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VOL. 126 | NO. 118 | Friday, June 17, 2011

Daily Digest

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Elvis Presley Blvd. Market Financed for $3 Million

Lexington, Tenn.-based Henry Oil Co. of Tennessee has filed a $3 million loan through Paragon National Bank for a convenience store and gas station at 3923 Elvis Presley Blvd. Loan documents list Henry Oil as the grantor and Dodge Brothers Inc. as borrower.

The property includes a 2,919-square-foot convenience store built in 1984 at the southwest corner of Elvis Presley Boulevard and Whitaker Drive in the 38116 ZIP code. The property also contains underground storage tanks, also installed in 1984, and a small storage shed built in 1990.

Henry Oil Co. quitclaimed the property to Henry Oil Co. of Tennessee in 2005. The Shelby County Assessor of Property’s 2011 appraisal is $460,000.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Arlington Mayor’s Race Nets Four Contenders

At the noon filing deadline Thursday, June 16, for candidates in the Sept. 15 Arlington and Lakeland elections, there was a four-candidate race for Arlington mayor as expected. And the two incumbent town aldermen seeking re-election had opposition with a three-way battle for the third seat on the Arlington Board of Aldermen.

The fields in those races and the race for Lakeland commissioner don’t become official until after the noon Thursday, June 23, deadline for any candidates to withdraw if they wish. The Shelby County Election Commission will then certify the list of candidates and put them on the ballot.

An hour after the noon filing deadline, the four candidates for Arlington mayor were Brian Elder, Hugh Lamar, Brian Thompson and Mike Wissman. Incumbent mayor Russell Wiseman is not seeking a third term.

Position one alderman Glen Bascom has opposition from Larry M. Harmon Jr., and position two incumbent Gerald W. McGee has a challenger in Matthew Thie.

There is a three-way contest for the position three seat Hugh Lamar is giving up to run for mayor. The candidates are Steven Bierbrodt, Claudia Horton and Jeff McKee.

In Lakeland, the single contest for two seats on the town’s board of commissioners is among incumbent Randy Nicholson, Jim Schultz and Gerrit Verschuur. The top two vote-getters in the single contest claim the two commission seats.

– Bill Dries

Shelby Farms Celebrates Membership Month

To celebrate membership month, Shelby Farms Park Conservancy is asking local photographers to submit their best snapshots taken at Shelby Farms Park or along the Shelby Farms Greenline.

Photographs selected as the best will be displayed at the Park’s Visitor Center at 500 N. Pine Lake Drive.

On Saturday, June 18, Otherlands Coffee Bar, 641 S. Cooper St., will host a “Party for the Park” fundraiser for SFPC from 8 a.m. to noon to give the public the opportunity to view photo submissions and learn more about park membership from SFPC staff members.

Party for the Park will also feature food, a cash bar, door prizes and live music by local entertainers the Magic Kids, the Ernestine & Hazel’s Band and the Dan Montgomery Band.

“With the Shelby Farms Greenline in place, Midtown Memphis is now connected to Shelby Farms Park,” said Otherlands proprietor Karen Lebovitz. “I hope people will come out and celebrate this new connection with us and support the nonprofit organization that raises money to manage and operate Shelby Farms Park and the Shelby Farms Greenline.”

Admission is $5 for park members with membership cards and $10 for non-members.

Visit www.shelbyfarmspark.org for more information.

(The Daily News Pubishing Co. Inc. is a supporter of Shelby Farms Park.)

– Aisling Maki

Christie Launches Smaller VeinViewer

Memphis-based Christie Medical Innovations has launched a new product, the VeinViewer Vision OmniMount.

The OmniMount is smaller than the full mobile-cart model of the VeinViewer but features the same vein-viewing capabilities.

Customers will have the option of using the semi-permanent mount to position the device on a wall or table.

The OmniMount also will cost slightly less than the full mobile cart VeinViewer. Christie expects to begin selling the device in late summer of this year.

VeinViewer uses near-infrared light and other patented technologies to project a real-time digital image of subcutaneous vasculature directly onto the surface of the skin. The OmniMount will produce the same results using the same technology.

In addition, Christie is introducing a new program called The FreshStart Competitive Trade-In Program, which will offer customers the chance to turn in non-performing vascular access visualization devices and receive a credit toward the purchase of a VeinViewer unit.

For more information, call Christie at 877-733-8346 or visit www.veinviewer.com.

Christie Medical Innovations develops and commercializes medical technologies.

– Taylor Shoptaw

Haslam Signs Civil Justice Act

Tennessee Gov. Bill Haslam has continued a series of signing ceremonies to mark the passage of much of his legislative agenda in the recently ended legislative session.

Haslam signed the Tennessee Civil Justice Act into law Thursday, June 16, in the Old Supreme Court chambers in Nashville.

“This tort reform legislation will help us attract and retain jobs by offering businesses more predictability and a way to quantify risk,” Haslam said in a written statement.

The law puts a $750,000 cap on non-economic damages with exceptions for intentional misconduct, conduct under the influence of drugs and/or alcohol and the destruction of records.

It sets the cap for non-economic damages for catastrophic losses at $1 million and it caps punitive damages at two times the compensatory damages or $500,000, whichever is greater.

Prior to passage of the law, Tennessee had no cap on punitive damages.

– Bill Dries

Mortgage Rates Flat After Hitting Yearly Low

Fixed mortgage rates stayed roughly flat after falling for eight weeks.

The average rate on the 30-year loan ticked up from a yearly low of 4.49 percent to 4.50 percent, Freddie Mac said Thursday. The average rate on the 15-year fixed mortgage, a popular refinance option, fell to 3.67 percent from 3.68 percent. That’s a low for the year.

Rates tend to track the yield on the 10-year Treasury note. The 10-year yield has been dropping as fears over that economic recovery is slowing.

Most people can’t take advantage of the low mortgage rates because they can’t meet tougher lending requirements. And many who could afford to refinance likely did so last year, when rates fell to their lowest levels in decades.

Sales of new and previously occupied homes rose in April. But sales are well below healthy levels as waves of foreclosures have pushed prices down. Many would-be buyers are holding off, worried that prices have yet to bottom out.

And prices are expected to keep falling until the glut of foreclosures for sale is reduced, companies start hiring in greater numbers, banks ease up on their tougher lending rules and more people think it makes sense to buy a house again. In some areas of the country, that could take years.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable rate mortgage inched down to 3.27 percent from 3.28 percent last week. It hit 3.25 percent in April, the lowest on records dating back to 2005.

The average rate on a one-year adjustable-rate loan rose to 2.97 percent from 2.95 percent, which was the lowest on records going back to 1986.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fees were 0.7 for both the 30-year and 15-year fixed loan in Freddie Mac’s survey. The average fee for the five-year ARM was 0.6 and the one-year ARM was 0.5.

– The Associated Press

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426