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VOL. 124 | NO. 135 | Monday, July 13, 2009

Daily Digest

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Walgreens on Way To Frayser Intersection

Newman-Tillman Properties LLC has bought a pair of lots at the southeast corner of Frayser Boulevard and North Hollywood Street (alternately known as Range Line Road) in Frayser to build a Walgreens drug store.

Operating as NTP Frayser-Range Line in the transaction, the company paid $1.6 million for a 1-acre parcel at 2653 Frayser Blvd. and $130,000 for a 0.59-acre parcel at 3470 Range Line Road. It subsequently filed a $4.4 million construction loan through First Tennessee Bank NA to build the drug store on the adjoining parcels.

The Shelby County Register of Deeds and the Shelby County Assessor of Property lists the address as 2653 Frayser Blvd., although the building permit filed in May through the city-county Office of Construction Code Enforcement lists it as 2655 Frayser Blvd.

The sellers of the Frayser Boulevard lot were Michael F. and Kathleen K. Sweeney, who bought the property in 2004. The sellers of the Range Line Road lot were Dae S. and Sung O. Moon, who bought the property in 1988.

Both lots have small structures on them. The Frayser Boulevard property is appraised at $277,000; the Range Line Road property is appraised at $60,400.

Priester & Associates Inc. is the general contractor for the project, according to public records.

Newman-Tillman Properties, whose principals are Wes Newman and Jay Tillman, has developed other Walgreens stores in town. One project was a Walgreens at the corner of Poplar Avenue and Perkins Road, where Eudora Baptist Church sold a parcel of its church land.

Records show the company has developed land for Walgreens stores in other parts of the country, including locations in Pennsylvania and Tupelo, Miss.

A call to Tillman for comment about this latest venture was not immediately returned.

Source: The Daily News Online & Chandler Reports

Memphis Receives $3.3M For Homelessness Programs

The city of Memphis has been awarded $3.3 million from U.S. Housing and Urban Development to re-house families who fall into homelessness or prevent them from becoming homeless.

HUD’s new Homeless Prevention and Rapid Re-housing Program is funded through the American Recovering and Reinvestment Act of 2009. Grants in the amount of $1.5 billion have been awarded to more than 400 communities across the country. The funds will provide short- and medium-term rental assistance and services to either prevent individuals and families from becoming homeless or help those who are experiencing homelessness to be quickly re-housed.  

The grants provided under HPRP will not provide long-term support to families or provide mortgage assistance to homeowners facing foreclosures. The grants will provide short- and medium-term rental assistance, security deposits, utility deposits, utility payments, moving cost assistance and hotel vouchers.

The payments will be made only to third parties such as landlords or utility companies.  

Chattanooga and Knoxville each received more than $700,000 and Nashville-Davidson County received $2 million.

Gresham Smith Named Among Top 100 Green Design Firms

Gresham, Smith and Partners, a law firm specializing in architecture, engineering, interior design and planning, recently ranked No. 34 among the Top 100 Green Design Firms as rated by the industry publication Engineering News-Record.

Firms are ranked according to 2008 revenue from design services generated from projects that have been registered with or certified by a third-party organization, which follows standards for measuring a company’s environmental impact, energy efficiency and carbon footprint.

More than 150 GS&P employees are U.S. Green Building Council Leadership in Energy and Environmental Design Accredited Professionals (LEED APs).

GS&P has offices in Nashville, Memphis, Atlanta and many other cities across the Southeast, Texas and Ohio, as well as an office in Shanghai, China.

Medtronic Recalls Some Infusion Sets

Minneapolis-based medical-device maker Medtronic Inc. reported Friday it started a recall of some of its Quick-set infusion sets because the products could deliver an incorrect dose of insulin.

The infusion sets have the reference numbers MMT-396, MMT-397, MMT-398 and MMT-399 with lot numbers beginning with “8.” Infusion sets are thin plastic tubes that carry insulin from a pump into the patient’s body. Medtronic said about 60,000 of the tubes may not work properly because they do not allow the insulin pump to properly vent air pressure. That could cause the pump to deliver too much or too little insulin.

The company did not report any injuries or deaths connected to the recalled products.

Most of the infusion sets were distributed in the U.S.

Medtronic said patients should stop using a product in the affected lot, and return it to the company. It said it will replace the sets at no charge. Medtronic estimated that the problem could affect about 2 percent of the 3 million infusion sets currently with customers.

The Quick-set devices are used with Medtronic’s MiniMed Paradigm insulin pumps, and they are intended to be replaced about once every three days.

Medtronic’s Spinal and Biologics Business is based in Memphis.

Memphis Chamber Reps. Attend Conference in D.C.

The Greater Memphis Chamber has been selected by the U.S. Chamber of Commerce’s Institute for a Competitive Workforce to attend the three-day Business LEADS Institute today through Wednesday in Washington.

The chamber group will join 36 other business leaders from around the country to learn how the business community can drive positive transformation in education and work force training.

The seminar is part of a $2.6 million grant from the Bill & Melinda Gates Foundation and will be the first of five Business LEADs Institutes.

May Trade Deficit Drops Unexpectedly

The U.S. trade deficit fell to the lowest level in more than nine years in May as exports posted a small gain while the weak American economy pushed imports down for a 10th straight month.

The slight rebound in exports, combined with a slower pace of decline in imports, showed that the nosedive in global activity may be starting to ebb. Delayed revivals overseas likely will hinder a rebound in the U.S., but most analysts still expect the American economy to grow a bit later this year.

The U.S. Commerce Department reported Friday the deficit narrowed to $26 billion, a drop of 9.8 percent from April and the lowest level since November 1999. Economists expected the deficit to widen to $30.2 billion in May.

So far this year, the deficit is running at an annual rate of $350 billion, about half of the $695.9 billion deficit for all of 2008. Economists believe that trend will continue as weakness in the U.S. depresses demand for imported goods.

“I think this was a very positive report and consistent with the idea that the U.S. recession will come to an end in the next few months,” said Mark Zandi, chief economist for Moody’s Economy.com.

The politically sensitive deficit with China rose 4.4 percent to $17.5 billion in May, but is running 12.6 percent below the record pace of last year.

America’s deficit with Canada, its largest trading partner, dropped to $628 million, the smallest monthly imbalance in 15 years. The deficit with Japan shrank to $1.9 billion, the lowest deficit with that country in more than two decades.

Exports of goods and services rose 1.6 percent to $123.3 billion in May, reflecting increased sales of soybeans, corn and other farm products, along with higher exports of industrial machinery, generators and computers. But even with the May increase, U.S. exports are 25 percent below the record high set in July 2008.

Imports edged down 0.6 percent to $123.3 billion, the 10th consecutive monthly decline. Imports are 34.9 percent below the all-time high set last July.

The May decline reflected a 3.4 percent drop in petroleum imports to $17.4 billion. The decrease reflected lower volumes as the average price of an imported barrel of crude oil rose to $51.21, from $46.60 in April.

Imports of foreign cars and auto parts dropped $238 million in May. Imports of civilian aircraft, computers and drilling equipment also dipped.

Harris Shelton Launches New Web Site

The law firm Harris Shelton Hanover Walsh PLLC has launched a new Web site, www.harrisshelton.com.

The new site will allow clients, prospective clients and other attorneys to learn more easily about the areas of law in which Harris Shelton attorneys practice. A new search engine will make finding and researching an attorney easier for clients.

Regular updates also will be made to the Web site to keep clients informed of the attorneys’ latest events and speaking engagements.

Harris Shelton has two offices in Memphis and an office in Oxford, Miss.

MORTGAGES 80 320 1,066
BUILDING PERMITS 120 590 2,248