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VOL. 126 | NO. 189 | Wednesday, September 28, 2011

Daily Digest

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Cordova Mini-Storage Financed for $2.2M

Extra Space Properties Seventy Three LLC, an affiliate of Salt Lake City-based Extra Space Storage Inc., has filed a $2.2 million loan through Compass Bank for its storage center at 2855 Houston Levee Road in Cordova.

The loan document was filed with the Shelby County Register of Deeds concurrently with a Sept. 22 deed that quitclaimed the site from Extra Space Properties Two LLC to Extra Space Properties Seventy Three LLC.

Extra Space Properties Two LLC bought the property in April from JF Storage Holding LLC for $2.6 million. It is a 75,266-square-foot, two-story mini-warehouse built in 2006 on 3.69 acres. The site is on the west side of Houston Levee Road south of U.S. 64.

The Shelby County Assessor of Property’s 2011 appraisal is $2.7 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Martin, Ramo to FedEx Board as Hyde Retires Position

Brad Martin and Joshua Cooper Ramo are the newest directors on the board of FedEx Corp.

Each was elected to the board of the Memphis-based corporation this week at the annual shareholders’ meeting.

At the same meeting, shareholders approved executive pay plans including a $1.3 million base salary for company founder and CEO Fred Smith, not including equity-based compensation and bonuses.

Martin is chairman of RBM Venture Co., an investment company. He serves on the boards of Lululemon Athletica Inc., Dillard’s Inc. and First Horizon National Corp. Martin is also the founder of The Martin Institute, a nonprofit education reform foundation.

Ramo is vice chairman of Kissinger Associates, an advisory firm, and serves on the Starbucks Corp. board.

Martin and Ramo were elected to one-year terms as J.R. “Pitt” Hyde, the founder of AutoZone Inc., announced his retirement from the board. Hyde joined the FedEx board in 1977.

– Bill Dries

Uptown Phase 2 Plan Approval Delayed

The second phase of the development plan for Uptown was delayed Monday, Sept. 26, after the Shelby County commissioner whose district includes Uptown complained that enough public notice wasn’t given.

The commission vote was technically a public hearing on a second phase that includes an expansion of development into the area north of The Pyramid and bordering the Wolf River. It also includes increased loan and grant ability that would pave the way for development of a supermarket in the area.

“This meeting won’t suffice as a public hearing,” Commissioner Henri Brooks said. “When you talk about impacting individuals, displacing individuals, right of ways, buying up property, spending public dollars – it’s my feeling that adequate public notice would mean a public hearing held at a reasonable time whereby individuals who may be working can attend.”

The item was held until the commission’s Oct. 17 meeting.

John Dudas, of the joint Belz-Turley development partnership, said his group has been in contact with all of the affected homeowners for longer than a year about every step of the process.

The plan already has been approved by the Memphis City Council, and the project is primarily a city-backed undertaking in terms of federal funding passed through to leverage private investment as well as infrastructure improvements.

– Bill Dries

Kriner Cash’s Wife Dies Tuesday

The wife of Memphis City Schools superintendent Kriner Cash died Tuesday, Sept. 27, from cancer.

Lisa Cash moved with her husband to Memphis three years ago when he took the top job in the school system.

She also leaves three sons.

Funeral arrangements were still being made by press time Tuesday.

– Bill Dries

Memphian Collaborates with Tom Clancy on New Book

Memphian Mark Greaney, the author of a series of thrillers about a superspy known as the Gray Man, has collaborated with bestselling author Tom Clancy on Clancy’s new book “Locked On,” which will be released Dec. 13.

The book by Clancy and Greaney includes classic Clancy characters Jack Ryan Sr., Ding Chavez and Dominic Caruso. It’s the newest book for Clancy after his 2010 title “Dead or Alive” and his 2011 title “Against all Enemies.” Those titles marked Clancy’s re-emergence on the bestseller charts after a seven-year hiatus.

Several of Clancy’s books – like “The Hunt for Red October,” “Patriot Games” and “Clear and Present Danger” – have been turned into major motion pictures.

Greaney traveled to seven countries to research his Gray Man books. He also trained alongside military and law-enforcement professionals in the use of firearms, battlefield medicine and close-range combat tactics.

– Andy Meek

Commission Creates Election Advisory Group

Shelby County commissioners have approved an election reform group pushed by critics of the 2010 county general election results.

The commission approved the advisory board Monday, Sept. 26, on a 7-5 vote, but those pushing for the review complained it didn’t have the teeth they originally called for.

The two Democratic members of the five-member Shelby County Election Commission, meanwhile, said they are satisfied with the non-binding advisory effect of the resolution creating the group.

“We’re not in love with it now, but we are willing, in the spirit of cooperation, to work with it,” said Election Commissioner Norma Lester.

Fellow Democrat George Monger, who was among those who questioned the vote count in the August 2010 election and was involved in the Chancery Court challenge that was ultimately dismissed, said his concern was that those on the advisory panel know enough about the technology at the heart of the dispute.

“We are now making changes to our system,” Monger said as he questioned what the group might do with technical information on voting systems. “Do you know how to interpret it? Do you understand systemic processes that these systems utilize? Once the advisory board gives its opinion, what is the expected outcome at that point?”

“I really wish you all would look at this as a non-threatening advisory committee,” County Commissioner James Harvey responded. “There are so many of our community’s citizens that are concerned with the authenticity and the fairness of our elections.”

The 2010 court challenge came after Republican candidates swept the countywide elections, defeating every candidate on the Democratic ticket.

The compromise on the makeup of the board puts one Democratic and one Republican election commissioner on the body.

Commissioner Chris Thomas, who, as incumbent Republican Probate Court clerk, was a defendant in a similar election challenge in 2006, said the advisory group is not needed.

– Bill Dries

MAAR to Hold Southeast Real Estate Forum

The Memphis Area Association of Realtors continues its community real estate forum tour, with the next one planned for Thursday, Oct. 20, from 6 p.m. to 7:30 p.m. at Hickory Ridge Mall, 6075 Winchester Road.

Real estate professionals with expertise in the Southeast Memphis submarket will offer information on the state of real estate and will answer questions.

“Every submarket is unique, which is why it is important to hear from Realtors who have a concentration of experience in the Southeast part of the city,” MAAR President Leon Dickson said in a statement. “We will have data specific to the Southeast area, and we will have professionals who can address questions about everything from short sales and foreclosures to lease-for-purchase.”

The forum is open to the public. Attendees should enter Hickory Ridge Mall through the Southwest entrance and follow the directions to the forum location.

Southeast Memphis residents are encouraged to submit questions before the event by email to don.wade@maar.org or by posting them on MAAR’s Facebook page at www.facebook.com/memphisrealtors.

– Sarah Baker

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 74 17,458
MORTGAGES 93 93 20,128
FORECLOSURE NOTICES 9 9 2,654
BUILDING PERMITS 126 126 36,072
BANKRUPTCIES 63 63 11,227
BUSINESS LICENSES 32 32 5,741
UTILITY CONNECTIONS 0 0 6,715
MARRIAGE LICENSES 51 51 3,967