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VOL. 125 | NO. 253 | Thursday, December 30, 2010

Daily Digest

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One Commerce Square Ownership Changes

Commerce Square Partners LLC, the group of investors buying One Commerce Square, has officially signed a deed for the property, according to recently filed public records. The records are now available for viewing at the Shelby County Register of Deeds’ website.

Along with the property closing, two loans were filed through MBS-UI Sub-CDE XVIII LLC, a limited liability company affiliated with MBS Urban Initiatives CDE LLC of St. Louis. The loans include an A note totaling $7.3 million and a B note totaling $2.5 million. The loans are marked as construction leasehold deeds of trust.

For more information on the deal, see the article “‘New Day’ at Downtown’s One Commerce” in Tuesday’s Daily News and at www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

County Commission Calls New Year’s Eve Meeting

Shelby County Commissioners meet in special session Friday to resolve the issue of consolidating county information technology functions.

The resolution approved by the commission earlier this year includes an amendment that allows the county’s elected clerks to opt out of the consolidation plan if they wish. For that reason, Shelby County Mayor Mark Luttrell vetoed the resolution.

Friday’s session is to vote on a veto override as well as a companion resolution that would create the position of chief information officer to oversee the consolidated IT system.

Commissioners who favored the consolidated IT system with no opt out at first voted down the position saying they didn’t want to create the job if the system didn’t include all county government offices.

Luttrell’s veto was effective Dec. 2 giving the commission 30 days to override the veto or let the veto stand if they take no action. Because of the holidays, Friday is the last day they could meet to vote on the override.

The commission postponed a vote on the veto override earlier this month to await an opinion from the Tennessee attorney general on whether there are legal issues with forcing the elected clerks to join the IT plan.

– Bill Dries

Shoemaker Financial Close to Breaking Ground

Shoemaker Financial expects to break ground around March 1 on a rebuilt office after an early morning fire in October damaged some of the company’s office space in the complex at 2176 West St. in Germantown.

Company president Jim Shoemaker said an architect has been chosen, the company is working with a consultant and it’s poised to go through the necessary design approval steps in Germantown. The architect is Fisher & Arnold Inc.

Shoemaker said the completion would come around 10 to 12 months later.

“We’ve been very, very blessed,” Shoemaker said, attributing the company’s quick recovery to the foresight that led to the creation of a detailed disaster recovery plan. “My encouragement to any business owner – people wonder if they need a plan? They absolutely need a plan.”

– Andy Meek

Marty Belz Honored With Florida Hotel Award

The Central Florida Hotel & Lodging Association has presented the group’s 2010 Charles Andrews Memorial Hospitality Award for Community Leadership to Marty Belz, president and CEO of the Memphis-based Peabody Hotel Group.

The CFHLA presents the award each year in recognition of an individual’s achievements and contributions to the Central Florida hospitality industry and the community at large. The award is named after the “founding father” of the CFHLA.

The group presented that and other awards during its 2010 Hospitality Gala held at The Peabody Orlando in conjunction with the hotel’s re-opening after a $450 million expansion.

“In 1986 when we opened The Peabody Orlando, our intention was to change Orlando’s meetings and conventions industry,” Belz said in a statement. “Now, we look to further establish Central Florida as a top destination for meeting planners with our expansion. I’m thrilled by the response and positive feedback we have received thus far from our valued meeting planners, vendors, industry leaders and the surrounding community.”

– Andy Meek

Councilman Lowery to Host New Year’s Breakfast, Brunch

City Councilman Myron Lowery will host his 20th Annual New Year’s Day Prayer Breakfast and his 17th Annual Jazz Champagne Brunch Jan. 1 at the Holiday Inn Select Memphis International Airport, 2240 Democrat Road.

The prayer breakfast begins at 9 a.m. and Congressman Steve Cohen will speak on the theme “Moving Memphis Forward.” Memphis Mayor A C Wharton Jr. and Shelby County Mayor Mark Luttrell also will be on the program.

The Jazz Champagne Brunch will begin at 1:30 p.m. and will feature live music, food, drinks and door prizes.

Tickets are $50 for each event. For reservations, call 521-4300.

– Taylor Shoptaw

Women’s Council of Realtors Installs Officers

Memphis Women’s Council of Realtors has named Frances Anderson of Crye-Leike Inc. Realtors as its Realtor of the Year.

Tammie Ledford of CloseTrak LLC has been named Affiliate of the Year.

Regina Hubbard of Lester Hubbard Realtors was installed as the 2011 president, while Carmen Prince of RE/MAX on Track was installed as president-elect.

Stephanie Steele of Keller Williams Realty Inc. was installed as vice president of membership and Keller Williams’ Wendy McNeil will serve as treasurer.

Frances Anderson of Crye Leike was named recording secretary, while Tammie Ledford of CloseTrak Title and Escrow Services will serve as corresponding secretary. They will each serve a one-year term.

Chicago-based Women’s Council of Realtors is an affiliate of the National Association of Realtors and has more than 19,000 members.

– Sarah Baker

Fundraiser to Purchase Bikes for Youth Access to Greenline

Team Max, a self-described “vigilante philanthropy movement,” is organizing a benefit to purchase bicycles for children who live in Binghampton.

Team Max is made up of friends and family members of Max Rose, who died in a car crash in 2009 at the age of 19. Rose was dedicated to serving inner-city youth.

His favorite band, Cloud Cult, will play at Minglewood Hall Sunday at 7:30 p.m. All proceeds will go toward buying bicycles for inner-city youth to give them access to the 7-mile Shelby Farms Greenline.

Team Max’s initiatives have included feeding the homeless, working with hospitalized children and collecting medical supplies for Haiti. For ticket information, visit www.minglewoodhall.com.

– Aisling Maki

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BANKRUPTCIES 43 126 3,396