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VOL. 124 | NO. 245 | Tuesday, December 15, 2009

Daily Digest

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Patton & Taylor Files Permits for 2 Projects

Memphis-based general contractor Patton & Taylor Enterprises LLC has filed a pair of building permits – totaling close to $16 million – with the city-county Office of Construction Code Enforcement to begin construction on two projects in Westwood.

The company filed a $9.4 million permit to build a 116-unit, 29-building apartment community at 4495 Horn Lake Road. The property is owned by Village Parkway LP and will be a tax credit, affordable-housing multifamily complex.

The company also filed a $6.5 million permit to build a 100-unit senior living facility called Lyons Ridge at 1633 Pennsylvania St.

Cameron Taylor of Patton & Taylor said more details on both projects would be forthcoming, although he did say construction is slated to begin at the first part of the year with completion by Dec. 31. He said the projects would be similar in scope to other buildings the company has constructed in the past.

The architect for both projects is Lawrence Abell & Associates Ltd., which has worked with Patton & Taylor on other Memphis properties, including the Lamar Crossing apartments.

Source: The Daily News Online & Chandler Reports

Eric Smith

City Council to Consider Wharton’s CAO Appointment

The Memphis City Council today is scheduled to approve Memphis Mayor A C Wharton Jr.’s appointment of outgoing Tennessee corrections commissioner George Little to be his new chief administrative officer.

Wharton announced earlier this month that Little would replace Jack Sammons, appointed during the three-month period of office held by former Mayor Pro Tem Myron Lowery. Wharton also told The Daily News Sammons likely would stay on in some unidentified role in city government.

The CAO appointment is important, because that person basically runs city government on a day-to-day basis and is usually the mayor’s link with council members.

To read more about Little, see the Dec. 4 edition of The Daily News. The full council will meet at 3:30 p.m. at City Hall, 125 N. Main St.

Andy Meek

GTx Lays Off 28 Pct. of Work Force

GTx on Friday laid off 28 percent of its work force, a reduction that is a direct result of the U.S. Food and Drug Administration’s decision on Oct. 30 to not grant approval of a drug the Memphis-based company is developing.

The company had expected approval for Acapodene (toremifene citrate 80 mg) to prevent bone fractures in men with prostate cancer who are undergoing hormone deprivation treatment.

In addition to the layoffs, the company also announced that employees remaining with GTx will not receive an increase in their base salaries during the coming year or any bonus compensation this year.

Tom Wilemon 

Shareholders Approve Luminetx Acquisition

Shareholders of Luminetx Corp. voted Friday to sell the company for $15 million to Christie Digital Systems Inc., said Herb Zeman, the company’s founder and one of its largest shareholders.

The sales price equates to 37 cents a share for common stock. Christie is a subsidiary of Ushio, a privately held company.

Luminetx markets the VeinViewer medical equipment that allows health care professionals to easily see blood vessels beneath the skin.

Tom Wilemon

12 Glankler Brown Attorneys Included in SuperLawyers

Twelve attorneys from Glankler Brown PLLC have been selected for inclusion in the 2009 edition of Mid-South SuperLawyers.

The attorneys are Louis F. Allen, personal injury defense, general; Saul C. Belz, business litigation; J. David Blaylock, bankruptcy and creditor-debtor rights law; Oscar C. Carr III, business litigation; Lee J. Chase, personal injury plaintiff, general; B. Douglas Earthman, bonds/government financing; Jonathan C. Hancock, employment and labor; Charles W. Hill, employment and labor; R. Hunter Humphreys, real estate law; William T. Mays Jr., tax; George J. Nassar Jr., estate planning and probate; and C. Barry Ward, commercial litigation.

Also, Hancock was named a Rising Star. Belz and Humphreys were named to the Top 100 Attorneys in Tennessee, a group that received the highest point totals in the 2009 Mid-South SuperLawyers nomination, research and blue ribbon review process.

Lawyers are selected for inclusion based on peer recognition and professional achievement.

– Taylor Shoptaw

TVA Rates to Drop From Fuel Cost Adjustment

Rates for Tennessee Valley Authority residential customers will drop between $1 and $3 in the billing period that starts Jan. 1 because of another reduction in fuel costs.

The change reflects more hydroelectric generation because of rain and a reduction in projected future costs.

TVA began the fiscal year Oct. 1 with an 8 percent general rate increase, but because of reduced fuel adjustment costs, customers are still paying less than a year ago.

There have been five drops in the fuel cost adjustment cost this year.

TVA uses the fuel cost adjustment to help recover fluctuating fuel and purchased power costs.

TVA is the nation’s largest public utility with nearly 9 million customers in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.

– The Associated Press

PROPERTY SALES 89 339 12,708
MORTGAGES 42 227 7,982
BUILDING PERMITS 171 518 29,639
BANKRUPTCIES 32 129 6,029