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VOL. 127 | NO. 33 | Friday, February 17, 2012

Daily Digest

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$9.1 Million Loan Filed for Harbor Town Inn

Memphis Center City Revenue Finance Corp. has filed a $9.1 million fee deed of trust through First Tennessee Bank NA for River Inn of Harbor Town hotel property in the Harbor Town area of Mud Island, according to documents filed with the Shelby County Register of Deeds’ Office. River Inn of Harbor Town LLC and River Inn Spa LLC are listed as the borrowers. The loan matures in February 2017.

River Inn of Harbor Town LLC is part of a payment-in-lieu-of-taxes agreement through CCRFC that began in 2006.

The hotel, which is at 50 Harbor Town Square, has 28 rooms in two areas, the north and south towers, according to the hotel’s website. It also houses two restaurants: Paulette’s Restaurant and Tug’s: A Casual Grill.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Tennessee Ranked Fourth in Habitat Homes in 2011

Tennessee was the fourth most productive state in the United States for Habitat for Humanity home builds in 2011 with 255 homes built.

In 2011 Habitat for Humanity of Greater Memphis exceeded its annual house production record for the second year in a row and ranked 14th among more than 1,500 U.S. Habitat affiliates in new house construction. As a result, 44 families were able to build and buy their first homes.

According to an economic impact study conducted by the University of Tennessee’s Center for Business and Economic Research, Habitat for Humanity in Tennessee generates a total annual economic impact equivalent to more than 1,500 full-time, full-year jobs. Habitat’s total annual earnings impact in Tennessee is estimated to be about $55.7 million, and each completed Habitat home creates impact equivalent to 6.24 full-time jobs or $230,000 in earnings statewide.

In 2011, Memphis Habitat’s homeowners paid more than $500,000 in property taxes.

Memphis Habitat is one of the 51 Habitat affiliates in Tennessee serving 63 counties.

– Taylor Shoptaw

Monogram Manufacturing Honored by White House

Two of Memphis-based Monogram Food Solutions Inc.’s manufacturing plants will be recognized by The White House and U.S. Department of Agriculture Friday, Feb. 17, as two of the nation’s most successful manufacturing facilities in rural America.

Monogram’s plant in Martinsville, Va., and its plant in Chandler, Minn., will be honored during a recognition ceremony at the White House.

Monogram, a manufacturer and distributor of processed meat products and snacks – acquired the Martinsville facility in September 2009 and since has increased its number of employees from 135 to 406.

Since buying the Chandler plant in May 2006, Monogram has increased the number of employees there from 125 to 380.

George Roden, Monogram’s vice president of operations, will represent the company during the service.

With manufacturing facilities in Martinsville; Chandler; and Muncie, Ind., Monogram produces its products under the company-owned brands of King Cotton, Circle B, Hannah’s, Wild Bill’s, Bull’s, Bass Pro Uncle Buck’s, O’Brien’s, and Trails Best. Monogram employs 900 people.

– Sarah Baker

StiQRd Lands Raceway Deal

The free mobile app stiQRd, developed by a Memphis startup, is giving attendees of Memphis International Raceway a new perk for frequent attendance.

In addition to promoting events through the website, social media and other forms of advertising, the Raceway will encourage people to download the free stiQRd app to enjoy special promotions.

Raceway general manager Pam Kendrick said the facility has a reward for attending weekly events: After 10 events, scan the stiQRd signage using the stiQRd app and get $5 off admission. Special stiQRd seals also will be provided throughout the year.

The app offers a cost-effective loyalty, deals and rewards platform for small businesses. Current stiQRd clients include restaurants, fitness facilities, entertainment venues and more.

Aaron Prather, CEO of stiQRd, said the startup also has been getting inquiries from as far away as Australia.

– Andy Meek

Leader Five Star Homes Announces Energy Package

Leader Five Star Homes is offering a new standard in every home it builds with the NexGenLiving Homes package, which includes Energy Star certification, energy control automation and an energy saving kitchen.

An Energy Star home must meet strict construction guidelines for energy efficiency set by the U.S. Environmental Protection Agency.

Energy Star homes increase energy efficiency by 20 percent to 30 percent, giving Leader Five Star homeowners maximum savings for years and making living in a new home more economical than living in an older home.

The energy control automation features a programmable, remote-control lighting and thermostat that can be accessed via a smartphone or computer.

Included in the gourmet kitchen appliance package are a gas slide-in range with AccuBake temperature-management system, providing consistent cooking temperatures and a “Keep Warm” setting that maintains serving temperatures.

The energy savings kitchen features an ultra-high performance smart oven – providing the convenience of a microwave and the performance of a convection oven – and a PowerScour dishwasher.

– Sarah Baker

Contest Offers Youth Apprenticeships With Celebs

Former NBA star Penny Hardaway, Fox 13 news anchor Mearl Purvis, radio disc jockey Stan Bell and Memphis City Council Chairman Harold Collins are among the local celebrities joining Coca-Cola and Walmart for a new Black History Month program urging African-Americans in Memphis to “pay it forward” to the next generation.

Coca-Cola Pay it Forward is designed to inspire African-Americans to take an active role in empowering today’s youth to become tomorrow’s history makers.

The Coca-Cola Pay it Forward in Memphis program includes a national public service challenge and online contest offering young people a one-day apprenticeship with a local role models.

Throughout February, parents and youth can visit www.cokewalmartpayitforward.com for a chance to win an apprenticeship.

– Aisling Maki

Fewer Americans at Risk of Foreclosure in Q4

The number of Americans at risk of foreclosure is declining, as more homeowners climb out of debt and find steady work.

The Mortgage Bankers Association said Thursday, Feb. 16, that 7.58 percent of homeowners missed at least one mortgage payment in the October-December quarter. In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the trade group.

Delinquent mortgages have come down from a record high of more than 10 percent of residential mortgages in 2010. Still, part of the reason for the decline is a delay in foreclosure filings, especially in backlogged state courts in Florida, New Jersey, Illinois and New York.

The end of a 16-month state and federal investigation info faulty foreclosure paperwork this month will likely increase foreclosures this year.

The quarterly survey covers nearly 88 percent of primary residential mortgages, or nearly 44 million loans.

– The Associated Press

New Rules Announced to Quickly Clear Crashes

State safety and transportation officials have unveiled new protocols aimed at getting major highways reopened more quickly after crashes.

Tennessee Transportation Commissioner John Schroer and Tennessee Safety Homeland Security Commissioner Bill Gibbons announced the new rules on Thursday, Feb. 16, in Nashville.

Among them: a goal of 90 minutes maximum to re-open highways at crash sites, a reassessment of a wreck situation every 30 minutes and new rules regarding towing companies.

– The Associated Press

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225