VOL. 119 | NO. 160 | Tuesday, September 6, 2005
Arlington Warehouse Financed Under PILOT
The Industrial Development Board of Arlington, as grantor, and W&D Arlington LLC, as borrower, have financed Maines Paper & Food Storage through Manufacturers and Traders Trust Co. for $3.2 million. The property, located at 11420 Gulf Stream Drive in Arlington, is a 54,500-square-foot cold storage warehouse. The property was transferred from Arlington Investors LLC to the Arlington IDB in April 1999 through a payment-in-lieu-of-taxes program. The IDB leased the property back to Arlington Investors, who assigned the lease to W&D.
Memphis Chamber Names President and CEO
The Memphis Regional Chamber has named John Moore, a Memphis-based vice president for Northwest Airlines, as its new president and CEO. Moore was selected through a nationwide search by the Centre Group. He succeeds Marc Jordan, who stepped down Aug. 1 after 10 years at the chamber's helm.
Valero Completes Premcor Acquisition
Valero Energy Corp. last week completed its acquisition of Premcor Inc., establishing its place as the largest refinery company in North America. The company will take a one-time, non-cash charge of $600 million in the third quarter in connection with the merger. The company's Memphis refinery at 490 Rivergate Road produces an average of 190,000 barrels per day.
Mesaba, Northwest Finalize Regional Jet Agreement
Mesaba Aviation Inc., a subsidiary of MAIR Holdings Inc., has reached a definitive agreement with Northwest Airlines to operate 15 Bombardier CRJ-200 regional jets under the Northwest Airlink banner, with exclusive rights to the next 20 CRJ-200 or CRJ-440 aircraft Northwest may order. The agreement is part of a new 10-year omnibus airline services agreement between Northwest and Mesaba.