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VOL. 125 | NO. 27 | Wednesday, February 10, 2010

Daily Digest

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Company Files Loan On Collierville Properties

X-L Service Inc., a Collierville-based commercial development and management firm, has filed a $1.5 million deed of trust, security agreement and fixture filing through Independent Bank on a pair of its retail properties.

The company filed the loan on the 27,544-square-foot retail center called The Collection of Houston Levee at 2116 W. Poplar Ave. in Collierville, as well as a separately deeded outparcel of that center.

The retail center, anchored by a Huey’s restaurant and Poplar Wine & Spirits liquor store, sits on 2.88 acres at the northwest corner of Poplar Avenue and South Houston Levee Road. Built in 1998, the Class A center has an appraised value of $4.1 million, according to the Shelby County Assessor of Property’s 2009 data.

The outparcel houses a branch of Independent Bank. Built in 2001, the 3,536-square-foot bank sits on 0.83 acres; its most recent appraised value was $1.4 million, according to the assessor. Formally, the outparcel’s address is 9880 U.S. 72.

X-L Service developed the shopping center. Samuel A. Gassaway Jr. signed the trust deed as president of the company, which was founded in 1957 as a gas station operator.

Source: The Daily News Online & Chandler Reports

Eric Smith

CCC Policy Review Cmte. To Discuss Project Changes

The Center City Commission’s Policy Review Committee will meet today to discuss issues surrounding the change of use for a project that has been approved for various CCC incentives.

The committee will meet at 9 a.m. at the CCC office, 114 N. Main St.

An example of when that comes into play is when a developer is approved for a development loan but later changes the project’s use before it is complete. Part of what influences the decision to grant the loan is the project’s use.

The board also will look at general modifications to other business incentives such as the agency’s office grant program.

Andy Meek

NexTek Expands Into Nashville Market

Memphis-based information technology company NexTek will open an office in Nashville by March.

The company doubled its size during 2009 and expects to do so again this year despite the economic climate. NexTek offers “cloud computing” or “hosted computing” services for businesses.

NexTek replaces in-house IT departments with off-site virtual servers, which allows businesses to cut operating costs. The company recently acquired clients in Georgia, Florida, North Carolina, Minnesota, Iowa, Wisconsin and Washington, D.C.

Wayne Randall Jr., the company’s owner, said NexTek recognized the potential of cloud computing and invested earlier in it than other companies did. The service provides computing delivered on demand and allows small- to medium-sized businesses to access it at a monthly cost. The usage-based cost is less than the expense of traditional IT solutions.

NexTek’s range of services includes off-site data backup, managed firewall ad security services, hosted SPAM filtering, e-mail hosting and virtual private servers.

 – Tom Wilemon

Wolf River Greenway To Debut Today

A groundbreaking ceremony for the first leg of the Memphis Park Services’ 22-mile, $30 million Wolf River Greenway trail system will be held today at 11 a.m.

The dedication will be held at the intersection of Walnut Grove Road and Humphreys Boulevard east of the Walnut Grove Wolf River Bridge.

In case of inclement weather, the dedication will be held under the bridge.

– Taylor Shoptaw

Deadline Looms to Apply For Judicial Commission

Today is the deadline to apply for a vacancy on the Tennessee Judicial Nominating Commission.

Members of the 17-member commission review and recommend applicants for vacancies on the state appellate and trial courts for the governor’s consideration.

The vacancy was created by the resignation of Chairman David Bautista.

House Speaker Kent Williams will select an applicant to fill the vacancy. The new commissioner will serve out the remainder of Bautista’s term, which expires June 30, 2015.

Applications are available at www.tncourts.gov.

– The Associated Press

Tennessee Looks for Help Feeding Needy Children

The Tennessee Department of Human Services is looking for nonprofit and local government agencies to help feed low-income children this summer.

The Summer Food Service Program is designed to provide nutritious meals to needy children. The U.S. Department of Agriculture funds the program.

– The Associated Press

PROPERTY SALES 91 293 13,051
MORTGAGES 58 168 8,171
BUILDING PERMITS 99 744 30,678
BANKRUPTCIES 34 156 6,220