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VOL. 125 | NO. 181 | Friday, September 17, 2010

Daily Digest

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42 Acres in Eads in Foreclosure

Forty-two acres in Eads’ Wynestone Estates Subdivision are scheduled to be sold in foreclosure, according to a first-run foreclosure notice in today’s Daily News. The notice states Wynestone Partners is in default of a $1.5 million construction loan through Renasant Bank dated January 2005 and matured in January 2007. The loan was modified in September 2006 to add $216,000 for a total of $1.7 million.

The property up for sale is comprised of 10 parcels and three common open spaces, according to the notice.

The original loan lists James K. Dickinson as managing general partner of Wynestone Partners.

The property sale is scheduled for noon Oct. 13 at the Shelby County Courthouse.

To read the entire text of the foreclosure notice, check the foreclosures section of The Daily News or the Public Notices section of The Daily News Online.

Source: The Daily News Online & Chandler Reports

– Kate Simone

3 Local Projects OK’d for Recovery Zone Bonds

Three Memphis projects have the green light from the state of Tennessee to get $17 million in federal recovery zone facility bonds. And the Memphis-Shelby County Industrial Development Board is watching closely as the projects close in on financing to secure the bonds before a Dec. 31 federal deadline.

The IDB extended inducement resolutions this week for the three projects. The state has sent notice the allocation will go to the three projects. The bonds for private development amount to a federal subsidy on the interest.

The three projects are an expansion of the Chism Hardy bottling plant, The Royal Phoenix Hilton hotel project next to FedExForum and the Memphis Specialized Laboratory project of the Bioworks Foundation. All three are in stages of lining up their financing and told the IDB they are close.

The IDB will review each group’s progress at its regular October meeting and, if necessary, at its November and December meetings.

If the financing for one or more should fall through, the board is also keeping alive a list of six other projects that didn’t make the final cut for funding.

Attorney Charles Carpenter, representing the Royal Phoenix developers, wants the IDB to consider sending the recovery bonds from one of the two other top three to the hotel project should one of the other two fall through.

“I know that sounds a little harsh,” Carpenter said as he talked about the difficulty of building momentum quickly for the other six projects that have been sidelined for now.

Board members heard Carpenter out but didn’t act on the request at least for now.

– Bill Dries

Trade Excellence Award Winners Named

Tennessee Gov. Phil Bredesen and Economic and Community Development Commissioner Matt Kisber have announced that Jarden Zinc Products LLC in Greeneville, DuPont Tate & Lyle BioProducts Co. LLC in Loudon and Christie Medical Holdings Inc. in Memphis are recipients of the fourth annual Governor’s Awards for Trade Excellence (GATE).

The GATE recognition honors large, medium and small companies demonstrating excellence through expansion of global trade. The winners will be presented their award by Gov. Bredesen and Commissioner Kisber at the Economic and Community Development Governor’s Conference Friday during the Governor’s luncheon at the Nashville Convention Center.

The companies represent winners in three categories: Jarden Zinc Products LLC for the large company category, DuPont Tate & Lyle BioProducts Company LLC for the medium company category and Christie Medical Holdings Inc. for the small company category.

Christie Medical Holdings Inc.’s market leading product, VeinView, is a vascular imaging system that allows health care professionals to clearly see accessible vasculature veins, making clinical treatments for varicose and spider veins much more effective. The product is exported to 40 countries around the globe and Christie Medical Holdings has 28 international partnerships throughout the top medical markets in the world.

Andy Meek

Baker Donelson Earns U.S. News Tier 1 Rankings

Baker, Donelson, Bearman, Caldwell & Berkowitz PC has earned 115 Tier 1 rankings across 10 metropolitan markets in Alabama, Georgia, Louisiana, Mississippi and Tennessee in the U.S. News – Best Lawyers “Best Law Firms” list.

Baker Donelson’s first tier metropolitan rankings are the most of any law firm in the country in the inaugural rankings.

The 2010 Best Law Firms rankings, produced by U.S. News Media Group and Best Lawyers, are presented in tiers both nationally and by metropolitan area or by state. The analysis includes 8,782 law firms in 81 major practice areas.

Baker Donelson achieved Tier 1 metropolitan rankings in 71 practice areas in Tennessee, including 25 practice areas in Memphis.

In addition, the firm was one of 583 firms with national rankings covering 39 practice areas.

– Andy Meek

S. Fayette Parade of Homes Starts Saturday

A viewing of more than 20 homes throughout South Fayette County is being offered free, starting this Saturday.

Prices of the homes range from $300,000 to more than $1 million.

Each of the five developments sits off Highway 57 on Poplar Avenue, just east of Collierville. Huntington Pointe and Saunders Creek in are located Rossville, while The Lakes of Greenbrier, Twin Lakes and Windbrook Estates are in Piperton.

All homes come complete with a 42-inch plasma TV, granite and stainless kitchen appointments, hardwood floors, open floor plans and luxurious master baths. Many of the homes come completely furnished.

The 2010 South Fayette County Parade of Homes runs Mondays, Fridays and Sundays from noon until 6 p.m., and Saturdays from 10 a.m. until 6 p.m. The event runs through Oct. 17.

Free hot air balloon lifts are offered on select Saturday and Sunday afternoons.

For more information, visit www.fayettecountyparadeofhomes.com.

Sarah Baker

SRVS to Participate in Day of Caring

Memphis-area nonprofits are partnering to attack the city’s foreclosure crisis.

With United Housing Inc.’s help, Shelby Residential and Vocational Services has bought a Whitehaven property and will use the help of volunteers as part of the United Way of the Mid-South’s Day of Caring.

Volunteers will begin work today to help with outside landscaping and inside demolition.

“It gets another empty house off the street and provides a programmatic need for a really special organization,” said Tim Bolding, United Housing’s Executive Director. “The local volunteers help raise community awareness of the great work being done in neighborhoods around the city.”

The property is located at 1586 Oakwood Drive in Whitehaven. The event will last from 9 a.m. until 3 p.m.

– Sarah Baker

Body Scanners Unveiled At Memphis, Nashville Airports

The federal Transportation Security Administration has unveiled a new full-body scanning device at the Nashville International Airport.

John Allen, an agency spokesman, said Thursday morning that a similar scanner will be operational on Friday at Memphis International Airport.

Allen said the devices can detect both metallic and nonmetallic items concealed under clothing, improving safety for travelers. Use of the scanners also means suspicious items can be found without physical contact.

There are currently 204 of the scanners at 52 airports and the TSA plans to have a total of 450 in use by the end of the year. The scanners are paid for using federal stimulus funds.

– The Associated Press

Average Mortgage Rates Rise to 4.37 Percent

Rates on 30-year mortgages climbed for the second straight week, but remain near the lowest level in decades.

The average rate for 30-year fixed loans this week was 4.37 percent, mortgage buyer Freddie Mac said Thursday. That’s up from 4.35 percent a week earlier and 4.32 percent the previous week, which was the lowest level on records dating back to 1971.

– The Associated Press

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PROPERTY SALES 83 363 9,932
MORTGAGES 91 378 11,692
BUILDING PERMITS 213 788 21,098
BANKRUPTCIES 50 213 6,650

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