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VOL. 121 | NO. 117 | Wednesday, June 7, 2006

Daily Digest

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$30 Million Mortgage Filed For Distribution Center Property

    CRP Holdings B LP has filed a $30 million mortgage through JP Morgan Chase Bank for three warehouse storage facilities in Memphis Distribution Center near the northwest corner of Hickory Hill and Raines roads. The property includes the 218,924-square-foot Building B, the 127,440-square-foot Building C and the 592,766-square-foot Building K. CRP bought the property May 1 from New York Life Insurance Co. for $30 million. The mortgage goes to secure a loan dated Sept. 28 between CRP and JPMorgan Chase with an aggregate, or total, principal of $300 million.

Buckeye Garners Award From Eastman Chemical

    Eastman Chemical Co. has presented its 2005 Supplier Excellence award to the Buckeye Technologies Inc. cotton cellulose plant in Memphis. The plant is a producer of specialty products made from wood and cotton fiber.
    The Eastman Chemical Supplier Excellence Award is presented annually to the top 3 percent of its very best suppliers whose performance meets strict and demanding criteria. The Buckeye Technologies Memphis plant received an exceptional rating for 2005 for making timely deliveries and for providing products that were within specifications greater than 99 percent of the time.
    Buckeye also was recognized for the development of new products that enhanced production for Eastman Chemical.
    A global company that manufactures and markets more that 1,200 chemicals, fibers and plastics products, Eastman is headquartered in Kingsport, Tenn. Calls made to Eastman weren't returned by press time to find out what other companies were presented with the award.
    Memphis-based Buckeye Technologies is a leading manufacturer and marketer of specialty fibers and non-woven materials. The company operates facilities in the United States, Germany, Canada and Brazil.
    Buckeye has been a supplier for Eastman for more than 75 years.

Hickory Hill Event Draws Community Together

    The 2006 Healing for the Hill Weekend kicks off Friday at 6 p.m. with the "Building Our Community One Family at a Time" empowerment fair at New Direction Christian Church at 6120 Winchester Road. The fair, which is co-sponsored by the Shelby County Crime Victims Center, will feature local experts who will share tips on credit repair, budgeting, family health care and protecting children from predators.
    Activities run through Saturday. The annual two-day fair includes a "Healthy You" 5K run/walk, "Prayer Chain" and "CommUnity Rally."
    Healing for the Hill Weekend is produced and sponsored by a community task force comprised of 11 churches of diverse denominations and ethnicities in or around Hickory Hill. The task force was started in 2003 and meets regularly to plan activities for the annual event.

Tennesseans Get School Shopping Tax Break

    The Tennessee Department of Revenue has announced that beginning at12:01 a.m. Aug. 4 and ending at 11:59 p.m. Aug. 6, Tennessee will hold its first annual sales tax holiday. The sales tax holiday will provide shoppers an opportunity to buy certain school supplies, computers and clothing tax-free.
    Items exempt from tax during the three-day holiday period include supplies that cost $100 or less, such as bookbags, calculators, lunchboxes and notebook paper. Also, exempt are clothing that costs $100 or less like hats, jeans, ponchos, raincoats, shoes or undergarments. Computer equipment priced at $1,500 or less also is included in the sale.
    For the tax-free holiday, school supplies are defined as items to be used by a student in a course of study.
    Layaway sales also will qualify for the exemption if final payment is made and the property is given to the purchaser during the holiday, or if the layaway order is made during the holiday even if delivery is made after it ends.
    The Department of Revenue also will have special hours for the sales holiday Saturday Aug. 5 from 7 a.m. to 7 p.m. and Sunday Aug. 6 from 10 a.m. to 6 p.m.
    For a complete list of items that qualify for exemption, visit www.tennessee.gov/revenue or e-mail salestax.holiday@state.tn.us.
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751