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VOL. 125 | NO. 105 | Tuesday, June 1, 2010

Daily Digest

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$2.4 Million Loan On CCHS Property Recorded

Christ Community Health Services’ $2.4 million loan through First Tennessee Bank NA was recorded Friday by the Shelby County Register of Deeds.

The nonprofit Christian organization, which provides health care for underprivileged and medically underserved families, was approved in May by the city-county Industrial Development Board for the money in tax-free revenue bonds.

The money will be used to permanently finance an existing construction loan that was used to build the organization’s headquarters at 2595 Central Ave. and it will help the faith-based nonprofit organization double its Memphis footprint during the next five years.

Under the terms of the bonds, the organization – operating in the transaction as CCHS Properties LLC and Christ Community Health Services Inc. – will receive a 20-year, $2.4 million loan at 3.73 percent underwritten by First Tennessee Bank.

The interest saved by restructuring that loan will enable CCHS to expand its medical and pharmacy services, representatives said during an IDB meeting.

CCHS wants to grow in underserved areas of town, including Frayser and Hickory Hill. CCHS officials said it turns away 150 patients every day because it already is at more than 100 percent capacity.

The organization currently has 45,000 patients and 150,000 “patient encounters” annually with expectations of growing to 100,000 and 200,000, respectively.

Source: The Daily News Online & Chandler Reports

Eric Smith

Adams and Reese Ranks High in Top Trademark Firms

Adams and Reese LLP has ranked No. 89 on a list of Top Trademark Firms, according to the May 2010 issue of Intellectual Property Today.

The magazine ranked the firms according to the number of trademark registrations issued in 2009 where the firm is listed as the legal representative on the registration.

Adams and Reese obtained 150 U.S. Federal trademark registrations in 2009.

This is the third consecutive year Adams and Reese have appeared on the list, which included 210 law firms and individuals nationwide. The firm ranked 122nd last year.

Intellectual Property Today focuses on legal issues in patent, trademark and copyright law.

Adams and Reese has offices in 12 cities including Memphis.

– Taylor Shoptaw

CVS to Replace Midtown Church

The regional developer of CVS pharmacies on Thursday announced plans to raze Union Avenue Methodist Church at Union and Cooper Street and build a drugstore.

The long-expected deal sets up another high-profile debate between progress and historic properties.

The drugstore’s developer, Hart-Redd LLC, filed plans with the Office of Planning and Development. The store would be directly across from an Ike’s that CVS’s chief competitor Walgreens recently bought.

Hart-Redd also filed plans to develop at CVS pharmacy at Highland and Park, diagonal from its chief competitor Walgreens.

Memphis Heritage, the group that helped prevent Overton Square from being redeveloped, last week sent an e-mail blast to “Save Union Ave. Methodist Church.”

A meeting was held Thursday night at Howard Hall, 2282 Madison Ave.

CVS is in the midst of a major campaign to develop pharmacies throughout the Memphis metropolitan area, with one store recently finished and others under construction.

– Eric Smith

Wright Medical Group Names Senior Vice President

Wright Medical Group Inc. has named Raymond C. Kolls to be the company’s senior vice president, general counsel and secretary.

Kolls most recently served as senior vice president for Orthofix International NV, a company that specializes in products for spinal, orthopedic and sports medicine applications.

During his 20 years of experience in corporate governance, commercial transactions and employment law, he has completed more than $3.5 billion in commercial transactions, including mergers and acquisitions.

Kolls has an undergraduate degree and law degree from Georgetown University.

Tom Wilemon

State Budget Plan Advancing in Senate

A state agency that seeks to reduce the infant mortality rate in Tennessee would be cut under a budget plan passed by a Senate panel Thursday night and now headed for a floor vote.

The Republican-majority Senate Finance Committee approved the proposal 8-2, the first significant progress the budget has made in weeks. The full Senate was expected to take up the plan this week.

Gov. Phil Bredesen said in a statement after the vote that he has “some strong objections” to the budget plan approved by the committee.

The committee voted 7-4 to cut the program’s funding in half next year and eliminate it the following year.

The state gives the program – established by Bredesen in 2004 – $4.5 million annually, which is matched by federal funds. An amendment to keep that funding failed.

The budget plan mostly moves funds from recurring to nonrecurring, and makes reductions in other places. For instance, Republicans proposed cutting $2.3 million from a Department of Children’s Services foster care program, but an amendment was adopted that would restore $1.3 million in nonrecurring money from the state’s general fund.

Under the proposal, state employees would not get a bonus this year.

Senate Democratic Leader Jim Kyle of Memphis, who is carrying the legislation on behalf of the governor, proposed an amendment to restore about $113 million that would be used to provide one-time bonuses for state employees, but it failed.

– The Associated Press

Congress Offers Incentives for Electric Cars

The federal government would provide grants to help cities build the infrastructure needed to support electric vehicles and to offer new tax credits for buyers of those cars under legislation introduced Thursday in Congress.

The bills in the House and Senate are designed to smooth the way for the electric vehicles that are expected to start showing up at car dealerships in large numbers this fall.

The government has several programs to spur the development of vehicles that use little or no gasoline. That includes federal tax credits of up to $7,500 for the purchase of an electric vehicle and up to $25 billion in loans earmarked for manufacturers of alternative fuel technologies.

The Senate bill would allow up to 15 municipalities and cities to apply to the U.S. Department of Energy for grants of up to $250 million to build infrastructure such as public recharging stations.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751