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VOL. 127 | NO. 66 | Wednesday, April 4, 2012

Daily Digest

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SCF Marine Entity Buys Pres. Island Land

SCF Real Estate LLC, an entity affiliated with St. Louis-based SCF Marine Inc., has bought Presidents Island acreage from Lone Star Industries Inc. d/b/a Buzzi Unicem USA for $1.2 million.

The industrial-zoned property is on the northwest corner of Jack Carley Causeway and where West Trigg Avenue would be if extended. The site is a lowland area on the Mississippi River, and the north side fronts the river. The Shelby County Assessor of Property’s 2011 appraisal was $885,800.

Lone Star, a concrete company, bought the land in 2000 for $1.1 million.

SCF Marine Inc. is part of Fort Lauderdale, Fla.-based SEACOR Holdings Inc. In August, related company SCF Development filed a $7.3 million permit application with the city-county Office of Construction Code Enforcement for new construction on about 10.5 acres at 486 Jack Carley Causeway.

Source: The Daily News Online & Chandler Reports

– Daily News staff

March Passenger Revenue up at Delta Air Lines

Delta Air Lines reported March consolidated passenger unit revenue was up 13 percent compared to the prior year on strong demand, especially among business travelers.

The global carrier with a hub at Memphis International Airport posted a load factor for the month of 79.7 percent compared to 76.4 percent for March 2011.

The 54.4 million average seat miles for the entire Delta system compared to 43.3 million revenue passenger miles.

Average seat miles are a way of measuring the airline’s total capacity by multiplying all seats available on every airline route and then multiplying that by the length of the route.

Revenue passenger miles are a measure of how many of the seats were occupied and paid for. It is the number of seat miles for which someone was in the seat with a paid ticket.

Delta’s average seat miles dropped by 3.4 percent from a year ago while its revenue passenger miles increased by 2 percent.

The largest cuts in Delta’s capacity were in its regional international flights, which were down 16 percent from a year ago. Transatlantic cuts in capacity, which Delta announced earlier, came to a 10 percent reduction.

The largest percentage increase in Delta’s revenue passenger miles was the 12.6 percent increase in its Pacific flights.

– Bill Dries

Memphis-Based MAA Acquires Virginia Apts.

MAA has completed the acquisition of Adalay Bay, a 240-unit apartment community in Chesapeake, Va.

Developed in 2002, Adalay Bay’s units average 1,026 square feet. The acquisition marks MAA’s fourth community in Virginia.

The purchase was funded by a public offering of $1.96 million shares of common stock earlier in the year.

MAA is a Memphis-based, self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 48,777 apartment units throughout the Sunbelt region of the U.S.

– Sarah Baker

DMC Wants to Brand South Main Neighborhood

The Downtown Memphis Commission wants to find a firm that can help guide a branding initiative for Downtown’s South Main Historic Arts District.

According to a summary from the DMC, “the selected firm will develop a consistent brand image and offer implementation strategies for the district that would support a multi-faceted marketing plan to bring more patrons, foot traffic, awareness, identity and vibrancy to the District.”

The arts district was established in the 1990s and was able to start attracting artists with affordable rents and unique architecture. Today, that neighborhood is more a center of retail. And more than 2,000 people now live in the district.

The deadline for firms to submit proposals is May 4 at 3 p.m.

– Andy Meek

Civil Rights Museum Marks Assassination Anniversary

The National Civil Rights Museum will screen a documentary on the final years of civil rights leader Dr. Martin Luther King Jr. Wednesday, April 4, 44 years to the day of his assassination.

The noon screening of “Citizen King” is one of several events at the museum, which is built on the site of the Lorraine Motel, where King was shot.

A 5:30 p.m. program will include a keynote speech by the Rev. Frank Thomas, senior pastor of Mississippi Boulevard Christian Church, and a wreath presentation by the Rev. Jesse Jackson on the balcony where King was standing when he was shot. Jackson was with King at the time of the assassination.

– Bill Dries

Methodist Transplant Ranks Fourth for Liver Program

The Methodist University Hospital Transplant Institute in Memphis is now the fourth largest liver transplant program in the nation.

The institute, which is operated by physicians at the University of Tennessee Health Science Center, also set new records last year for transplant volumes and patient survival rates.

The facility’s 140-person team has become recognized as one of the top 10 overall transplant programs in the nation. Last year, 270 transplants were performed, up 13 percent more than the previous year. The 2011 numbers included 122 kidney transplants, 138 liver transplants and 10 kidney/pancreas transplants. Additionally, adult patient survival rates improved to 90 percent for liver transplants and 97 percent for all transplants combined in 2011.

UTHSC College of Medicine alumnus Dr. James Eason, who along with his team performed a 2009 liver transplant on the late Apple co-founder Steve Jobs, leads the institute.

– Aisling Maki

Food Tax Cut Added to Haslam Budget

Republican Gov. Bill Haslam has said his budget amendment includes funding for a more rapid decrease in food tax cut and extra money for local jails.

Haslam also announced this week that weekend negotiations resulted in an agreement from the Tennessee State Employees Association to support the governor’s plan to overhaul state civil service rules.

While Haslam’s bill would still eliminate laid-off state workers’ rights to bump more junior colleagues, the measure would still take seniority into consideration in staffing decisions. It will also give state employee organizations a role in devising a new evaluation system.

Haslam said his budget amendment reflected only a small percentage of funding proposals submitted to him.

Haslam’s original plan was to trim the sales tax on food from 5.5 percent to 5 percent over three years. He announced Monday that the timetable for that cut has been reduced to two years. The governor acknowledged that part of the reasoning for the $3.3 million move was that registers in supermarkets are set up to adjust taxes by a quarter percentage point, making the more gradual reduction more difficult to accomplish.

Increasing the state’s daily payment to local jails by $2 a day is designed in part to help break an impasse over Haslam’s proposal to require incarceration for repeat domestic violence convictions.

The governor said his administration has submitted its final budget plan far earlier than usual to accommodate legislative leaders’ hopes to wrap up the session this month.

– The Associated Press

Saggy Pants Bill Headed to Governor

Supporters of a proposal that would prohibit students from dressing in an “indecent manner” at school say they would like to revisit the measure should it become law and make it stricter.

The measure was sent to the governor on Monday after it passed the Senate 29-0 and the House 81-9.

The legislation seeks to prohibit students from exposing “underwear or body parts in an indecent manner that disrupts the learning environment.”

A stricter version of the proposal failed to pass the Legislature three years ago. That measure targeted individuals who wear pants below the waistline and imposed a fine of up to $250 and 160 hours of community service.

Under the current proposal, school districts would decide a less severe punishment.

– The Associated Press

PROPERTY SALES 207 263 9,865
MORTGAGES 197 246 10,862
BUILDING PERMITS 138 686 21,643
BANKRUPTCIES 0 256 6,219