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VOL. 126 | NO. 28 | Thursday, February 10, 2011

Daily Digest

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Cordova Strip Center Sells for $800,000

Cordova-based Monopoly Properties LLC has bought a strip shopping center at 990 N. Germantown Parkway from U.S. Bank NA, as trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2005-HQ7, for $800,000.

The purchase was financed with a $825,490 loan through Trustmark National Bank with a maturity date of Febuary 2017.

The 10,246-square-foot, one-story center was built in 2003 on the east side of North Germantown Parkway between Macon Road to the north and Cordova Station Avenue to the south.

The property formerly was owned by Kapree Germantown LLC, and was foreclosed upon in October 2009. At that time, U.S. Bank NA, acting as trustee, bought the property at a foreclosure sale for $1.13 million.

The Shelby County Register of Deeds’ 2010 appraisal was $1.15 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Tax Freeze Approved for 115 Union Ave.

The Center City Revenue Finance Corp. has approved a 10-year payment-in-lieu-of-taxes benefit for the developers of a mixed-use commercial and residential project at 115 Union Ave.

The developers behind the 115 Union project submitted the idea to the CCRFC for PILOT approval in June 2008, but the economic downturn made financing hard to obtain, and plans eventually were put on hold. A previous CCRFC PILOT approval also expired.

The project now has financing through Triumph Bank.

The plan calls for 23 apartments, as well as retail space, a mini gym, conference room and more. The project will cost a little less than $4 million, and it’s planned to be completed in August.

The developers also plan to go before the Center City Development Corp. to apply for a $101,000 development loan.

– Andy Meek

Lawsuits in Fla., England Related to Elvis Music

Memphis-based Elvis Presley Enterprises said it’s suing men in Florida and England on claims of copyright infringement and illegal sale of a DVD and CD box set of recordings and footage of the singer’s performances.

The Memphis-based company said it filed a copyright infringement lawsuit in the Chancery Division of the High Court in England and Wales against Joseph Pirzada, alleging he is the source of the box set.

The set includes footage from a 1977 television special called “Elvis in Concert” and raw footage of Elvis in Omaha, Neb., and Rapid City, S.D., reported the company, which owns copyrights on those materials.

Company lawyers and computer experts, with authorization by the court, searched Pirzada’s home Jan. 25 for evidence of the sale and distribution of the set.

An e-mail sent Wednesday to a recording company that lists Pirzada as its owner was not immediately returned.

On Feb. 2, Elvis Presley Enterprises sued Bud Glass, who has previously published an Elvis book and DVD series, on claims he illegally sold and distributed the Pirzada box set in the United States.

An e-mail sent to Bud Glass Productions on Tuesday afternoon was not immediately returned. The lawsuit was filed in U.S. District Court in the Northern District of Florida.

The company said it’s considering filing additional lawsuits against others involved the manufacture, sale, and release of the box set and other bootlegs.

– The Associated Press

Memphis Zoo Offers Polar Bear Expedition

The Memphis Zoo is teaming up with Classic Escapes to offer a trip to Manitoba, Canada, Nov. 6 to 13 to observe polar bears and other arctic animals in their natural habitat.

Gail Karr, assistant curator of mammals at the Memphis Zoo, will be the group’s escort and Memphis Zoo representative.

Karr has been a zookeeper in Memphis since 1986 and has worked with various organizations focused on preserving bears throughout the country, including the Bear Taxon Advisory Group.

She also keeps the U.S. Brown Bear Registry and is the Association of Zoos and Aquariums orphan bear placement liaison for the U.S. Fish and Wildlife Service.

Pat Rousseau, who has spent more than 25 years with the Canadian National Park Services, will serve as the group’s naturalist guide.

The cost is $5,995 and includes round-trip flights from Winnipeg to Churchill, Manitoba, as well as hotels, meals where noted in the itinerary, entrance fees to places of interest and more.

For more information including a complete itinerary and registration form, download the PDF at www.memphiszoo.org/pressroom.

– Taylor Shoptaw

Health Officials Studying Faith-Health Strategy

Senior officials from the U.S. Department of Health & Human Services are visiting Memphis this week to study a community-wide implementation of an integrated faith-health strategy.

Officials hope to gain further understanding of how the Memphis model can be replicated in other communities across the nation.

Memphis is the largest, most comprehensive site implementing many aspects of faith-health programs and practices, including complex local, national and international partnerships.

During the two-day visit, specific attention will be given to health disparities of vulnerable populations.

Discussions are scheduled with a variety of health and community partners, including physicians, quality officers, Healthy Memphis Common Table, caregivers, liaisons, foundation leaders, religious leaders and health advocates.

Those attending from the U.S. Department of Health & Human Services include Mara Vanderslice, acting director of the Center for Faith-Based & Neighborhood Partnerships; Sharon Ricks, deputy regional health administrator for the Office of the Assistant Secretary for Health; Sherri Clark, aging services program specialist for the Administration on Aging; and Jamila Rashid, associate director of the Office of Minority Health.

– Aisling Maki

Butler Snow Attorney Relocates to Memphis

John B. (Jack) Nichols, who serves as a member of the tax and business services practice groups of Butler, Snow, O’Mara, Stevens & Cannada PLLC, has relocated from the firm’s Ridgeland, Miss., office to its Memphis office.

Nichols, who also is a certified public accountant, focuses on income tax planning, estate tax planning, tax-exempt organizations, new markets tax credits and historic rehabilitation tax credits.

“We are excited about expanding our tax and estate planning practice in Memphis and continuing to grow the practice in Mississippi,” said Butler Snow chairman Donald Clark Jr. “Jack has been a valuable member of Butler Snow’s team for years. His addition to our Memphis office will be significant for us as we grow our tax and business services practice groups.”

– Andy Meek

Mortgage Applications Fall in Latest Week

The number of people applying for a mortgage dropped last week as rates jumped.

The Mortgage Bankers Association said Wednesday its overall mortgage application index fell 5.5 percent from the previous week.

The refinance index decreased 7.7 percent, while the purchase index slipped 1.4 percent.

Refinances made up two-thirds of mortgage activity last week, down from 69.3 percent. That marks the lowest share since May of last year.

Rates on fixed mortgages climbed last week as more upbeat economic indicators convinced investors to sell off Treasury bonds.

That sent Treasury yields higher; mortgage rates tend to track the yield on the 10-year Treasury note.

The rate on the 30-year fixed mortgage increased to 5.13 percent from 4.81 percent last week, according to the survey. The rate on the 15-year fixed loan, a popular option for refinancing, rose to 4.29 percent from 4.13 percent.

Mortgage rates hit the lowest level in decades in November on concerns over a sluggish economy. Investors seek safer investments when the economy appears rocky.

The Mortgage Bankers Association’s survey covers more than 50 percent of all applications nationwide.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916