than 10 years. That's when she decided she would no longer pay taxes until the IRS had answered some questions she had, according to court documents.
     In the mid-1990s, Kuglin wrote the IRS asking why she had to pay income taxes, but her letters were ignored, she testified during a five-day trial in 2003 in the Clifford Davis Federal Building in Memphis.
     Kuglin eventually was acquitted on charges of evading $920,000 in income and filing false Form W-4s from 1996 to 2001. She has since given up her fight against paying taxes, according to a Sept. 10, 2004,Commercial Appeal story.
     Apparently Kuglin, who at the time was described as a FedEx pilot, agreed to pay more than $500,000 in back taxes and penalties on six years of income.

Forest Hill Cemeteries' Owners Indicted by State Grand Jury

     The Tennessee Grand Jury has indicted the owners of Forest Hill Cemeteries and Funeral Homes for allegedly stealing nearly $20 million from trust funds set up for the beneficiaries of about 13,000 pre-paid funeral contracts and also the maintenance of cemetery properties.
     Shelby County District Attorney General Bill Gibbons made the announcement Friday. Clayton Smart, Mark Singer and Stephen Smith were indicted Tuesday for theft of property, conspiracy to commit theft and money laundering.
     Smart and Singer own Forest Hill Funeral Homes and Cemeteries and Smith was a broker for Smith Barney, an international financial firm owned by Citigroup Global Capital Markets Inc.
     "This was a cooperative effort, and we are very proud of the outcome," said Leslie A. Newman, commissioner of the Tennessee Department of Commerce and Insurance, in a statement. "This is the next phase in securing justice for innocent consumers who have been hurt."
     Smart was charged last week in Michigan for allegedly embezzling up to $70 million in cemetery trust funds for cemetery properties he owns there.
     As of press time Friday, Smart was in custody in Oklahoma after turning himself in to authorities there Thursday. He will be arraigned on charges in Michigan and Shelby County. Smith and Singer were awaiting extradition to Tennessee as of Friday.

Fidelity Properties Files Articles of Dissolution

     Fidelity Properties Inc., a home construction company, has filed articles of dissolution with the Tennessee Secretary of State, according to a notice published Friday in The Daily News.
     W. Terry Edwards, president of Fidelity, will continue to work with his other companies, EDCO Properties and EDCO Title and Closing Services, said Cindy Forsythe, vice president of Bartlett-based Fidelity Properties. The company was dissolving because it had not done business in a long time.
     "It was a Chapter S company, and that's not profitable right now," Forsythe said. "It hasn't done business in a number of years, and it's just time for it to go away."
     EDCO Properties, which was formed in 1993, is a land development company focusing on streets, curbs and gutters, Forsythe said.
     Edwards also runs EDCO Title and Closing Services, which has been in business since 1976, according to its Web site. The company provides legal services in the areas of residential real estate services, Real Estate Owned (REO) properties and foreclosures in Shelby, Tipton, Fayette and DeSoto counties.

Crye-Leike Climbs To No. 4 in the Nation

     Crye-Leike Realtors has been ranked the fourth-largest real estate company in the nation, according to RIS Media's 2007 Power Broker Report. The Memphis-based real estate company was ranked sixth last year.
     The annual Top 500 report ranks brokerage firms across the nation using data for closed sales, volume and closed transaction sides. Last year, Crye-Leike had its best year in the company's 30-year history, with record sales of $6.1 billion, marking a 9 percent increase from the year before. Crye-Leike agents closed 35,498 transaction sides.
     "The No. 4 ranking is due to the outstanding work of our professional, well-trained sales associates," said Crye-Leike owner and CEO Harold Crye in a statement. "We can also attribute the rankings to the dynamic growth of the Mid-South region where our offices are primarily located, a strong regional economy and our expansion into other markets like Atlanta, Ga., Jackson, Miss., and Northwest Arkansas."
PROPERTY SALES 69 119 21,696
MORTGAGES 64 113 16,530