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VOL. 124 | NO. 248 | Friday, December 18, 2009

Daily Digest

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Y5 LLC Files Loan, Permit For Vesta Home

Y5 LLC has filed a $600,000 construction loan and a $500,000 permit to build a home in Neshoba Grove, the site of the Memphis Area Home Builders Association’s spring home show. The company, whose principal is Tommy Young, filed the loan through Magna Bank and its permit with the city-county Office of Construction Code Enforcement this week.

Young said he is building a roughly 4,000-square-foot house at 1692 Cordova Road. The home, designed by Lavelle Walker, will be listed for approximately $725,000. It will be filled with unique features such as a wine cellar, safe room and sleeping porch.

“It’s got lots of Lavelle’s little tricks and designs in it,” Young said. “It’s a really cool house.”

The home show, set for May 29 through June 20, is called “The Vesta Designer Showcase of Homes.” It will showcase five custom-built homes in Neshoba Grove, a new infill development at the northeast corner of Cordova and Neshoba roads, just west of Germantown Road.

All five of the Vesta homes are being designed by renowned local architects.

“We pulled together a lot of really good designers and architects to do this,” Young said. “It’s pretty unusual for us to pull these kinds of guys together and get this type (of) product all at one show at one time.”

Young said it will be a challenge to complete construction by the spring because of the elaborate design of the home and because of the winter weather, but he expects to have it ready for the show.

Y5 bought the Neshoba Grove lot for $175,000 from Kircher-Belz Builders LLC, the company that developed the subdivision and also will build one home for the spring show. Kircher-Belz recently sold one of the Neshoba Grove lots to another of the home show builders, Johnny Williams Construction, also for $175,000.

The other builders are the Longtown Co., whose owner is Jarod Wilder, and Landon Homes LLC, whose principal is Jere Duffy.

Source: The Daily News Online & Chandler Reports

Eric Smith

Probate Clerk Thomas Files Petition To Run For County Commission

Probate Court Clerk Chris Thomas is the first candidate to file a petition to run in 2010 for the Shelby County Commission.

Thomas filed his petition Wednesday to run in the May 4 Republican primary for the District 4, Position 1 seat now held by Commission Chairwoman Joyce Avery.

Avery is not seeking re-election.

Thomas is serving his fourth term as Probate Court clerk. He will not be seeking re-election. Before he was elected to the clerk’s office in 1994, Thomas served one term on the Memphis school board.

Thomas said his experience gives him a “unique understanding of inefficiencies in county government.”

“As a county commissioner, I’ll seek to refocus county government on the core priorities of crime, schools and roads,” he said.

Feb. 18 is the filing deadline for candidates in the county primary elections.

– Bill Dries

State Approves Move For Planned Parenthood

The board for the Tennessee Health Services and Development Agency this week approved Planned Parenthood of Greater Memphis Region’s plans to move from 1407 Union Ave. to 1750 Madison Ave.

The clinic, which provides birth control and reproductive health services, faced opposition to the move from the Catholic Diocese of Memphis. The diocese has a campus that houses Memphis Catholic High School near the new location.

Planned Parenthood had to move because its lease was not renewed at the Union Avenue office.

Tom Wilemon

County Office of Preparedness Seeks Volunteers for Reserves

The Shelby County Office of Preparedness is recruiting citizen volunteers for its 2010 Emergency Management Agency reserve program.

The volunteers perform a variety of tasks, including “educating the public about disaster preparedness” and giving “public presentations on disaster preparedness throughout the county at neighborhood associations, schools, churches, police precincts and businesses,” according to information from the county office. They also attend community fairs to meet the public and hand out brochures.

Applicants have to be at least 18 years old and residents of Shelby County, and must be interviewed and pass a criminal background check. Visit www.mscema.org or call Cheryl Yarbro at 515-2525 for more information.

Andy Meek

Hubbard Named MAAR Realtor of the Year

Regina Hubbard, a broker with Lester Hubbard Realtors, was named 2009 Realtor of the Year at the Memphis Area Association of Realtors’ honors luncheon, held Wednesday at the Holiday Inn-University of Memphis.

Hubbard, a 13-year industry veteran, served as 2009 chairwoman of the Realtors Political Action Committee. She also is active with the Women’s Council of Realtors and the Memphis chapter of National Association of Real Estate Brokers, an association of minority Realtors.

Other local real estate professionals also were recognized at the honors luncheon. Claire Owen of Crye-Leike Inc. Realtors was named 2009 Realtor Associate of the Year; Ryan Guess of Patriot Bank Mortgage was named 2009 Affiliate of the Year; and Steve Brown of Crye-Leike was given MAAR’s Outstanding Leadership Award.

And Jon Albright, MAAR’s outgoing president, gave presidential awards to Glen Turner, Anthony Lopes of Investec Realty Services, Ron Belz of Belz Enterprises, Bobbi Gillis of FaxonGillis, and Carol Lott of Prudential Collins-Maury.

Eric Smith

Jobless-Aid Claims Rise, Four-Week Average Falls

The number of newly laid-off workers filing claims for unemployment benefits unexpectedly rose last week as the recovery of the nation’s battered labor market proceeds in fits and starts.

But the four-week average for jobless claims, which smooths out fluctuations, fell. That was an encouraging sign that the labor market is gradually improving. The four-week average is now at its lowest point since late September 2008, when the financial crisis hit with full force.

The U.S. Labor Department’s report on unemployment claims said the number of new claims rose to 480,000 last week, up 7,000 from the previous week. That was a worse performance than the decline to 465,000 that economists had expected. The four-week average dipped to 467,500, the 15th straight decline.

Unemployment claims have been on a downward trend since this summer. That improvement is seen as a sign that jobs cuts are slowing and hiring could pick up as soon as early next year.

Still, the rise in weekly claims of 7,000 last week, which had followed an increase of 19,000 the previous week, shows that the improvement has been halting.

Economists closely monitor jobless claims, considered a key gauge of the pace of layoffs. Analysts say initial claims need to fall to about 425,000 for several weeks to signal the economy is beginning to add jobs.

– The Associated Press

Morrow Named Admin of the Year

Tennessee Recovery Act Management Office Administrator Mike Morrow has been named Administrator of the Year by the Tennessee Chapter of the American Society of Public Administration.

The award is given each year to a Tennessee administrator who has had a positive effect during the past year on his or her organization and the landscape of Tennessee administration.

Morrow is in his 34th year of public service in the state of Tennessee. He is a graduate of the University of Tennessee with a bachelor’s degree in accounting and is a graduate of the Tennessee Government Executive Institute.

Morrow began his career with the state as an internal auditor and has been at the Department of Finance and Administration for the past 22 years.

– Taylor Shoptaw

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149