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VOL. 127 | NO. 159 | Wednesday, August 15, 2012

Daily Digest

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Whitehaven Apartments Financed for $2.2 Million

RML Development Inc. has filed a $2.2 million, one-year loan through SPCP Group III CNI 1 LLC for two Whitehaven apartment complexes totaling 196 units. The company bought both Class D complexes in 2005 for a combined $1.9 million.

The first property, 2146 E. Shelby Drive, is a 124-unit complex situated on 4.6 acres on the north side of East Shelby between Boeingshire Drive and Airways Boulevard. The other, 742 E. Raines Road, is a 72-unit complex on 4.2 acres on the north side of East Raines east of Orleans Road.

The Shelby County Assessor of Property’s combined 2012 appraisal is $1.5 million.

RML Development lists a residential address in Southeast New York.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Earnings Lead to Big Payout for CEO

The founder and top executive at FedEx Corp. received a pay package worth $13.7 million in the most recent fiscal year, nearly double a year earlier.

That hike for CEO and Chairman Frederick W. Smith was due to the addition of long-term incentive pay, which rewards the company’s top brass for meeting certain earnings thresholds over a three-year period.

It was the first time in four years that FedEx executives got long-term incentive pay. The company said significant earnings per share growth since the recession resulted in executives collecting maximum payments in fiscal 2012, which ended in May. Full-year earnings per share jumped 70 percent from fiscal 2010 to 2012.

The rest of the payout to Smith rose only slightly from a year ago. The 68-year old executive, who started FedEx in 1971, took home a $1.3 million salary in the year that ended in May, a 2 percent increase from the year before. Smith didn’t receive any new stock awards, but the value of his option awards rose 3 percent to $5.4 million.

A performance-based cash bonus, which incorporates Smith’s annual and long-term incentive pay, soared to almost $6.6 million from $375,000 in fiscal 2011. About $5.3 million of that was the reward for long-term performance.

The value of Smith’s perks, which included everything from a company retirement plan contribution to use of corporate jets, rose 10 percent to $470,971.

While FedEx’s earnings have accelerated rapidly since the recession, the world’s second-largest package delivery has indicated recently that it’s not immune to global economic conditions.

The AP calculation of executive pay packages is based on a filing with the Securities and Exchange Commission. It aims to isolate the value company boards place on CEO’s total compensation package. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.

– The Associated Press

Symphony Orchestra Selects Sullivan Branding for PR

Sullivan Branding, a full-service advertising, marketing and public relations firm in Memphis and Nashville, has been selected to handle public relations for the Memphis Symphony Orchestra.

Sullivan Branding will be handling all public and media relations efforts for the Symphony, showcasing more than 20 shows and events throughout the Symphony’s 60th season, as well as contributing to various community outreach projects.

The Memphis Symphony Orchestra, under music director Mei-Ann Chen, strives to create meaningful experiences through music in the Mid-South. More than 400 musicians, staff and volunteers make up the Memphis Symphony Orchestra, Memphis Symphony Chorus and the Memphis Symphony league, operating educational programs, organizing community engagement events and performing concerts.

– Sarah Baker

Jackson Hewitt Hiring Tax Preparers in Memphis

Jackson Hewitt Tax Service is making a hiring push in Memphis this week.

The nation’s second-largest tax preparation firm is hosting its second annual “National Tax Preparer Recruiting Week” from Aug. 13 through Aug. 17, and it’s aimed at attracting both new and experienced tax preparers who are interested in seeking potential seasonal or full-time employment in Jackson Hewitt’s Memphis area tax preparation offices.

The company anticipates hiring more than 120 seasonal tax preparers throughout Memphis to meet client demand.

– Andy Meek

Nucor Expansion Lease Option Approved

There was no debate Monday, Aug. 13, as the Shelby County Commission approved as part of the consent agenda a lease on 41 acres of land by Nucor Steel in the Frank Pidgeon Industrial Park for a proposed expansion of the Nucor Steel plant.

The lease is for 15 years at $100 a year in rent. Nucor has an option to buy the land at $8,000 an acre.

If by the end of the 10th year of the lease Nucor employs a total of 425 full-time employees, the purchase price is $2,500 per acre. If Nucor doesn’t employ at least 319 full-time employees by the end of the second year of the lease, the company has effectively exercised its option on the land.

In other action, the commission also approved an ordinance on the second of three readings updating the local fire code to comply with the International Code Council International Fire Code. The approval of the item came after Commissioner Terry Roland assured several citizens in the audience who voiced opposition to it on first reading last month that it was in no way affiliated with the United Nations.

– Bill Dries

MGLCC Receives $15K for Programs, Services

The Memphis chapter of Parents, Families & Friends of Lesbians and Gays (PFLAG) has donated $15,000 to help support the programs and services of the nonprofit Memphis Gay and Lesbian Community Center at 892 S. Cooper St.

PFLAG previously donated $5,000 specifically to MGLCC’s counseling referral program to ensure that community members in need can connect with counselors. This second gift completes a $20,000 total donation from PFLAG-Memphis to MGLCC this year.

PFLAG, a 40-year-old nonprofit, is one of the oldest and most far-reaching gay rights organizations in the United States, with more than 200,000 members and 350 local chapters.

MGLCC Executive Director Will Batts says PFLAG’s gift will help expand services to the more than 4,500 people who visit MGLCC each year in search of support.

In April 2011, MLGCC announced that, after 22 years, it was in danger of closing due to a shrinking pool of donations and a scarcity of grant opportunities.

The nonprofit’s goal was to raise $45,000 over the next month to continue.

But in June 2011, MLGCC announced that, thanks to support from new and previous donors, the organization had received donations totaling more than $60,000.

– Aisling Maki

US Retail Sales Rose Solid 0.8 Percent in July

Hopes that the economy may emerge from its slump got a lift Tuesday from a report that Americans increased their spending at retailers in July by the most in five months.

From cars, electronics and sporting goods to furniture, building supplies and garden equipment, every major category of spending rose last month. It was a heartening start to the second half of the year after consumers had reduced their retail spending in each month of the April-June quarter.

Retail sales rose 0.8 percent from June to July, the Commerce Department said. It was the sharpest increase since February.

The stepped-up spending was evident in Home Depot’s report Tuesday that its customers spent more on remodeling and repair projects in the second quarter. Those gains suggested that consumers are feeling more optimistic about the recovery of the housing market.

Some economists cautioned that consumers will likely sustain their spending increases only if hiring continues to strengthen. In the meantime, many remain anxious about the job market and held back by slow wage gains and high debts.

The government’s retail sales report is its first look each month at consumer spending, which drives roughly 70 percent of economic activity.

Overall, consumer spending on goods and services grew only 1.5 percent in the April-June quarter, the slowest pace in a year.

– The Associated Press

PROPERTY SALES 38 38 20,670
MORTGAGES 45 45 23,790
BUILDING PERMITS 187 187 42,781
BANKRUPTCIES 57 57 13,237