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VOL. 125 | NO. 54 | Friday, March 19, 2010

Daily Digest

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Bed Bath & Beyond Owner Files $2.9M Loan

KIR Memphis BBB LP, the owner of the Bed Bath & Beyond store at 2810 N. Germantown Parkway, has filed a $2.9 million “deed of trust, security agreement and fixture filing for commercial purposes” through Protective Life Insurance Co. on the property.

The 42,668-square-foot store is an outparcel of the Wolfchase Galleria. Built in 1996, the Class A retail building sits on four acres along the east side of North Germantown Parkway and the west side of Wolfchase.

Its most recent appraised value was $4.1 million, according to the Shelby County Assessor Property.

KIR Memphis BBB, which lists an address in New Hyde, N.Y., is related to Kimco Realty Corp., a real estate investment trust (REIT), that owns and operates shopping centers throughout North America.

Glenn G. Cohen signed the trust deed as vice president and treasurer of KIR Memphis BBB.

Kimco owns three other properties in Memphis: the Germantown Collection at Poplar Avenue and Exeter Road; the former Old Time Pottery in Hickory Ridge Commons at Ridgeway and Winchester roads; and Trolley Station at American Way and South Perkins Road.

Source: The Daily News Online & Chandler Reports

Eric Smith

Arts Awards Given To 11 Local Groups

Eleven Memphis arts groups will share $100,000 as winners of the First Tennessee Foundation Innovation in the Arts Awards that promote art in Memphis.

The First Tennessee Foundation also is providing a $100,000 grant to ArtsMemphis to disburse among local arts groups.

This year’s Innovation Award winners are Art Museum of the University of Memphis ($12,000); Playhouse on the Square and Opera Memphis ($15,000); Concerts International ($5,000); Hattiloo Theatre ($5,000); Indie Memphis ($8,000); Friends of Levitt Pavilion Memphis Inc. ($10,000); Memphis Cultural Arts Enrichment Center ($5,000); Memphis Music Foundation ($5,000); Metal Museum ($15,000); and UrbanArt Commission ($20,000).

Andy Meek

Applicants Sought For Teaching Fellowship

The University of Memphis is accepting applications for the Noyce Teaching Fellowship to recruit and prepare math and science teachers for Memphis City Schools.

The goal of the program is to recruit professionals with a bachelor’s degree in math or science who might not have considered teaching as a career.

Fourteen fellows will have their tuition paid to complete the 30-hour master of arts in teaching degree with licensure in secondary education. Recipients must agree to teach for a minimum of four years in Memphis City Schools.

The College of Education received the $1.5 million Noyce grant from the National Science Foundation last year. The award was funded under the American Recovery and Reinvestment Act.

The Volkswagen Group of America provided matching funds through a gift to the University of Memphis to support science, technology, engineering and mathematics education.

For more information or to obtain an application, contact Dr. Celia Anderson at croussea@memphis.edu or visit www.memphis.edu/icl/noyce-grant.php. The deadline to submit applications is March 31.

– Taylor Shoptaw

Garceau-Luis Leaves UTHSC Development Post

Linda Garceau-Luis is stepping down as vice chancellor for development and alumni affairs at the University of Tennessee Health Science Center to become the chief executive officer of a health care foundation.

Keith Carver has been named interim vice chancellor and will assume the development duties on April 1, when Garceau-Luis leaves the position.

Carver spent four years as assistance vice chancellor for development at the University of Tennessee at Martin.

Previously, he worked for almost eight years as a development officer for the College of Law at the University of Tennessee-Knoxville.

Tom Wilemon

TruGreen Fined $500K By NY Officials

TruGreen lawn care is being fined $500,000 by New York environmental officials for the misapplication of pesticides and filing inaccurate records.

The state Department of Environmental Conservation filed the agreement this week with the Memphis-based company over what the agency said were more than 100 violations in New York dating back to 2007, mostly in the Albany area.

The state has agreed to suspend $100,000 of the penalty if the company hires an outside expert to address the problems.

A spokeswoman for TruGreen said the company was pleased with the settlement and will evaluate “current internal environmental operations and prepare enhanced environmental protocols.”

– The Associated Press

Tenn. Bill Would Nix Possibility of Income Tax

The state Senate has delayed voting on a measure that would declare an income tax and payroll tax unconstitutional in Tennessee.

The state constitution already says an income tax is not allowed in Tennessee.

But Senate sponsor Brian Kelsey, R-Germantown, has said the measure is necessary because the difficult economic times may prompt lawmakers to try to pass an income tax.

The legislation was scheduled to have a vote today following three readings on the Senate floor.

However, Kelsey tweaked the proposal’s language, and it must now go through another set of readings.

Whenever the amendment passes, the earliest it could go before voters is 2014.

– The Associated Press

Shelton Clothiers Opens Women’s Store

Thomas and Christine Shelton will open CHRISTINE by Shelton Clothiers this spring at 119 S. Main St. between the Center for Southern Folklore and Circa by John Bragg.

The store will be managed by Merry Mitchell, who has more than 20 years of experience in the specialty retail market in Memphis.

Shelton Clothiers already has a men’s store Downtown, which will celebrate its fifth year in June. Last fall, Shelton Clothiers began offering custom-made suits for women.

Tom Wilemon

Oxford Goes For Google’s Goods

If Google wants to bring the Internet to everyone in a community, the city of Oxford would like to roll out the welcome mat for them.

The Oxford, Miss., Board of Aldermen this week hired Oxford attorney Stewart Rutledge to help persuade Google to select Oxford as one of the company’s test sites for a new ultrahigh speed broadband network.

Google plans to build a community-wide, ultra-high speed broadband network in one or more cities that would offer download speeds as high as one gigabit per second more than 100 times as fast as most Americans have today.

Rutledge said one factor in Oxford’s favor will be its population of “techies,” who would test the limits of Google’s experiment, and another segment of low-income residents who probably have little access to the Web.

– The Associated Press

PROPERTY SALES 64 151 1,493
MORTGAGES 45 105 1,152
BUILDING PERMITS 201 410 3,466