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VOL. 125 | NO. 119 | Monday, June 21, 2010

Daily Digest

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Great Oaks Files $1M Loan for Expansion

Great Oaks Church of Christ at 3355 Brunswick Road in Bartlett has filed a $1 million construction loan through BancorpSouth Bank to add an education wing to an existing building.

The church sits on 10.5 acres at the northwest corner of Brunswick and Ellis roads near the Bartlett-Lakeland border.

Plans call for the church to bring an eight-room wing that will house two small classrooms, three regular classrooms, two large classrooms and an extra-large youth room, plus storage space and bathrooms, according to the church’s most recent online newsletter.

The building will be used for a “variety of faith and fellowship-building purposes,” the newsletter reads.

Founded in 1992, Great Oaks Church of Christ has more than 180 families on the church roll. Its most recent figures, from 2008, show an average attendance of 248 for Sunday morning Bible study and 384 for morning worship services.

The church in 1998 added a 16,000-square-foot freestanding classroom and multipurpose building.

Source: The Daily News Online & Chandler Reports

Eric Smith

Stabilization Program Garners First Home Purchase in Shelby

Shelby County Mayor Joe Ford last week announced the first home purchase thanks to Shelby County’s involvement with the Neighborhood Stabilization Program, a federal effort that pumps money into communities to spur the redevelopment of foreclosed and abandoned residential properties.

A husband and wife recently closed on an NSP-funded property in Frayser.

The NSP grants to state and local governments – with engagement from community development corporations – are intended to be used for buying and redeveloping homes and residential properties.

Andy Meek

Solar Power Incentives Have Moratorium

The Tennessee Valley Authority is placing a moratorium on a popular program that pays homeowners and businesses that generate electricity from solar energy.

The Tennessean reports about $31 million has been spent or committed of the $50 million originally allocated to the Generation Partners program. And the agency has more than $100 million in applications pending.

Nashville Electric Service’s Jim Purcell said he was shocked by the news because the distributor just signed an agreement in April that officials thought would last several years.

TVA Senior Project Manager Susan Curtis said the moratorium is temporary while TVA works with a group of distributors to revamp the program.

– The Associated Press

Banking Group Spent $390K Lobbying in First Quarter

The Consumer Bankers Association spent $390,000 lobbying the federal government in the first quarter on sweeping legislation to overhaul financial regulation and a number of other issues, a disclosure report shows.

The $390,000 the group spent in the January-March period is an increase from the $310,000 spent in the first quarter of 2009 and from the $370,000 spent in the fourth quarter of last year.

The trade group, which focuses on retail banking, lobbied Congress and federal agencies on the financial overhaul legislation and on measures affecting credit cards, mortgage lending, student loans, overdrafts on checking accounts and data privacy.

The legislation to rewrite the financial rulebook is now in a House-Senate conference to reconcile the two houses’ differing versions. Key lawmakers have said they hope to deliver a final measure to President Barack Obama by July 4.

In addition to the House and Senate, the bankers’ group also had lobbying contacts with the Treasury Department, the Federal Deposit Insurance Corp., the Federal Reserve, the Federal Trade Commission, the Internal Revenue Service and the Education Department, according to a disclosure form filed April 20 with the Senate’s public records office.

Among the group’s members are American Express Co., Bank of America Corp., Citigroup Inc., Charles Schwab Corp., Harris Bankcorp, SunTrust Banks Inc. and US Bancorp.

Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.

– The Associated Press

Hooks Institute for Change Solicits Book Award Nominees

The Benjamin L. Hooks Institute for Social Change at the University of Memphis is soliciting nominations for its Book Award, which will recognize the book published in 2010 that best furthers understanding of the American Civil Rights Movement and its legacy.

The recipient will receive $1,000 and an invitation to deliver an address in the Hooks Institute Lecture Series during the 2010-2011 academic year.

Finalists will be asked to submit additional copies to a panel of judges representing various disciplines and academic institutions in Memphis.

For consideration, one copy of the book should be submitted, postmarked by Dec. 1, 2010 to Books Award Nomination, The Benjamin L. Hooks Institute for Social Change, 107 Scates Hall, The University of Memphis, Memphis, TN, 38152.

For more information, contact Aram Goudsouzian at 678-2520 or agoudszn@memphis.edu.

– Taylor Shoptaw

PROPERTY SALES 84 275 3,673
MORTGAGES 41 139 2,418
BANKRUPTCIES 23 79 1,983