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VOL. 125 | NO. 162 | Friday, August 20, 2010

Daily Digest

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Magna Bank Forecloses on Three Fletcher Hollow Lots

Magna Bank has foreclosed on three lots in Fletcher Hollow Planned Development after McLemore Homes LLC failed to pay construction loans, according to two first-run foreclosure notices in the Foreclosures section of today’s Daily News.

The first mortgage in foreclosure was a $448,000 loan taken out in December for 3423 and 3429 Carahills Lane in Fletcher Hollow. The second was a $152,000 loan taken out in March for 7918 Ivy Lake Lane, also in Fletcher Hollow.

The lots are set to be sold at the Shelby County Courthouse Sept. 14.

To read the full text of these foreclosure notices, check the foreclosures section of today’s print edition or the public notices section of The Daily News Online, www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Memphis Airport Prepares for Green Cars

The new consolidated ground transportation center under construction at Memphis International Airport will have charging stations for the new generation of vehicles that run on electricity.

Jack Sammons, attending his first meeting of the Memphis-Shelby County Airport Authority as a board member, asked about the charging stations.

“We intend to put in all the necessary conduits and so forth to serve what the future demand is going to be,” said Larry Cox, the airport’s president and CEO.

However, the charging stations won’t be in every parking spot. Arnold Perl, chairman of the MSCAA board, said the airport needs to ensure it has sufficient capacity to serve the new generation of vehicles and won’t need to retrofit.

Tom Wilemon

Plumbing Manufacturer IPS Buys American Brass

IPS Corp., a plumbing fixtures manufacturer which has an operation in Collierville and others throughout the U.S., has acquired Los Angeles-based American Brass & Aluminum Foundry, which produces and markets a line of bath wastes, plastic, cast-iron and brass plumbing drains and fittings, cleanouts and other accessories.

Nick Cassella, plumbing division president of California-based IPS, said the acquisition will strengthen IPS’ market position by broadening its product offerings.

“AB&A will immediately become a key brand and product area for IPS Corp., as we continue to offer bundled solutions and a more streamlined process for our customers,” Cassella said.

Andy Meek

CCRFC Approves Pinnacle Incentives

The Center City Revenue Finance Corp. has approved parts of an incentive package worth several million dollars to encourage Pinnacle Airlines Corp. to bring its Memphis headquarters Downtown to One Commerce Square.

The Downtown board has approved a 15-year tax freeze for the project that would save it more than $5 million in taxes. The CCRFC also approved a $2 million loan to a separate Center City Commission-affiliated board, the Downtown Parking Authority, to help pay for the acquisition of a parking garage adjacent to One Commerce.

The city would contribute $3 million towards the purchase of the garage. Of its $2 million loan, the DPA would contribute $1 million towards buying the garage and $1 million towards garage improvements.

It’s also been proposed to make parking space available for Pinnacle in the parking garage at 250 Peabody Place.

A team of investors is buying One Commerce to redevelop it for Pinnacle, and they’re trying to get the regional air carrier to sign at least a 10-year lease at the site. While Pinnacle has acknowledged a generous overture from Mississippi for the company to move to Olive Branch, the developers told the CCRFC Thursday that Mississippi’s proposal includes a build-to-suit arrangement – meaning Memphis’ infrastructure would be available for Pinnacle quicker.

A flurry of improvements to One Commerce and the adjacent parking garage would be part of the local deal. Karl Schledwitz, one of the developers, said the ancillary benefits of Pinnacle moving Downtown would be numerous, such as the company needing constant hotel space to accommodate people they’d bring in to train throughout the year.

– Andy Meek

IDB Approves 8-Year PILOT for Jabil

The Memphis-Shelby County Industrial Development Board has approved a new eight-year $1.6 million PILOT (payment in lieu of taxes) for Jabil Circuit Inc.

The PILOT approved on a unanimous voice vote Wednesday comes with plans for an expansion of the existing plant at 5238 Lamar Ave. that would create 40 new jobs in addition to the 520 existing jobs.

The St. Petersburg, Fla.-based corporation provides electronic manufacturing services to customers including Cisco Systems Inc., Hewlett-Packard Company and IBM.

The 2004 PILOT that expired in April was under the Hewlett-Packard name because of PILOT regulations at the time. The new PILOT changes that to reflect Jabil.

– Bill Dries

IDB to Discuss Consolidation At September Meeting

In other IDB news, members of the Memphis-Shelby County Industrial Development Board will talk over the proposed consolidation charter at their September meeting.

The board wants to talk over the part of the charter that would make economic development a city department with a director who reports directly to the metro mayor.

Depending on how the discussion goes, the board might wade into the political debate over the charter with a resolution.

IDB member Bill Gillon said this week that the economic development provisions in the charter are part of a larger discussion among business owners large and small about how to improve an economic development strategy that all agree should be more streamlined.

“We are more nimble,” he told other board members. “I think we can get more efficient and far less expensive to applicants.”

Meanwhile, the IDB will be losing a member when Melvin Burgess takes office Sept. 1 as a Shelby County Commissioner. It will be up to Shelby County Mayor elect Mark Luttrell to appoint a replacement. Elected officials cannot serve on the board.

The IDB has also put off a decision on modifying the matrix used to judge the county-wide tax breaks given to businesses locating in the Germantown Technology Corridor. The delay is to see what position the new county mayor will take on the always politically sensitive topic of tax breaks.

Germantown has its own IDB with a different matrix in some respects. Henry Evans of the Germantown IDB said the move would reconcile the two standards for purposes of the corridor.

The corridor is bordered by Forest Hill-Irene and Winchester roads, the West Tennessee Veterans Cemetery and the Collierville border with Germantown.

– Bill Dries

Burch Porter Attorneys Named in Best Lawyers

Seventeen attorneys from Burch, Porter & Johnson PLLC have been named to the 2011 edition of The Best Lawyers in America.

The attorneys are Nathan A. Bicks, C. Thomas Cates, W.J. Michael Cody, LeeAnne Marshall Cox, Joe M. Duncan, Jef Feibelman, Doug Halijan, David J. Harris, Les Jones, Lisa A. Krupicka, J. Brook Lathram, Allen T. Malone, Charles F. Newman, Joel Porter, R. Michael Potter, W. Rowlett Scott and Laurel C. Williams.

Four attorneys, Cates, Newman, Porter and Scott, have been listed in the annual directory for more than 20 years. Five attorneys, Duncan, Feibelman, Lathram, Malone and Potter, have been listed for more than 10 years.

Best Lawyers also lists Burch, Porter & Johnson PLLC as the No. 1 firm in the state of Tennessee for Bet-the-Company Litigation.

– Taylor Shoptaw

Officials: Voting Problems Didn’t Affect Election

Election officials say problems at the polls in Shelby County earlier this month didn’t affect any races in the election.

County Election commission chairman Bill Giannini reported Wednesday that problems occurred after an information technology manager inadvertently loaded early voting information from the May election, prompting poll workers to incorrectly tell some people they had already voted in the Aug. 5 election.

– The Associated Press

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108