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VOL. 121 | NO. 162 | Monday, August 21, 2006

Daily Digest

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Campbell Properties Buys Raleigh Store for $1.6 Million

     Campbell Properties Limited Partnership has bought a building in Phase III of the Raleigh Springs Triangle Shopping Center from VDS Development LLC for $1.6 million. The 6,860-square-foot store at 3495 Austin Peay Highway in Raleigh sits on a .93-acre lot. VDS originally purchased the property, a former Casual Male Big and Tall store, in September 2005 for $445,000, but later tore it down and applied for a $534,839 building permit to construct the current retail space.

MLGW Board Gives Nod To Discount Agreement

     Customers of Memphis Light, Gas & Water Division might be in for a break because of a 20-year agreement that could save the utility millions each year if approved by the Memphis City Council.
     The MLGW Board of Commissioners late last week approved the agreement with the Tennessee Energy Acquisition Corp., which would allow the utility to buy a portion of its natural gas supply at a fixed discounted rate, saving it $2.85 million a year, according to a statement. About 13 percent of the utility's natural gas consumption would be covered by the agreement.
     Customers would then save money in the form of lower rates or delayed rate increases.
     "I am excited about this arrangement because it is a guaranteed discount for our customers, and we will save MLGW about $57 million over the life of the agreement," said MLGW president and CEO Joseph Lee, in a statement. "We will continue to seek other innovative initiatives like this to ensure the rates our customers pay remain among the lowest in the nation."
     The city council might vote on the agreement next month. If the council approves the agreement, MLGW's first contract purchase of natural gas could be made as early as November.

Tickets Now on Sale For Bader Ginsburg Visit

     Tickets for U.S. Supreme Court Justice Ruth Bader Ginsburg's Sept. 11 speaking engagement at The Peabody Hotel have been opened to the general public.
     However, 750 seats already have been reserved by members of the local legal community, so only about 200 tickets are available for general admission.
     Individual tickets cost $70 or $600 for tables of 10. The price includes lunch. Tickets for Memphis Bar Association (MBA) members are $60 and $45 for law students.
     Ticket sales close Sept. 1.
     Ginsburg was nominated to the Supreme Court by President Bill Clinton in 1993, and was sworn in Aug. 10 of that year. Since then, she's made numerous headlines across the nation and world, becoming known particularly for championing social and women's causes. To read more about Ginsburg and her visit, see our Aug. 17 Law Focus story at www.memphisdailynews.com.
     To reserve your tickets, visit www.memphisbar.org or call the MBA office at 527-3573.

State Unemployment Rate Up Only Slightly

     Tennessee's unemployment rate for July, while still above the national rate, climbed barely above June's figures, from 5.6 percent to 5.9 percent.
     The state's Department of Labor and Workforce Development released those figures Thursday, which also show that the national unemployment rate has climbed slightly, from 4.6 percent in June to 4.8 percent in July.
     "Employment growth for Tennessee has been significant in the past year with 2.4 percent, versus only 1.6 percent for the nation, according to the household survey," said James Neeley, Commissioner of Labor and Workforce Development, in a statement released last week. "Similar to last month, the unemployment rate rose from June due largely to an increase in the number of people seeking employment."

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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