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VOL. 123 | NO. 157 | Tuesday, August 12, 2008

Daily Digest

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Collierville Shopping Center Sells Outparcel for $1.3M

Carriage Avenue LLC, a company affiliated with the Collierville shopping center The Avenue Carriage Crossing, has sold an outparcel of its property at the shopping center to KCBBHB LLC for $1.3 million. The sale date was July 31, 2008.

Eugene Schmidt, the local property manager for The Avenue Carriage Crossing, directed inquiries to the company’s headquarters in Atlanta for more information, although he said the property was “The Men’s Wearhouse outparcel.”

Calls to the Atlanta headquarters were not returned by press time.

KCBBHB LLC is a company affiliated with The Men’s Wearhouse, according to the Collierville Chamber of Commerce Web site. KCBBHB took out a loan from Southwest National Bank for $1.5 million. The loan was a second loan modification to an original loan from 2006 in the amount of $1.5 million from Capital City Bank.

In 2007, KCBBHB signed a trust deed switching its loan from Capital City Bank to Southwest National Bank, and signed a first loan modification, increasing the original loan amount of $1.5 million to $1.8 million in 2007.

The second loan modification, which is dated Aug. 1, shows that KCBBHB took out another loan of $1.5 million from Southwest Bank. This loan has a maturity date of Aug. 10, 2017.

On Aug. 5, KCBBHB executed and delivered to Southwest National Bank a “Second Amended and Restated Promissory Note” for $3 million.

Source: The Daily News Online & Chandler Reports

CCRFC to Hear PILOT Request For Apt., Parking Project

At today’s Center City Revenue Finance Corp. board meeting, board members will hear a request for a payment-in-lieu-of-taxes (PILOT) agreement for a parking garage and apartments to be built at 100 S. Main St.

Board members also will consider a request for preliminary approval of financing for the parking garage to be built there.

100 South Main Street Partners will be making the PILOT and financing requests for its Barbaro Alley Flats project. Co-developers of the project are Greenhat Partners LLC and Henry Turley Co.

The entire project is expected to consist of a 92-unit apartment complex on top of retail and the parking space.

The meeting will begin at 9 a.m. at the Center City Commission offices, 114 N. Main St.

Tax Burden Low For Tennesseans

A Washington-based research group has released the results of a study on the tax burden associated with each state in the U.S. and has found that Tennesseans bear a relatively low tax burden when compared to the rest of the country.

That research group, The Tax Foundation, released an annual report last week that ranks Tennessee 44th in the country in the category of state and local tax burden.

In 2007, by way of comparison, the state ranked 43rd, which means the tax burden for the average Tennessean improved slightly by the group’s study methodology.

Delta, Northwest Pilots Urged to Approve Agreement

Pilots at Delta Air Lines Inc. and Northwest Airlines Corp. were being encouraged by their union leaders to approve a joint collective bargaining agreement as Monday’s deadline to vote on the pact loomed.

Voting was set to end Monday afternoon.

Ratification of the agreement is a key element of Atlanta-based Delta’s efforts to achieve a smooth integration of the two companies when it acquires Eagan, Minn.-based Northwest Airlines Corp. later this year.

The agreement covers roughly 12,000 pilots of the two airlines. The pilots still don’t have a deal to integrate their seniority lists, but have agreed to submit to binding arbitration if they can’t come to terms on their own within a certain timeframe. A three-member panel has already been chosen in case arbitration is needed.

Pilots value their seniority because it determines their schedule, the aircraft they fly and layoff protection.

Delta hopes to complete its stock-swap deal to acquire Northwest by the end of the year. The combination, announced April 14, is subject to shareholder and U.S. regulatory approval. European regulators cleared the deal last week.

The combination, proposed at a time of persistently high fuel prices and airline industry financial woes, would create the world’s largest carrier in terms of traffic.

The pilot agreement, together with a previous one reached between Delta pilots and management, calls for compounded raises for pilots over 18 percent over four years, a summary provided to Delta pilots says.

The joint contract agreement also calls for pre-merger Northwest pilots to receive a 2.38 percent equity stake in the new Delta. Current Delta pilots would receive a 3.5 percent equity stake. The summary sent by Delta union officials to Delta pilots says the two amounts are proportional given the size of the two pilot groups. There are about 5,000 Northwest pilots and about 7,000 Delta pilots.

Rank-and file Delta and Northwest pilots must approve the joint collective bargaining agreement for it to become final.

In a letter to fellow Delta pilots Friday, the head of Delta’s pilots union, Lee Moak, said approving the joint contract “allows us the opportunity to secure our future in an increasingly difficult industrial and economic environment.” Northwest pilot leaders also sent a message to fellow pilots Friday urging them to ratify the joint contract.

Nonprofit Alliance Seeks Organizations for Program

The Alliance for Nonprofit Excellence has sent out a request for proposals to select up to seven nonprofit organizations for participation in the Program for Nonprofit Excellence (PNE).

PNE is a three-year capacity-building program designed to empower nonprofit organizations to address specific challenges, embrace their core mission and ultimately streamline operations for greater effectiveness and community impact.

To be considered for the program, interested organizations should have their applications turned in by Sept. 22.

Selected nonprofit organizations will receive assessment regarding the organization’s culture, board engagement and mission.

A pre-application workshop will be held Aug. 26 at 9 a.m. at The Assisi Foundation of Memphis Inc., 515 Erin Drive.

Memphis Zoo Ranks Tops in Nation

The Memphis Zoo has been ranked as the best zoo in the United States by TripAdvisor editors and based on traveler popularity. The travel recommendation company ranked the city’s zoo No. 1.

The Memphis Zoo was ranked ahead of Arizona-Sonora Desert Museum, St. Louis Zoo, San Diego Zoo and Miami Metrozoo.

The Memphis Zoo sits on 70 acres and houses more than 3,500 animals and more than 500 different species. Notable exhibits include Northwest Passage, Primate Canyon and China, which is home to giant pandas Ya Ya and Le Le.

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367