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VOL. 124 | NO. 96 | Monday, May 18, 2009

Daily Digest

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Speed Investments Files $2 Million in Loans

Speed Investments LLC has filed a pair of loans totaling $2 million through First Tennessee Bank NA for a host of office condos in Germantown. One loan was for $1.1 million on 9076 Poplar Pike, units 101-103, and 9056 Poplar Pike, units 104-109. The other was for $870,000 on 3085 Fountainside Drive, units 106-110.

The properties are northwest of the intersection of Poplar Pike and Forest Hill-Irene Road, across from the Village Shops at Forest Hill.

The Shelby County Assessor of Property’s 2009 appraisal for the 9076 Poplar Pike property is $753,000. The 4,331-square-foot building was completed in 2004.

The assessor’s appraisal for the 9056 Poplar Pike units is a combined $1.2 million. The 1,200-square-foot units were completed in 2001. And the assessor’s appraisal of the 3085 Fountainside Drive units is a combined $1.8 million. The 1,200-square-foot units were completed in 2004.

The condos are part of the Corporate Gardens Condo Ninth Amendment.

Source: The Daily News Online & Chandler Reports

Newby’s Owner Announces Bar, Property Up for Sale

Todd Adams, owner of the Highland Strip bar Newby’s, is looking for a young entrepreneur to write the next chapter of the business he’s overseen for more than a decade.

Adams has put the Newby’s business and real estate up for sale, and the list price is $1.19 million for the building’s 11,200 square feet.

“I kind of thought it should be a younger person with maybe some fresh ideas and energy,” Adams said. “Like when I got it from David “Newby” Harsh, I’d worked for him for a long time, but I was able to do some things to it that kind of fit the

younger demographic in the market.

“And here I am, I’ll be 42 in June. … Maybe it’s time that someone young and full of energy and new ideas might carry it to the next level.”

Meridian Life Science Sales Slip 3 Percent

Meridian Bioscience Inc. reported Friday sales of its Life Science division slipped 3 percent during the company’s second financial quarter ending March 31.

The Cincinnati-based company said that although it expected sales in this unit to be flat, it anticipates improvements in operating income due to “manufacturing efficiency improvements in Memphis,” where Meridian has a Life Science division location.

The company manufactures, markets and distributes a broad range of innovating test kits and purified regents and offers biopharmaceutical enabling technologies.

Memphis Heritage to Showcase Overton Square History

Memphis Heritage Inc. will meet Wednesday from 4 p.m. to 6 p.m. to give an historical overview of the Overton Square area from the 1880s to the present.

Neely Woodson Powell (the daughter of Ben Woodson, who in the 1970s transformed the area into a booming business district), Jeanne Arthur, who previously oversaw operations and events at Overton Square, and local architects Cristina Ross and Sarah Hadsky will host the program.

The meeting is open to the public and will be at the Memphis Heritage headquarters, 2282 Madison Ave.

TBI Compiles Report On Crime in Tenn. Schools

The Tennessee Bureau of Investigation has compiled a school crime report that shows the most frequently reported offense was simple assault and the weapons in most of those cases were hands, feet and teeth.

Compiled from reports by local police agencies during 2006-2008, the study released Thursday focused on public and private school systems, but excluded colleges, universities and technical schools. The study showed one death at a school and found only 0.4 percent of the crimes involved a firearm.

The figures showed more than 1,800 thefts from school buildings were recorded each year.

Drug violations reached more than 1,300 and vandalism was well over 1,200 each year.

The TBI compilation showed 2 percent of the total crimes across the state – about 12,000 incidents each year – are committed at schools.

Fed Official: Recovery Will Be ‘Very Slow Slog’

Americans should brace themselves for a slow recovery back to health after the recession ends, with unemployment likely to hit the double digits, a Federal Reserve official said Friday.

Consumers here and abroad – fearful of losing their jobs or homes – likely will remain cautious spenders, said Richard Fisher, president of the Federal Reserve Bank of Dallas.

“Under these conditions, I envision a slow recovery,” Fisher said in prepared remarks to a banking convention in San Antonio, Texas. “Not a V-shaped snapback – nor even a U-shaped one – but a very slow slog as we find a more sensible and sustainable mix between consumption and savings and investment.”

Looking at the current quarter, Fisher said he expects the “pace of decline will moderate.” The economy is “likely to bounce along the bottom for a while, perhaps punching through to positive growth as 2010 dawns,” he said.

Federal Reserve Chairman Ben Bernanke told Congress recently that the economy could actually start growing again later this year. Bernanke – like Fisher – warned that any recovery would be slow, pushing unemployment higher.

Fisher said increases in unemployment will be blunted by a pickup in federal government hiring for the 2010 census. Even so, the country is likely to see a “10 percent jobless rate before we reverse course,” he said.

The jobless rate rose to 8.9 percent in April, the U.S. Labor Department said earlier this month.

Addressing recent economic barometers, Fisher said there have been some hopeful signs. Job losses may be slowing, purchasing managers are reporting the pace of decline in new orders has abated and retail sales are “getting slightly less worse,” he said.

“But we are not out of the woods. We have miles to go before we sleep,” Fisher said.

As the recession, now the longest since World War II, has dragged on, there’s been more concern about deflation. That’s a widespread and prolonged bout of falling prices affecting retail prices, wages, stocks and home values.

“The recent pressures have been to the deflationary side, though we seem to have beaten that back,” Fisher said.

The Fed’s decision to cut interest rates to a record low near zero and take other aggressive steps to revive the economy has helped to fend off the deflation risk.

Park Service Gives Grants To Minority Universities

The National Park Service, as part of the American Reinvestment and Recovery Act of 2009, is awarding grants of $2.5 million to historically black colleges and universities for the preservation of their buildings and infrastructure.

The program’s goal is to make historic properties on the campuses safe and useable.

Eligible projects include structural stabilization, masonry work, installing heating and cooling systems, abating environmental hazards and modifying structures to make them compliant with the Americans with Disabilities Act.

The deadline for submitting grant applications is June 3. Grant applications are available at www.nps.gov/history/hps/hpg/hbcu/index.htm.

PROPERTY SALES 81 277 20,909
MORTGAGES 85 329 24,074
BUILDING PERMITS 219 672 43,265
BANKRUPTCIES 64 238 13,418