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VOL. 126 | NO. 229 | Wednesday, November 23, 2011

Daily Digest

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Cotton Council Bldg. Sells for $1 Million

Cotton Council Apartments LLC has bought the former National Cotton Council headquarters at 1918 North Parkway from TC-Met Rhodes LLC for $1 million, filing a $3.1 million construction loan through Renasant Bank at the time of purchase.

The building is slated to become apartments, according to a building permit application filed in October.

The property includes a 35,893-square-foot building built in 1958 on 2.8 acres along the north side of North Parkway between Snowden School and Parkway House Condominiums in Oscar Johnston Cotton Foundation Subdivision.

The Shelby County Assessor of Property’s 2011 appraisal is $652,700.

Cotton Council Apartments LLC filed a $2.4 million building permit application with the city-county Office of Construction Code Enforcement in October to renovate the building.

At the time the permit application was filed, it was announced WR Real Estate Advisors LLC planned to transform the building, which is near Rhodes College and the Memphis Zoo, into 142 apartments.

The seller, TC-Met Rhodes LLC, is affiliated with Dallas-based Trammell Crow Co.

The LLC bought the building from the National Cotton Council of America in 2007 for $1.7 million. That same year, NCC built a new headquarters on Goodlett Farms Parkway.

NCC is a trade organization representing seven U.S. cotton industry segments: producers, ginners, warehousers, merchants, cottonseed, cooperatives and manufacturers.

Source: The Daily News Online & Chandler Reports

– Daily News staff

IP Makes Contribution to U.S. Pension Fund

Memphis-based International Paper Co. has contributed $300 million to the corporation’s U.S. pension fund.

The voluntary contribution comes just more than a year after International Paper made a $650 million contribution bringing IP’s contribution to the U.S. fund to more than $1 billion in a 17-month period.

– Bill Dries

Wharton Calls For Madison Steering Committee

Now that dedicated bicycle lanes on Madison Avenue between McNeil and Cooper streets have been marked, Memphis Mayor A C Wharton Jr. is assembling a “steering committee” to look at other off-road changes along the Midtown corridor.

The committee of stakeholders is something Wharton suggested when he went ahead with the controversial idea of cutting one of the two lanes of auto traffic in each direction along the stretch of Madison to make room for the bike lanes as well as on-street parking.

“Now that the bike lanes are a reality, it is imperative we all pull together to make Madison the most attractive avenue it can be,” Wharton said Monday, Nov. 21, in a written statement.

Wharton has also directed city traffic engineers to continue monitoring traffic counts along Madison to detect whether there is a further drop off.

A look at the traffic counts earlier this year before Wharton made his decision showed several years of declining traffic counts along Madison Avenue’s Midtown leg starting in the early 1990s and then leveling off.

At the same time, traffic counts remained up along Union and Poplar avenues, the two major traffic corridors north and south of Madison.

– Bill Dries

CVS Caremark to Support St. Jude With Fundraiser

CVS Caremark Corp. has announced its annual fundraiser within its pharmacies will support the St. Jude Children’s Research Hospital Thanks and Giving campaign.

In 2011, CVS customers will have more options to support St. Jude. Now through Dec. 11, CVS pharmacy employees will encourage customers to add $1 or $3 to their purchase at the register.

Patrons shopping online can also support the St. Jude Thanks and Giving campaign by donating the amount of their choice at checkout.

St. Jude is one of the world’s leading centers for research and treatment of pediatric cancer as well as other catastrophic childhood diseases. Since joining forces in 2004, CVS and its customers have raised more than $25 million for the hospital.

Funds procured by CVS for Thanks and Giving support the CVS Caremark Rehabilitation Services Center at St. Jude.

Since opening in 2009, the facility doubled the space allocated to providing audiology, occupational and physical therapy as well as speech pathology services to St. Jude patients to help them overcome the cognitive and physical impairments they face as a result of their illnesses.

– John Lintner

Academy Org. Presents $10K Grant to Indie Memphis

Indie Memphis, which held the most successful film festival in its history earlier this month, has been awarded a $10,000 grant by the Academy Foundation of the Academy of Motion Picture Arts and Sciences, the organization that holds the Academy Awards.

It was the second grant the Oscar organization’s educational and cultural committee has given to Indie Memphis after awarding a similar grant in 2009 for Indie Memphis’ 2010 festival.

Indie Memphis’ 14th annual film festival was held Nov. 3 to 6 and drew a record of more than 8,000 attendees.

Special guests included Chris Parnell (“30 Rock”), Tanya Wright (“True Blood”) and Jason Baldwin of the West Memphis Three (“Paradise Lost 3: Purgatory”).

The festival was presented by Duncan-Williams Inc..

In addition to breaking attendance figures, it proved to be the organization’s most financially successful.

A total of $455,000 was presented by the Academy to 25 U.S. film festivals for the 2012 calendar year. Erik Jambor, executive director of Indie Memphis, said the funds – which were of the maximum amount available by the Academy – would be used “to strengthen relationships between participating filmmakers and build new connections between those filmmakers and the greater Memphis community.”

More than the four-day film festival, Indie Memphis throughout the year brings independent movies to Memphis through partnerships with organizations including the Memphis Brooks Museum of Art, the Memphis in May International Festival, the Gandhi-King Conference on Peacemaking, and the Global Film Initiative, to name a few.

– Sarah Baker

Companies Recognized for Promoting Healthy Lifestyle

Eight Memphis area organizations have been recognized by the American Heart Association’s Fit-Friendly Companies Program for promoting physical activity and health in the workplace.

New organizations with Gold status include the city of Germantown, General Electric Advanced Services Inc., the city of Memphis, Pinnacle Airlines Corp., University of Tennessee Health Science Center and the Church Health Center. Ring Container Technologies has renewed for another year at Gold status and Baptist Memorial Hospital-Memphis has joined as a new Platinum level member.

Fit-Friendly Companies Program participants implement various options to encourage physical activity, nutrition and culture enhancements such as on-site walking routes, health food options in cafeterias and vending machines, annual employee health risk assessments and online tracking tools.

Companies interested in joining the program can visit ffc.heart.org to download an application.

– Taylor Shoptaw

Graceland Plans Elvis Birthday Celebration

Elvis fans soon will descend on Graceland to celebrate the late singer’s birthday during what also will be the 35th anniversary year of his death in 1977.

Numerous events are scheduled, including an Elvis Presley Day Ceremony Jan. 8 that will feature a birthday cake cutting and proclamation by city and county officials.

The new Graceland exhibit Elvis On Tour, which celebrates the 40th anniversary of the film of the same name, also will be unveiled during those activities.

Tickets are on sale now for the festivities. For more information, visit www.elvis.com.

– Andy Meek

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 147 18,012
MORTGAGES 89 184 20,749
FORECLOSURE NOTICES 34 42 2,735
BUILDING PERMITS 117 258 37,094
BANKRUPTCIES 55 114 11,540
BUSINESS LICENSES 42 59 5,907
UTILITY CONNECTIONS 21 48 6,878
MARRIAGE LICENSES 27 68 4,117