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VOL. 126 | NO. 233 | Wednesday, November 30, 2011

Daily Digest

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Off the Dock Seafood Plant Sells for $1.3 Million

Nashville-based Seafood Property Partners GP has bought a 9,224-square-foot seafood packing plant at 3511 Sky Harbor Cove from David Feinstone and Andria Feinstone for $1.3 million.

The packing plant, home to Off the Dock Seafood LLC, was built in 2007 on 1.9 acres in Prescott Business Park Planned Development. David Feinstone and Andria Feinstone bought the then-vacant land in 2005 for $130,000. The Shelby County Assessor of Property’s 2011 appraisal is $553,200.

Off the Dock is not open to the public.

In conjunction with the purchase, Seafood Property Partners GP assumed two loans from the sellers. The first is a construction loan through Trustmark National Bank taken out in 2006 and modified in 2007, 2008 and 2010. The remaining principal balance is $598,944. The second loan is a second mortgage through the U.S. Small Business Administration taken out in 2008 and modified several times during 2008. The remaining principal is $426,049.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Hires Search Firm to Help Find New Coach

The University of Memphis has hired Eastman and Beaudine Management Consultants to help the search committee find a new football coach.

The university announced Tuesday, Nov. 29, that U of M President Shirley Raines and the search committee picked the sports firm to help identify candidates for the job that opened up when Memphis fired Larry Porter on Sunday, Nov. 27, after going 3-21 in his two seasons.

Athletic director R.C. Johnson, who is retiring in June, is not on the coaching search committee. Raines said Monday, Nov. 28, she hopes to hire a new football coach as soon as possible.

– The Associated Press

The Metropolitan Bank Opens New Office

The Metropolitan Bank has opened an office at 5264 Poplar Ave., its second Memphis location.

Metropolitan in July announced plans for the office, which opened Monday, Nov. 28. It will serve as an anchor for Metropolitan’s professional and medical banking team, led by Holly Bronson, and the bank’s commercial banking team, led by Scott Hauss.

It will employ more than 15 associates and will include a multi-lane drive-thru and a drive-up ATM. The office also will offer the full complement of Metropolitan’s banking services, including residential mortgage banking, which will be led by Kent Stone.

“We look forward to this addition enhancing the convenience for both existing and prospective clients, but it’s our people and the client experience that they deliver each day that makes Metropolitan truly unique,” said Phillip May, Metropolitan’s Memphis president.

Metropolitan will host an open house for the new Memphis office Wednesday, Dec. 14, from noon to 6 p.m. Metropolitan president, CEO and founder Curt Gabardi said the public is welcome to join the bank for the celebration.

– Andy Meek

MED's Coopwood Awarded by Tenn. Hospital Assn.

Dr. Reginald Coopwood, president and CEO of The Regional Medical Center at Memphis, was recently given a 2011 Award of Excellence from the Tennessee Hospital Association during its annual meeting.

THA each year recognizes individuals and organizations whose service has significantly contributed to the goals of the association or its institutional members. Nominations for the awards are evaluated by anonymous panels composed of THA members. The association’s Meritorious Service Awards recognize leadership and service by individuals in support of their hospitals and health systems.

Coopwood was presented with the CEO Meritorious Service Award for exemplifying passionate and effective leadership in the health care community.

Prior to taking over executive leadership of The MED in early 2010, Coopwood served as both CEO and chief medical officer at Metropolitan Nashville Hospital Authority.

– Aisling Maki

Delta Names Hutcheson Head of Public Affairs

Delta Air Lines Inc. has tapped an AirTran Airways marketing and sales vice president to be its new vice president of community and public affairs.

Tad Hutcheson will report to Delta Senior Vice President Tim Mapes and work out of the airline’s Atlanta headquarters. Delta has a hub at Memphis International Airport.

Before his AirTran posting, Hutcheson was a vice president of marketing and director of strategic planning for KIWI International Airlines. He worked for Delta before the KIWI job.

– Bill Dries

Tennessee Still Offering Energy Star Rebates

The Tennessee Department of Economic and Community Development’s Energy Division still has more than $1 million remaining in rebates for consumers who have upgraded to a qualifying Energy Star appliance since April 22, 2010.

ECD’s Energy Division reports about 17,500 rebates totaling more than $4.1 million have been distributed as of Oct. 30. Debit card rebates are still available to Tennesseans on a first-come, first-serve basis until funds are depleted. Applications must be postmarked by Jan. 14. Funds can be tracked at teearp.efi.org.

Appliances eligible for rebates include air-source heat pumps and central air conditioners ($250 each), gas furnaces ($150) and room air conditioners ($40) with the Energy Star designation. Purchases made on or after April 22, 2010, are eligible for the rebate.

– John Lintner

Plough Fdtn. Grants $314K for Library JobLINC Bus

The Memphis Library Foundation has received a grant from the Plough Foundation toward buying a new JobLINC mobile bus for the Memphis Public Library & Information Center.

Plough committed $314,000 for the mobile unit, which will be environmentally friendly and ADA-compliant.

The bus will travel to community centers, library branches, grocery stores and public areas, providing one-on-one assistance with job searches, training opportunities, resume preparation and online job applications. It will be equipped with computers, printers, Internet access and job resource materials and is expected to serve 12,000 people a year.

It replaces an out-of-service unit that has served the city of Memphis since 1990 but has not been operational since 2010.

– Taylor Shoptaw

Hope House Campaign Starts on World AIDS Day

Hope House is reaching out to the community to promote its Hopes and Dreams Campaign, an effort centered around Worlds AIDS Day Dec. 1 and extending until the new year.

Started in 1995 as a preschool for children affected by HIV, Hope House now offers a variety of social services and coordinated care to improve the quality of life of children and their families who are impacted by HIV and poverty in the Memphis area.

The organization hopes to raise $10,000 during December.

The organization will be posting facts about HIV via Facebook and Twitter, and has created the #HopesAndDreams Twitter hashtag so supporters can follow how the campaign is progressing.

Donations can be made at www.hopehousememphis.org or by calling director of development Craig Locke at 272-2702, ext. 216.

– Sarah Baker

Americans More Confident About Economy in November

Americans’ confidence in the economy in November bounced back to its highest level since July, the latest sign that consumers are beginning to feel more cheerful about spending during the holiday shopping season.

The Conference Board, a private research firm, said Tuesday, Nov. 29, that its Consumer Confidence Index rose 15 points to 56.0. That’s up from a revised 40.9 in October – the lowest level since the recession – and the biggest jump since the 59.2 reading in July. The November number is encouraging, but far below the reading of 90, which indicates an economy on solid footing.

– The Associated Press

PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107