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VOL. 125 | NO. 9 | Thursday, January 14, 2010

Daily Digest

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Buena Vista Apartments In Frayser Sold for $1.3M

The 62-unit Buena Vista Apartments at 3431 N. Trezevant St. in Frayser sold Tuesday for $1.3 million in a successor trustee’s deed following a foreclosure of the property.

The buyer was Tritex Real Estate Advisors Inc. of Atlanta, and the property was sold on the steps of the Shelby County Courthouse with Emily Bowman of the Nashville law firm Bradley Arant Boult Cummings LLP serving as successor trustee.

The previous owner, BR Buena Vista LLC of West Jordan, Utah, had defaulted on a $1.2 million loan through LaSalle Bank NA and dated Sept. 12, 2007.

Built in 1972, the Class D multifamily complex contains 51,242 square feet and sits on 4.12 acres at the northwest corner of Trezevant Street and Hargrove Avenue. The Shelby County Assessor of Property’s 2009 appraisal is $1.3 million.

BR Buena Vista bought the property in 2007 for $1.5 million. A representative of the owner’s management company, IMG, told The Daily News at that time that the owner planned to perform some interior renovations and that some had already been performed, including painting the buildings and replacing appliances in some units.

This recent transaction also included an assignment of multifamily deed of trust from Tritex Real Estate Advisors to Fannie Mae.

Source: The Daily News Online & Chandler Reports

Eric Smith

Land Use To Consider Assisted Living Facility

The Memphis-Shelby County Land Use Control Board today will consider a request to change the currently permitted use of property at Ketchum Road near Pendleton Street to allow the construction of an assisted living facility. The current minimum number of 12 permitted beds will be increased to 16 beds.

The board also is scheduled to discuss a special-use permit request for motor vehicle service use on the east side of Cherry Road opposite and south of its intersection with Dunn Road.

The LUCB meeting will start at 10 a.m. in the City Council chambers at City Hall, 125 N. Main St.

Andy Meek

Dollar General President Retiring

David Beré, the president and chief strategy officer of Dollar General, will retire on Jan. 29 from the Goodlettsville, Tenn.-based company.

Beré’s relationship with the company began in early 2002, when he served on its board of directors. He became president of Dollar General in 2006 after a stint as the interim chief executive officer in July 2007.

Dollar General representatives said in a press release the company is not looking to replace Beré at this time. Rick Dreiling, chairman and chief executive officer, will assume the duties of company president.

Tom Wilemon

Firefighters Donate To MED Burn Center

The Memphis Fire Fighters Association Local 1784 has presented $40,000 to The MED Foundation to support the hospital’s Firefighters Regional Burn Center.

Included in the donation was a gift from the International Association of Firefighters in memory of Charles Zachary, who died in the line of duty.

In addition to the money, the Fire Fighters Association donated a RAD 57, a medical monitoring device that measures a patient’s breathing and determines if the patient has suffered an inhalation injury.

The association annually raises money for its donations through its yearly golf tournament and sponsoring two concerts at the AgriCenter International.

Tom Wilemon

Tenn. Sees Negative Tax Revenue Growth in Dec.

The state’s fiscal year that began July 1 is continuing its trend of negative tax revenue growth. State Finance and Administration Commissioner Dave Goetz announced Wednesday state revenue collections last month – which reflected November retail sales activity – sat at $766.7 million, $54.2 million below budget.

The state general fund was under-collected by $50.8 million, and four other funds were under-collected by a total of $3.4 million.

Sales tax collections were $16.6 million less than the estimate for December. Franchise and excise taxes combined came in at $29.5 million under budget, and gasoline and motor fuel collections for December were $4.3 million below the budgeted estimate. Tobacco tax collections came in at $5.6 million under budget. Inheritance and estate taxes was the only fund over-collected in December, reaching $2.6 million.

All other taxes were under-collected by a net of $800,000.

Year to date, collections for the first five months of the fiscal year were $169 million less than the budgeted estimate. Budgeted revenue estimated for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the General Assembly in May. The estimates are available online at www.tn.gov/finance/bud/budget.html.

Rebekah Hearn

West Tennesseans Charged With TennCare Fraud

State and West Tennessee authorities have charged six people with TennCare fraud, including a mother and her daughter who have been arrested for a second time.

The Jackson Sun quoted a release from the TennCare inspector general reporting 22-year-old Kimberly Michelle Dallas and her 42-year-old mother Cheryl Lynn McGuire – both of Dyersburg – were charged this week in Gibson County. They had been charged in December with prescription forgery in Dyer County.

The others charged were 36-year-old Tonya C. Isbell Raybon of Rutherford, 24-year-old Felicia B. Hughey of Dyer, 31-year-old Tina Sue Clifton of Dyer and 26-year-old Jeremy A. Kirby of Dyer.

The charges relate to obtaining powerful painkillers fraudulently.

– The Associated Press

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 122 17,665
MORTGAGES 82 150 20,576
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 151 334 36,150
BANKRUPTCIES 54 92 11,774
BUSINESS LICENSES 31 59 5,619
UTILITY CONNECTIONS 28 120 12,154
MARRIAGE LICENSES 24 49 4,406

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