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VOL. 127 | NO. 134 | Wednesday, July 11, 2012

Daily Digest

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Barboro Flats Financed for $9.6 Million

Barboro Flats, a mixed-use building at 100 S. Main St., has been financed for $9.6 million.

100 South Main Partners filed a 35-year trust deed through Love Funding Corp. for the five-story building’s 92-unit apartment section and 7,000-square-foot ground-floor retail space. The building’s garage was not included in the financing, according to loan documents filed with the Shelby County Register of Deeds.

Completed in 2010, Barboro Flats is on the east side of South Main Street between Barboro Alley and Gayoso Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $5.6 million for the apartment portion and $330,700 for the retail.

The 3,900-square-foot Aldo’s Pizza Pies is set to open in the ground floor space this month.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Plans Expansion in Southwest Georgia

FedEx Corp. is planning a new distribution center for its ground shipping operation in southwest Georgia.

The Albany Herald reports that FedEx Ground is tripling its space at an Albany industrial center off Liberty Expressway.

Officials say the new distribution center will encompass 61,000 square feet on a nine-acre area in the Parkway Industrial Center adjacent to its current facility.

Dougherty County Commission Chairman Jeff Sinyard said that FedEx’s decision to expand was a positive message for Albany and Dougherty County.

Albany Mayor Dorothy Hubbard said officials don’t know exactly how the project will affect jobs, but she’s hopeful that it will lead to more employment.

– The Associated Press

Pinnacle Preps for End of Colgan-United Service

Pinnacle Airlines Corp. is scheduled to end its regional flights for United Airlines and wind down its Colgan Air operations by Sept. 5, the Memphis-based company announced Tuesday, July 10.

In a letter to employees, Pinnacle CEO John Spanjers said Pinnacle operations at Houston Intercontinental Airport ended July 5 as part of an accelerated wind down.

The same plan called for Pinnacle to wind down its operation at Dulles International Airport in Washington in August and at Newark Liberty International Airport in New Jersey Dec. 1. But Spanjers said United now wants to wind down all operations by Sept. 5 and Pinnacle has agreed.

The five Saab lines Pinnacle has at Dulles will end operations at the end of July. The 14 Q400 lines at Dulles and Newark will end operations on Sept. 5.

Some of the Colgan employees will stay beyond Sept. 5 to take care of the last elements of the maintenance plan.

Under Pinnacle’s bankruptcy reorganization plan, the regional carrier will focus on flying for Delta Air Lines only with its Pinnacle Inc. and Mesaba Airlines brands.

– Bill Dries

NFIB Endorses State Sen. Norris

The National Federation of Independent Business has endorsed Mark Norris, R-Collierville, in the 32nd Senate District, which has a primary scheduled for Aug. 2 and the general election to be held Nov. 6.

The endorsement was made by NFIB/Tennessee SAFE (Save America’s Free Enterprise) Trust. NFIB/Tennessee state director Jim Brown said Norris got the endorsement because of his having played a vital role in passing comprehensive workers’ comp, tort and tax reform in recent years.

The NFIB said it will activate its grassroots network on behalf of the Norris campaign. The organization’s political support is based on the candidates’ positions and records on small-business issues.

– Andy Meek

Economic Dev. Conference Slated for Saturday

The Home for the Holidays Summer Conference 2012 is slated for Saturday, July 14, from 9 a.m. to 2 p.m. on the Union Avenue Campus of Southwest Tennessee Community College in the Verties Sails Gymnasium (Building E).

Hosted by state Reps. G.A. Hardaway, Larry Miller and Steve McManus, the free conference will provide mortgage counseling, information and services for troubled homeowners and veterans as well as new and prospective homeowners.

Participants include Wells Fargo Bank, which will provide mortgage counseling assistance for their customers. Other organizations include Tennessee Department of Economic and Community Development, Neighborhood Assistance Corp. of America, United Housing for Keep My Tennessee Home Program, Community Alliance for the Homeless, Compucredit, Wells Fargo Home Mortgage, Workforce Investment Network, Tennessee Department of Labor & Workforce Development Career Bus, Airways Lamar Business Association, Tennessee Technology Center Memphis, Memphis Area Association of Governments, Black Business Association, Tennessee Department of Veteran Affairs, Veterans Medical Center Memphis, and city of Memphis-Second Chance Program.

– Sarah Baker

Growing SRVS To Host 14th Annual Fundraiser

Shelby County Residential and Vocational Services (SRVS) will host its 14th Annual Spirit of SRVS fundraiser Aug. 25, from 6 p.m. to 9:30 p.m. at the Hilton Memphis, 939 Ridge Lake Blvd.

Tickets to the event are $75 and include wine samplings from around the world, food tastings from Memphis restaurants, live and silent auctions, and musical entertainment, with proceeds benefiting SRVS.

A United Way Agency, SRVS is West Tennessee’s largest comprehensive service provider for residents with disabilities. The nonprofit’s mission is to enhance the lives of people with disabilities – primarily developmental disabilities – in a way that brings peace of mind to families.

SRVS’ comprehensive services support more than 800 individuals and families through various programs, employment, life skills, residential living, family support, elder care and clinical services.

The organization recently unveiled its new facility at 3871 Knight Arnold Road, expanded its capacity and launched several innovative programs.

– Aisling Maki

Interior Department: Activities Net Tenn. $2B

A U.S. Department of the Interior report says the agency’s activities in Tennessee contributed more than $2 billion to the state’s economy last year and supported nearly 17,000 jobs in fields ranging from energy and mineral development to tourism and outdoor recreation.

The report released Monday, July 9, also highlights the impact of the department’s role in land and water management, wildlife management and scientific research and innovation.

Nearly 9 million people visited national parks and wildlife refuges located in Tennessee last year, supporting 8,242 jobs, while the energy and mineral development sectors overseen by the department supported 7,700 jobs.

– The Associated Press

Annual Hay Directory Comes Out Amid Demand

The 2012 directory of hay producers in Tennessee is ready, and agriculture officials say it is coming just in the nick of time for some livestock farmers.

The drought and heat wave are making the annual publication even more useful this year. Agriculture Commissioner Julius Johnson said many farmers are already feeding hay to livestock at a time they normally would be putting away bales to use next winter.

The directory is produced in tandem by the state Agriculture Department and the Tennessee Farm Bureau and available online. It lists growers, hay variety, quantity and bale type. Some growers also provide protein and other nutritional information based on University of Tennessee Extension testing.

– The Associated Press

Disaster Declaration Sought for Arkansas Drought

Gov. Mike Beebe is requesting a statewide disaster declaration because of the drought plaguing Arkansas.

Beebe’s office said Tuesday, July 10, that he asked U.S. Agriculture Secretary Tom Vilsack for a disaster designation for all of the state’s 75 counties.

If issued, the declaration would mean some farmers and ranchers could receive emergency loans.

The governor’s office says 36 percent of the state is in an extreme drought and most of the rest is in severe drought.

Beebe sent the federal government a similar request for 13 drought-stricken counties last month.

The governor says the federal government can provide farmers and ranchers with tools to ease the financial impact of crop losses.

– The Associated Press

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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