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VOL. 124 | NO. 136 | Tuesday, July 14, 2009

Daily Digest

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Office Building Fetches $5M in Foreclosure Sale

The Class A office building at 6555 Quince Road in the Quince/Ridgeway area of East Memphis sold June 19 for $5 million on the steps of the Shelby County Courthouse in a substitute trustee’s deed.

The property transferred back to the lender, a company related to Miami-based LNR Partners Inc. that operated in the transaction as BACM 2000-2 Quince Road LLC.

The building’s owner, Germantown LP, defaulted on an Oct. 31, 1999, loan through HVB Realty Capital Inc. Germantown LP had assumed the original $6.5 million loan from the previous owner, Kirby Cremer LP.

Completed in 1989, the 123,924-square-foot building sits on 5.94 acres at the southwest corner of Quince Road and Kirby Parkway, near Tenn. 385. The Shelby County Assessor of Property’s 2009 appraisal is $8.5 million.

The unnamed building has space available from 1,222 to 40,000 square feet, according to Investec Realty Services LLC.

Harris P. Quinn of the law firm Williams & Prochaska PC acted as substitute trustee in the matter.

Source: The Daily News Online & Chandler Reports

SSR Ellers Named Employer of Year

SSR Ellers, the Memphis office of Smith Seckman Reid Inc., has received the Employer of the Year award from the statewide chapter of the Tennessee Society of Professional Engineers.

The TSPE selects the Employer of the Year based on employment policies that work to advance the engineering profession. The engineering, design and facility consulting firm was chosen for its use of education and fundraising events to boost employee morale and its demonstrated support of employee participation within various professional engineering societies.  

In addition, Patrick Smith received the TSPE 2009 Young Engineer of the Year award for his professional leadership related to the Walnut Grove Road/Interstate 240 roadway redevelopment project.

Also, SSR Ellers Vice President Tom Needham was named the 2009 TSPE president.

Tennessee Eligible For Flu, H1N1 Grants

U.S. Secretary of Health and Human Services Kathleen Sebelius has announced the availability of $6.9 million in grants to help Tennessee make preparations to deal with the fallout from this year’s fall flu season as well as any effects of the H1N1 flu virus.

About $260 million in Public Health Emergency Response grants and $90 million in Hospital Preparedness grants will be distributed nationwide. Tennessee is eligible for just more than $5 million of the former and $1.8 million of the latter.

St. Jude’s Webster Honored for Research

Robert Webster, a St. Jude Children’s Research Hospital virologist who has researched influenza, will give the 2010 Leeuwenhoek Lecture to the world’s oldest scientific academy, The Royal Society in London, next summer.

The society was founded in 1660. Webster has explored the development of new vaccines and antivirals, as well as the part wild birds play as major reservoirs for influenza and their roles in the evolution of new pandemic strains.

St. Jude Scientific Director Dr. James Downing said Webster is considered the godfather of influenza research for his work. Webster is a member of the Royal Society, an organization whose members have included Isaac Newton, Albert Einstein and Stephen Hawking.

DeSoto Utility Authority Receives $8M Grant

The DeSoto County Regional Utility Authority has received $8 million to support the regional wastewater system from the Senate Appropriations Committee after the passage of the Energy and Water Development Appropriations Bill.

Authority Executive Director Bill Austin said the money will be utilized to improve the existing water treatment facilities, and will also help to reconstruct a facility in Walls.

Austin said the existing facility in Walls, which is currently a lagoon-type plant, will be upgraded to accommodate population growth in Walls, Horn Lake and parts of Hernando and Southaven.

He said they are completing a major renovation in Olive Branch, which is currently off-line and diverting wastewater to a plant in Hernando. Austin said the renovations should be completed by Christmas.

Report: Health, Green Jobs Growing Quickly

The economy in 2016 will look like the one from 2008, according to a report the White House’s economic team released Monday.

The Council of Economic Advisers predicted jobs providing health care and helping the environment were likely to grow more quickly than the rest of the struggling economy. The president’s in-house economic brain trust also predicts the construction sector would eventually recover and add a demand for skilled electricians and plumbers.

The upbeat economic report served as a supporter for President Barack Obama’s $787 billion economic stimulus plan. Critics have said it has failed to provide the results promised; its supporters, including the president, urged patience.

The White House, seeking to calm domestic frustration, has insisted its plan would eventually boost millions of jobs. The CEA report stood by a prediction that the stimulus spending would save or create 3.5 million jobs by the end of 2010.

However, the job market continues to contract and more Americans are filing for unemployment. The economic recession has cost the United States 6.5 million jobs since December 2007 and has left states and cities in financial freefall.

The report also offered some evidence of optimism. White House economists predicted a 48 percent growth between 2000 and 2016 in health care support jobs. The officials also predicted a 52 percent growth during the same period for environment-based jobs.

Even so, the White House acknowledged its predictions were based on a U.S. Labor Department report from 2007, before the economic troubles became a crisis and well before Obama’s spending plan took effect.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783
FORECLOSURE NOTICES 16 53 275
BUILDING PERMITS 0 569 5,701
BANKRUPTCIES 0 87 993
BUSINESS LICENSES 0 110 491
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0