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VOL. 125 | NO. 26 | Tuesday, February 9, 2010

Daily Digest

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Stratford Place Owner Files $1.4 Million Loan

Stratford Place LLC, the owner of the Stratford Place apartments at 1806 Poplar Ave. and the Midtown Place apartments at 2095 Poplar Ave. in Midtown, has filed a $1.4 million deed of trust, security agreement, assignment and rents and fixture filing statement through Union Central Life Insurance Co. on the properties.

The loan was filed in late January. Jerome Makowsky signed the trust deed as chief manager of Stratford Place LLC. Makowsky is a principal at the real estate firm Makowsky Ringel Greenberg LLC, which shares an East Memphis address with Stratford Place LLC.

Stratford Place, at 1806 Poplar Ave., includes a 36-unit, three-building garden-style apartment complex on 2.04 acres on the north side of Poplar at the northwest corner of Poplar and McLean Boulevard. The Shelby County Assessor of Property’s 2009 appraisal of that parcel was $856,700.

Midtown Place, at 2095 Poplar Ave., includes a 52-unit, two-building apartment complex on 2.64 acres on the south side of Poplar at the southwest corner of Poplar and Cooper Street. The assessor’s 2009 appraisal of that parcel was $1.6 million.

Source: The Daily News Online & Chandler Reports

Eric Smith

CCRFC to Consider PILOT Payment Changes

The Center City Revenue Finance Corp. will meet today to discuss a resolution that could lead to changes in how rents paid toward payment-in-lieu-of-taxes (PILOTs) are used.

The meeting will be at 9 a.m. at the Center City Commission, 114 N. Main St.

The resolution is a request to make changes in the Tennessee Industrial Development Board Act to permit the use of PILOT rents to build public infrastructure including sidewalks, curbs, gutters and lighting as well as landscaping and alleyways.

The purpose of the resolution is spend the rent proceeds on infrastructure for the 100 South Main St. Garage.

The garage is part of a building taking shape on the northeastern corner of Main and Gayoso Avenue.

In December 2008, the CCRFC issued $7.25 million in taxable revenue bonds for the project. The bond money has been loaned to the Downtown Parking Authority to finance building the garage.

Discover Financial to Close Memphis Office

Citing economic concerns, Riverwood, Ill.-based Discover Financial Services is closing its Memphis facility at 5305 Distriplex Farms Drive.

The closure, around the end of March, will mean the loss of about 80 jobs. Discover, which reported a bump in full-year income in the just-ended period, will offer severance packages to employees, according to the company. Also, affected employees will have the opportunity to apply for other positions within the company.

“After careful consideration, Discover Financial Services will be closing its Memphis facility in order to achieve operating efficiencies,” said Discover spokesman Matthew Towson. “The decision was very difficult, as our Memphis employees have always been loyal ambassadors for Discover and strong supporters in their local community.”

Discover reported fourth-quarter 2009 income from continuing operations of $371 million, down 16 percent from the fourth quarter of 2008. Full-year 2009 income was $1.3 billion, up 22 percent from last year.

Andy Meek

Medtronic Provides More Haiti Relief Aid

Minneapolis-based Medtronic Inc., whose Spinal and Biologics Business is based in Memphis, has donated nearly $900,000 in medical devices and surgical supplies to help meet medical needs in Haiti.

This aid is on top of $1.2 million in cash pledges the company has made through the Medtronic Foundation and from employee donations.

Medtronic is partnering with U.S.-based Hospital Sisters Mission Outreach to coordinate distribution of the donated medical devices.

The donations are in addition to an existing five-year, $500,000 grant to the International Federation of Red Cross and Red Crescent Societies disaster relief fund, which provides immediate support to emergencies occurring around the globe.

Tom Wilemon

Local Gas Prices Fall by 4 Cents

Average retail gasoline prices have fallen 4.1 cents per gallon in Memphis during the past week, according to the gasoline price Web site MemphisGasPrices.com.

Gas prices in Memphis average $2.52 per gallon compared with the national average of $2.66 per gallon.

Prices in Memphis Monday were 70.9 cents per gallon higher than the same day last year.

The national average has decreased 6 cents per gallon during the last month and was 76.1 cents per gallon higher Monday than it was one year ago.

MemphisGasPrices.com is one of more than 200 live gasoline price-tracking Web sites operated by GasBuddy.com.  

– Taylor Shoptaw

PROPERTY SALES 59 129 16,326
MORTGAGES 6 36 10,123
BANKRUPTCIES 32 76 7,673