Notice Filed on Exchange Building

A first-run foreclosure notice has been filed against the Exchange Building in Downtown Memphis. The notice appears in the Thursday, June 30, print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

UIGTN III LLC, the relatively new owner of the century-old, 19-story apartment tower at 130 Madison Ave. off Court Square, defaulted on a $1.8 million loan through Northwest Savings Bank dated Dec. 22.

UIGTN, whose address is in Evanston, Ill., bought the beleaguered building in December from Northwest Capital Group Inc., which had bought the apartments out of foreclosure in March 2010.

Northwest Capital, an affiliate of Warren, Pa.-based Northwest Savings Bank, foreclosed the building in February 2010.

Troubles at the historic building first arose when a previous owner, the Exchange Building Limited Partnership, defaulted on a $2.9 million construction loan through First Tennessee Bank NA dated Jan. 31, 1995.

After a number of loan modifications and reassignments, the debt on the 202-unit, 217,244-square-foot apartment tower wound up in the hands of Northwest.

Built in 1910 and listed on the National Register of Historic Places since 1979, the apartment building underwent an extensive renovation in the mid-1990s.

The owners secured payment-in-lieu-of-taxes (PILOT) funding through the Center City Revenue Finance Corp. for the project.

The building, which has an alternate address of 9 N. Second St., sits on 0.25 acres at the northwest corner of Madison and Second, just south of Court Square.

Its 2011 appraisal was $2.9 million, according to the Shelby County Assessor of Property.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

Regions Bank Partners with Western Union

Regions Bank has reached a deal with Western Union to offer Western Union’s global money transfer service and Western Union expedited bill pay service across 1,700 U.S. Regions Bank locations.

The services will be available later this year at Regions branches in 16 states. Account holders and walk-in customers will be able to send and receive domestic or international money transfers and make same-day payments to members of Western Union’s biller network.

Plans also include offering Western Union online services to Regions’ online customers.

– Andy Meek

Tennessee Launches Business Startup Program

State officials have announced a new job creation effort aiming to build Tennessee businesses from the ground up.

Gov. Bill Haslam said Startup Tennessee will put the infrastructure in place to help entrepreneurs find support, mentoring and capital to create new businesses. He announced on Tuesday, June 28 that Michael Burcham, CEO of The Entrepreneur Center in Nashville, will lead the program.

The plan calls for a website to connect entrepreneurs with training, mentors and investors. The state also plans to launch a $5 million to $10 million grant program to fund business incubators in nine economic zones in the state.

Burcham told The Tennessean newspaper that once the program gets started, he predicts Tennessee will have 50 to 70 companies launching every quarter.

– The Associated Press

Mirimichi Receives Environmental Award

Entertainer Justin Timberlake’s golf course Mirimichi, located 15 minutes north of Downtown Memphis, has received a Tennessee Governor’s Environmental Stewardship Award, one of the state’s most prestigious environmental and conservation awards. Mirimichi won the award under the category of Parks and Recreation.

For more than 20 years, the awards have been presented annually to individuals and organizations making significant contributions to the protection and improvement of Tennessee’s natural resources and wildlife.

“Environmental sustainability at Mirimichi is about more than what we can do at our golf course,” Timberlake said in a statement. “It’s about taking a leadership role and encouraging other golf courses, and organizations of all kinds around the world to emulate our commitment toward making a positive impact on the world we live in. We are very proud and honored to receive the 2011 Governor’s Environmental Sustainability Award.”

Mirimichi has focused on green, sustainable management. The golf course became the first in the U.S. to be certified by Audubon International Classic Sanctuary program. In 2010, it became the first golf course in North, South or Central America to receive Golf Environment Organization certified status in 2010. Mirimichi is the only golf course in the world to achieve both designations.

Mirimichi was designed by Bergin Golf Designs and constructed by CR Sanders Inc., a golf course construction, landscape and irrigation company.

– Aisling Maki

XMC Recruits New Director of Service

Memphis-based XMC Inc. has hired Mike Brown who will be the new director of service on the executive team.

Brown was recruited from one of the largest service organizations in the industry located in Macon, Ga. With Brown’s innovativeness and ingenuity he facilitated the growth of the service department into one of the premier service departments in the nation. Brown will now manage all aspects of service over the nine XMC territories throughout six states.

XMC President Bob Hamilton said Brown’s mission will be to help further XMC’s service department into a world-class service organization with the highest level of customer service and satisfaction that the company can provide.

Brown has been in the service industry for eight years with experience in tech level and upper management as well.

XMC is the second-largest Xerox dealer in the United States providing sales, leasing, service and supplies including printers, digital presses, digital copiers and full document solution systems.

– Houston Cofield

Wal-Mart Stores Cutting Gas Prices for 3 Months

Wal-Mart Stores Inc. is cutting gas prices by 10 cents a gallon for three months to help consumers worried about their spending amid a sputtering economy and busy summer travel season.

Wal-Mart is well aware that rising gas prices and other household costs are squeezing shoppers’ budgets, reporting at its annual shareholders meeting earlier this month that shoppers appear to be focusing on groceries and little else.

To help ease consumers’ worries, the world’s biggest retailer announced Wednesday that customers visiting participating Murphy USA and Walmart gas stations in 18 states, including Tennessee, through Sept. 30 will receive a discount on all fuel, gas and diesel purchases when they use a reloadable Walmart gift card, Walmart MoneyCard or a Walmart credit card.

Wal-Mart said the discount will be taken immediately at the gas pump, with no other restrictions or requirements. The Bentonville, Ark., company said that a complete list of participating Walmart and Murphy USA locations can be found at www.walmartstores.com/gasrollback.

– The Associated Press

Spirit of SRVS Event to Benefit Organization

The Hilton Memphis will host the 13th Annual Spirit of SRVS: A Taste of the Good Life Aug. 6.

The auction event benefits Shelby Residential and Vocational Services (SRVS) and people with disabilities. Special guests include Honorary Chairs Ruby Wharton and Mayor A C Wharton Jr., Sandra and Jack Jones, and Event Chairs Autumn and David Porter.

Along with silent and live auctions, the event will include wine tasting and appetizers from Memphis restaurants as well as live music and entertainment.

Funding from the event will support the SRVS Day Center for people with disabilities. The Day Center is planning on doubling the number of people they serve within the next five years. SRVS has been around for more than 40 years and is the largest and most comprehensive service provider for people with disabilities in Tennessee serving more than 850 people with disabilities.

Purchase tickets for $75 at www.srvs.org or at the door. For more information please visit http://www.srvs.org/

– Houston Cofield