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VOL. 125 | NO. 191 | Friday, October 1, 2010

Daily Digest

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Former Hollywood Video Sells for $935,000

A former Hollywood Video in Cordova has sold for $935,000, and a construction loan has been filed for the property.

TM Partners bought the 7,360-square-foot retail building from Realty Income Corp. Built in 1998, the building sits on about an acre on the east side of North Germantown Parkway between Dexter Road and Bonnie Lane.

The Shelby County Assessor of Property’s 2010 appraisal is $1.2 million.

Two loans were filed through Magna Bank at the time of purchase: a $625,813 loan maturing in Sept. 22, 2020, and a $438,069 construction loan maturing March 22, 2011.

A representative of TM Partners could not be reached by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Ardent Sessions Asks for Donations

Ardent Studios founder John Fry has sent out an Internet message to fans of the Web-based radio show Ardent launched almost three years ago called “The Ardent Sessions.”

Despite not raising advertising dollars for the show, which features up-and-coming bands and provides them with Web exposure, the show has remained free. But it’s now asking for donations to remain free.

“The idea was to give up-and-coming bands some Internet radio exposure, and to give them an introduction to the Memphis music tradition and current scene by performing in front of a small live audience in one of our studios,” Fry wrote. “Ardent Sessions, and its companion show, Ardent Presents (singer/songwriter acoustic), is now available on Ardentsessions.com in addition to BreakThruRadio.com.

“We started The Ardent Sessions because we thought it would be helpful to young musicians, and we have managed to keep it totally free of cost to the artists. … However, in the current economic conditions, this is becoming harder to do. At the moment we have no offsetting advertising income from the shows, so we thought we might ask fans to help us keep this a free service by donating to our Kickstarter campaign.”

For more information, visit the campaign’s site at http://www.kickstarter.com/projects/341419106/ardent-sessions-funding-campaign.

Andy Meek

Lott Residency Questions Linger After Confirmation

Martha Lott begins serving Friday as head of the city’s General Services Division. But how long she will remain in the post is an open question.

Her appointment by Memphis Mayor A C Wharton Jr. was confirmed Tuesday by the City Council after council members expressed some reservations about whether she would move into the city.

Wharton said Lott is exempt from the residency provision in the Memphis charter because of her uninterrupted service in both city and Shelby County government. That includes a stint with the city 15 years ago. The continued service makes her exempt from the city requirement, he said, citing a legal opinion from City Attorney Herman Morris and Human Resources director Quintin Robinson.

But council chairman Harold Collins disagreed, along with several other council members.

“I believe the charter will take precedence over the policy,” Collins said. “I’m almost certain that division directors must, according to the charter, live in the city. She has six months to do so.”

That was the action approved by the council as it confirmed her.

Wharton said he’s not sure Lott will be at the post for six months as she works to right a division being investigated on several fronts including by the FBI.

– Bill Dries

Memphis Habitat Hosts World Habitat Day Events

Habitat for Humanity of Greater Memphis will host two events Monday in honor of World Habitat Day.

At noon, Memphis Habitat will dedicate the first three homes in the new planned development in Trinity Park in the Oakhaven community. During the program, representatives from Memphis Habitat, full-house sponsors Delta Airlines Inc., FedEx Corp. and The ServiceMaster Co. will address the crowd, as well as John Gemmill, field office director for the U.S Department of Housing and Urban Development.

World Habitat Day festivities will continue at 6 p.m. in the Las Cruces neighborhood in Raleigh, where Memphis Habitat will give 21 homeowners keys to houses funded by the Neighborhood Stabilization Program.

Two more homes are under construction.

Memphis Habitat purchased 44 lots in Raleigh and built 23 homes with $2.7 million the organization received from the Neighborhood Stabilization Program.

The Neighborhood Stabilization Program is part of the Housing and Economic Recovery Act of 2008 and provided emergency assistance to acquire and redevelop foreclosed properties.

– Taylor Shoptaw

Changes Announced at Two Local Banks

First South Credit Union has added the word “Financial” to its name, making the official name now First South Financial Credit Union.

“We want to ensure that our members and potential members understand that we are a full-service provider of financial products and services,” said First South Financial Credit Union president and CEO Craig Esrael.

In other banking news, Bank of Bartlett chief financial officer Dale Stover has been hired as a senior portfolio adviser by FTN Financial, a subsidiary of Memphis-based First Horizon National Corp.

Charles Tucker will serve as Bank of Bartlett’s chief financial officer on a consultant basis until a decision is made on a permanent replacement for Stover.

– Andy Meek

Sales & Marketing Summit to be Held Tuesday

The 2010 Sales & Marketing Summit will be held Tuesday from 11:30 a.m. to 5:30 p.m. at the Holiday Inn Select Memphis East, 5795 Poplar Ave.

The speakers include Kevin Daum, author of “ROAR: Get Heard in the Sales & Marketing Jungle”; Trace Hallowell, owner and creative director of Tactical Magic; Andrew Gieselmann, sales development expert at Edmundson Northstar Cos.; and Michael Newbrand, senior vice president, geography marketing director for the Mid-Atlantic & Central Divisions of SunTrust Bank.

Cost is $25 for members and $50 for nonmembers. To reserve a place, call 866-290-4241 or visit www.fallsummit.eventbrite.com.

The summit is presented by the Sales & Marketing Society of the MidSouth and the Greater Memphis Chamber.

– Taylor Shoptaw

CBU to Bless Newest Building

Christian Brothers University will celebrate Friday the launch of its most recent addition.

The Living Learning Center, adjacent to Pender Hall on campus, is expected to open in fall 2011.

A blessing of the ground will take place Friday at 12:30 p.m.

The multi-purpose facility will offer various accommodations, from quiet study space to a fully equipped serving kitchen.

The Living Learning Center is also being designed with “CBU Green” features such as electric car charging stations, low-flow toilet fixtures and mechanical system sensors.

In addition, the center will make use of energy-efficient components such as white roofing and water efficiency measures.

And CBU will make the most of the construction, forming a partnership for a living/learning lab with its engineering students and Fleming/Associates/Architects PC and Montgomery Martin Contractors LLC.

Participating in the ceremony are Shelby County Mayor Mark Luttrell; Marzie Thomas, deputy district director for the office of Congressman Steve Cohen; and a representative from the office of Memphis Mayor A C Wharton Jr.

Sarah Baker

Opera Memphis Set to Perform 'Aida'

Opera Memphis kicks of its 2010-2011 season at the Orpheum Theatre next week with its production of Giuseppe Verdi’s “Aida.” Performances are Oct. 7 and 9 at 7:30 p.m.

A staple of the standard operatic repertoire, “Aida” ranks No. 16 on Opera America’s list of the 20 most-performed operas in North America.

Opera Memphis’ 2010-2011 season is sponsored by the Adams Foundation, ArtsMemphis and the Tennessee Arts Commission.

– Andy Meek

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047