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VOL. 124 | NO. 163 | Thursday, August 20, 2009

Daily Digest

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Medical Office Owner Files $800K Loan

The new owner of the Applingwood Professional Office Building at 1540 Appling Care Lane in unincorporated Shelby County has filed an $800,000 loan on the property.

DCR Mortgage IV Sub I LLC, which lists a Florida address, bought the 10,744-square-foot medical office building for $500,000 last month in a substitute trustee’s sale. The loan was through Wells Fargo Foothill LLC.

The building’s previous owner, Applingwood Professional Office Building LLC, defaulted on a $1.3 million construction loan through Union Planters Bank (now Regions Bank) dated May 23, 1997. Ultimately, the debt was secured by DCR Mortgage, which foreclosed on the owner in May and then reclaimed the property in the substitute trustee’s sale.

R. Spencer Clift III of the law firm Baker, Donelson, Bearman, Caldwell & Berkowitz PC was appointed substitute trustee and served as seller of the property.

Completed in 1997, the Class B medical office building sits on about 1 acre on the west side of Appling Care Lane near Cordova. The Shelby County Assessor of Property’s 2009 appraisal is $1.2 million.

The building has office space from 487 square feet to 5,916 square feet, according to a Web site run by its Crye-Leike Property Management Inc. leasing team of Michael Hall and Michele Harris. A request for further information was not returned by press time.

Source: The Daily News Online & Chandler Reports

MLGW Board to Consider $1.25M Payment Contract

The Memphis Light, Gas and Water Division board of directors today is scheduled to discuss a resolution awarding a $1.25 million electronic bill presentment and payment services contract to Metavante Corp.

Also at today’s meeting, the board is scheduled to take up a resolution awarding a 36-month, $1.43 million contract for painted steel poles to M.D. Henry Co. Inc. Both contracts require approval from the Memphis City Council, which has oversight of MLGW contracts more than $25,000.

The MLGW board meeting will begin at 3 p.m. in the boardroom of the MLGW Administration Building, 220 S. Main St.

De-Icer Truck Contract On Agenda for MSCAA

The Memphis-Shelby County Airport Authority (MSCAA) today is set to discuss the awarding of a contract to TAG Truck Center LLC for a de-icer truck.

Also at today’s board of commissioners meeting, the board is scheduled to discuss the approval of a lease agreement for Integrated Airline Services Inc. A full slate of division reports also is scheduled.

Today’s meeting will begin at 8 a.m. in the Airport Authority boardroom, inside the terminal building at Memphis International Airport. The next MSCAA board meeting is set for Sept. 17.

CCDC Approves Two Business Loans

The Center City Development Corp. approved a pair of loan requests Tuesday for Downtown businesses Sauces, the restaurant at 95 S. Main St., and Sneak Peek, a new urban apparel store coming to 515 S. Main St. later this month.

Sauces was approved for a $30,000 retail forgivable loan, and Sneak Peek was granted a $17,460 loan.

Bass Berry Completes Litigation Training Program

Bass, Berry & Sims PLC recently completed its first associate litigation training program.

The six-month program was designed to provide associates with direct litigation, trial advocacy and jury persuasion experience. The program ended with full-scale mock jury trials at Vanderbilt University Law School.

Under the leadership of attorneys Michael Dagley and Overton Thompson, the goal of the training was to prepare associates to become first-chair trial lawyers early in their careers, a client-service strategy to provide quality service at non-senior rates.

Bass, Berry & Sims plans to continue the program as a regular event.

Videos of the training sessions also were posted on YouTube and can be found at www.youtube.com/user/bassberry.

Town Hall Meeting Set On Health Care Reform

The Shelby County Legislative Delegation is hosting a town hall meeting to discuss health care reform proposals from 9 a.m. to noon Saturday at the Student-Alumni Center on the campus of the University of Tennessee Health Science Center at 800 Madison Ave.

Panelists will look at the reforms from the federal, state and local views. Radio and television talk show host Leon Gray will serve as a moderator. Police officers will direct the public to parking.

Panelists will include several local, state and federal government representatives, medical professionals and others.

West Clinic Takes Part In Breast Cancer Study

The West Clinic is one of 11 sites within the Accelerated Community Oncology Research Network Inc. that has been chosen to participate in a breast cancer research study. Participants are needed for the study.

Both groups within the study will receive a combination of gemcitabine and carboplatin, standard chemotherapy drugs for breast cancer approved by the U.S. Food and Drug Administration. One will also receive the study drug, or investigational agent, along with the standard chemotherapy drugs.

For more information, contact Tracy Stewart at 683-0055, Ext. 1075, or research@westclinic.com.

Nashville Opts Out Of New State Gun Law

The Metro Nashville City Council has reinforced its ban on guns in parks.

While the city’s attorneys say a decades-old ban was not superceded by a state statute about to take effect, council members voted 22-18 on final reading to opt out of the law that allows people with gun carry permits to take their weapons into parks.

The Tennessean newspaper quoted supporters of the ordinance who said they wanted to guard against any attempt to repeal the 43-year-old previously enacted ban.

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