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VOL. 123 | NO. 169 | Thursday, August 28, 2008

Daily Digest

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Laurel Oaks Builder In Default on Lots, Homes

Four first-run foreclosure notices have been filed against Richardson’s Brentwood Homes Inc.; the notices appear beginning on Page 38 of today’s print edition of The Daily News and also online at www.memphisdailynews.com.

Richardson’s Brentwood Homes is in default on four deeds of trust issued from First Citizens National Bank pertaining to two lots and two homes on Lawton Trail in Germantown’s Laurel Oaks Planned Unit Development. The development sits on the west side of Germantown Road south of Wolf River Boulevard.

The properties are lots 25, 26, 27 and 28 in the development. Lots 25 and 26 remain vacant, while 27 and 28 have homes on them. The addresses of the homes are 1564 and 1560 Lawton Trail, and the Shelby County Assessor of Property’s 2008 appraisals on the homes are $418,000 and $384,900, respectively.

Richardson’s Brentwood Homes bought the lots from the developer, Laurel Oaks LLC, in October 2006 for $390,000, financing the lots – and the subsequent construction on two of them – through First Citizens National Bank.

The guarantor on the loans is Mark M. Streeter, who also is listed as president of Richardson’s Brentwood Homes. The company’s total indebtedness in these matters is $1.1 million.

The properties will be sold to the highest bidder Sept. 19 on the steps of the southwest corner of the Shelby County Courthouse beginning at 11:05 a.m. and concluding at 11:20 a.m.

Source: The Daily News Online & Chandler Reports

CCC Board to Discuss Barboro Alley Flats PILOT

The Center City Commission board of directors today will discuss a 15-year payment-in-lieu-of-taxes (PILOT) agreement that was approved by the Center City Revenue Finance Corp. for the Barboro Alley Flats project.

The project consists of construction of a five-story, mixed-use building that will include about 7,000 square feet of retail space, 92 residential units and a 205-space public parking garage.

Also on the agenda, members will receive reports from the Safety & Security, Traffic & Transportation and Clean & Green committees.

The meeting will begin at noon today at CCC, 114 N. Main St.

Council, School Board Withdrawal Deadline Today

The deadline for Memphis City Council and Memphis City Schools board candidates to withdraw from the Nov. 4 ballot is noon today.

The field in the special election for City Council Super District 9 Position 1 dropped to 10 contenders after the withdrawal this week of attorney Regina Morrison Newman.

Newman said no one approached her about getting out of the race. She said she decided to withdraw because several friends got into the race later.

The race is to fill the council seat being vacated at the end of this month by council chairman Scott McCormick. McCormick is leaving the council to become executive director of the Plough Foundation.

In the city school board races on the Nov. 4 ballot, only one of the five incumbents seeking re-election still had opposition as the deadline approached.

District 1 school board member Stephanie Gatewood was effectively re-elected when potential challenger Rudolph Daniels didn’t have enough signatures on his qualifying petition.

Board president Tomeka Hart and board members Patrice Robinson and Jeff Warren also are running unopposed.

Board member Freda Williams has two challengers for the At-Large Position 1 seat.

FedEx Express To Launch Mexico Service

FedEx Express, a subsidiary of FedEx Corp., introduced FedEx Express Nacional, a domestic next-business-day service that provides shipping solutions across Mexico.

FedEx Express Nacional will begin operations Oct. 6. The service will feature delivery to any address in Mexico and online tracking and tracing.

FedEx Express Nacional will initially create more than 180 jobs in operations, planning, engineering, sales and customer service, adding to the 1,000 currently employed at FedEx Express Mexico. The operational hubs for FedEx Express Nacional will be in Toluca and in San Luis Potosí.

The launch of the new service in Mexico follows the company’s domestic service launches in China, India and the United Kingdom.

Luminetx Names Ogle New CFO

After more than a year without a chief financial officer, Luminetx Corp. has named John Ogle to the position.

Ogle has more than 22 years experience in accounting and finance, most recently serving as CFO of Supportive Oncology Services Inc. (SOS) and Accelerated Community Oncology Research Network Inc. (ACORN), affiliates of The West Clinic.

Prior to his employment with SOS, Ogle was audit manager at Thompson Dunavant PLC.

He received a bachelor’s degree in accounting and master’s degree in finance from the University of Memphis.

InterSky Partners With Inventory Locator Service

InterSky Precision Instruments Inc. has chosen Memphis-based Inventory Locator Service LLC to streamline its repair, inventory and sales operations.

InterSky will use ILS Optimizer to track parts and components through the repair process, synchronize its in-stock inventory with listings on ILSmart.com and manage sales orders.

ILS is a business-to-business electronic marketplace servicing the aviation, defense and marine industries.

InterSky is based in Memphis and is a source for cockpit instrument and accessory maintenance, repair and overhaul and services.

Johnson, Jackson To Be Sworn in Sunday

Two newly minted elected officials will be formally sworn into office Sunday.

Cheyenne Johnson, who succeeds Rita Clark as Shelby County assessor of property, and Otis Jackson, who succeeds Chris Turner as General Sessions Court clerk, will take their oaths of office Sunday in a ceremony at 5 p.m. in the Shelby County Board of Commissioners Chambers at 160 N. Main St.

A reception will follow the ceremony. Both officials won their office in the Shelby County general election earlier this month. Jackson, the Democratic nominee for General Sessions Court clerk, beat the incumbent, Turner, who was seeking his fourth term. Johnson, the Democratic nominee for assessor, beat Republican nominee Bill Giannini, who is also the local GOP chairman.

PROPERTY SALES 28 290 16,197
MORTGAGES 33 165 10,087
BUILDING PERMITS 184 608 38,544
BANKRUPTCIES 33 125 7,597