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VOL. 126 | NO. 253 | Thursday, December 29, 2011

Daily Digest

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$125M Permit Application Filed for Mitsubishi Plant

Mitsubishi Electric Power Products Inc. is moving forward with its plans for a transformer manufacturing facility at Rivergate Industrial Port.

Greenville, S.C.-based O’Neal Constructors LLC has filed a $125 million building permit application with the city-county Office of Construction Code Enforcement for construction of a manufacturing and office building at 2865 Riverport Road, according to The Daily News Online, www.memphisdailynews.com.

MEPPI announced in mid-February it would build a $200 million, 350,000-square-foot plant at Belz Enterprises Inc.-owned Rivergate Industrial Port in Memphis’ southwest industrial submarket. It will open with 90 employees and reach about 275 at full production.

Situated on 250 acres at Riverport and Rivergate roads, the port is one of 54 port facilities in Memphis Harbor with truck, barge and interstate access. Others include Cargill Inc., Exxon Co. and Lion Oil Co.

Calls to O’Neal were not returned by press time.

Source: The Daily News Online and Chandler Reports

– Sarah Baker

Airport Authority to Benefit From GE Entity Settlement

The Memphis-Shelby County Airport Authority is among the Tennessee entities that stand to benefit from a recent settlement with a GE-affiliated entity.

Tennessee Attorney General Bob Cooper and 26 other state attorneys general have reached a $34.25 million agreement with GE Funding Capital Market Services Inc. as part of an investigation into alleged anticompetitive and fraudulent conduct in the municipal bond derivatives industry.

As part of the agreement, the GE division has agreed to pay $30 million in restitution to affected state agencies, municipalities, school districts and not-for-profit entities nationwide that entered into municipal derivative contracts with it between 1999 and 2005. The division also will pay a $1.25 million civil penalty and $3 million in fees and costs of the investigation to participating states.

The airport authority is one of the eligible Tennessee entities that will get a chunk of the more than $742,000 coming to Tennessee.

– Andy Meek

Wharton, Council Take Oath Sunday

Memphis Mayor A C Wharton Jr. and the Memphis City Council take the oaths of office Sunday, Jan. 1, to begin new four-year terms of office.

The ceremony at 2:30 p.m. at the Cannon Center for the Performing Arts is free and open to the public.

Also taking the oath of office will be the three City Court judges and City Court Clerk Thomas Long.

They, along with Wharton and the 13 council members, were elected earlier this year in regularly scheduled city elections.

The elections resulted in the return of all but one incumbent to office. The exception is city council member Lee Harris, who won a runoff election to claim the council’s only open seat, currently held by interim council member Berlin Boyd. Boyd chose not to seek election on the October ballot.

Wharton begins a full four-year term after winning the mayor’s office in a 2009 special election following the resignation of then-Mayor Willie Herenton.

New Year’s Day also marks the beginning of term limits for the council and mayor as approved by Memphis voters in a 2008 city charter amendment. The limit of two consecutive terms of four years each begins counting with the term that starts Sunday. The term limit does not count previous time in office before Sunday or serving partial terms of office by appointment or special election.

– Bill Dries

CCHS CEO Recognized With Leadership Award

Burt Waller, CEO of Christ Community Health Services, recently was honored with the Logan Beasley Leadership Excellence Award for his work in expanding access to primary health care.

The award was presented by The Tennessee Primary Care Association, a nonprofit corporation connecting Tennesseans, especially the medically underserved, with health care services. The award is named in honor of Logan Beasley, whose work with the U.S. Public Health Service helped develop primary care services and strengthen community health centers.

Over the past decade, Waller has helped expand access to care in Memphis and Shelby County. When he began with CCHS, the organization was a one-site clinic with 5,000 patients. Today it includes 50,000 patients at six neighborhood health centers, as well as a mobile van, family medicine resident teaching program, three neighborhood dental centers and three pharmacies.

Founded in 1995, CCHS is a faith-based nonprofit focused on fulfilling the physical, spiritual and emotional needs of the poor, uninsured and homeless in Memphis. The organization also provides extensive outreach programs, including Memphis Healthy Churches.

– Aisling Maki

Women's Foundation Names Board Members

The Women’s Foundation for a Greater Memphis has named new members to its 2011-2012 board of directors.

They are Meri Armour, president and CEO, Le Bonheur Children’s Hospital; Toni L. Boland, sustainable business and innovation specialist, Nike Inc.; Carolyn Hardy, president and CEO, Chism Hardy Enterprises LLC; Gretchen W. McLennon, program officer, Hyde Family Foundations; Nisha Powers, majority owner and president, Powers Hill Design LLC; and Stacie Waddell, philanthropist.

In addition, Regina Walker, senior vice president of United Way of the Mid-South, has been named vice chair.

– Taylor Shoptaw

MORTGAGES 54 374 1,120
BUILDING PERMITS 177 767 2,425