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VOL. 127 | NO. 128 | Monday, July 2, 2012

Daily Digest

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Bailey Creek Apts. Sells for $23.8M

The 232-unit Bailey Creek Apartments in Collierville has sold for $23.8 million to New York-based private real estate investment firm Somerset Partners LLC, marking Somerset’s fourth Memphis-area purchase.

Built in 1998, the Class A Bailey Creek is on 29 acres at 15 S. Bailey Station Road at that street’s southwest intersection with East Winchester Boulevard. The Shelby County Assessor’s 2012 appraisal of the property, which uses the address 1907 N. Bailey Woods Drive, is $18 million.

Somerset closed on its purchase from G&I IV Bailey Creek LP – a joint venture between New York-based investment advisor DRA Advisors LLC and Memphis’ Fogelman Properties – on June 20, the same day G&I sold the 324-unit Madison at Schilling Farms to Los Angeles investment firm Arenda Capital Management for $32 million. (For details, see the Tuesday, June 26, Daily News.)

G&I bought both complexes in October 2003 for a combined $38 million.

Somerset’s other Memphis-area holdings are Dogwood Creek in Collierville and Civic Center I & II in Southaven. Somerset bought the 278-unit Dogwood Creek in February. It bought Civic Center’s two phases, which total 777 units, in 2006 and 2007.

Dogwood Creek and Civic Center are managed by Somerset Apartment Management, the Memphis-based property management affiliate of Somerset Partners.

Source: The Daily News Online & Chandler Reports

– Daily News staff

City Gear Announces Deveroes Acquisition

Memphis-based urban fashion retailer City Gear will acquire another urban fashion retailer, Deveroes.

City Gear targets urban customers between 16 and 30 with footwear and apparel from major brands. Cincinnati-based Deveroes carries urban and street inspired shoes and clothes from Nike, Jordan, Adidas, Levi and other brands.

City Gear has 71 stores in 10 southeast states, and Deveroes has 14 stores in the Midwest, so the acquisition creates a contiguous market from Columbus, Ohio, to Houston, Texas. City Gear plans to bring its total store count to 100 by 2013.

– Andy Meek

BRIDGES Receives Grant to Expand Bridge Builders

BRIDGES is one of 12 organizations across the state to recently receive AmeriCorps formula funding grants from Volunteer Tennessee, a citizen board appointed by the governor to encourage volunteerism and community service.

AmeriCorps is a national service program that engages Americans to meet locally identified community needs.

Three other Memphis-based organizations, The Exchange Club Family Center, Memphis Teacher Residency and Porter-Leath, also received grants.

BRIDGES, a Memphis nonprofit focused on leadership work with thousands of Mid-South youth, will use the $134,800 award to support the ongoing expansion of its Bridge Builders program.

BRIDGES will use the grant funds to recruit and train AmeriCorps volunteers to facilitate year-round programming in leadership, diversity and community change for youth in grades 6 through 12. The terms of award include the possible option to renew funding for a second and third year.

BRIDGES is now recruiting qualified individuals for four full-time AmeriCorps positions.

AmeriCorps members will be required to perform 1,700 hours of service, and will receive a $17,000 annual living stipend, a $5,550 education award and full employee benefits.

Applications are being accepted at www.bridgesusa.org/jobs.

– Aisling Maki

ECD Puts Incentives Info on Single Website

The state has begun posting information about Tennessee’s economic incentives to businesses on a single website.

The Department of Economic and Community Development launched the site it’s calling “open ECD” Friday.

Commissioner Bill Hagerty told The Tennessean it’s “proactive disclosure” of public records.

The data about incentives and subsidies for creating new jobs was already publicly available. The innovation is putting the information from FastTrack job training assistance and infrastructure grants, Community Development Block Grants, film and music incentives and the TNInvestco venture capital program in one website.

Tennessee consulted with Good Jobs First, an advocacy group for more transparency and effectiveness from economic development subsidies.

A 2010 rating by the group gave the state zero points for online disclosure of the incentives.

– The Associated Press

US Consumer Sentiment at Lowest Level for Year

A measure of U.S. consumer sentiment fell in June to the lowest level for 2012, dragged down by a sluggish job market and weak growth.

The Thomson Reuters/University of Michigan index of consumer sentiment fell to 73.2 in June from 79.3 in May. Higher-income households said they planned to cut back on spending, accounting for much of the drop.

The report echoes the Conference Board’s survey of consumer confidence, which fell in June for the fourth straight month. Concerns about the job market are outweighing the benefits of lower gas prices.

Investors, however, brushed off the report. Stocks are soaring in early trading after European leaders agreed on steps to address that region’s financial crisis. The Dow Jones industrial average jumped more than 200 points.

– The Associated Press

Supreme Court Turns Away Media Companies’ Appeal

The Supreme Court has turned down media companies’ plea to lift a prohibition on owning both a newspaper and a television station in the same market.

The justices on Friday denied the companies’ appeal without comment. The media outlets say the restrictions no longer make sense in the Internet era.

The appeal also sought to get rid of other ownership limits including how many local TV stations one company can control. The companies say the rules make it harder for broadcasters and newspapers to do business and respond to competitors on the Internet, satellite and cable – entities which don’t face the same restrictions.

Critics of media consolidation have warned of the dangers of too many media outlets falling under the ownership of a handful of large corporations.

– The Associated Press

Ag Secretary Presses House on Farm Bill

Agriculture Secretary Tom Vilsack on Friday urged the Republican-led House to vote on a long-term farm policy bill, saying failure to act could leave livestock producers exposed to disasters and other farmers uncertain about the future.

Vilsack, in an interview with The Associated Press, dismissed apparent concerns among House GOP leaders that the half-trillion-dollar farm and food bill could lead to an election-year rebellion among conservatives. “If they put it up on the board, there would be enough votes,” he said.

The former Iowa governor said he was concerned about livestock producers now coping with fires in the West and drought in the Midwest. Federal livestock disaster programs ended last September and would not be renewed if the current farm bill, which expires Sept. 30, is extended because Congress is unable to pass a new bill.

The Senate last week voted 64-35 to pass a five-year bill. It ends direct payments to farmers regardless of whether they plant crops, sets up new crop support programs and reduces the federal deficit by $23 billion over the next 10 years.

Obstacles to passage are greater in the House, where conservatives are seeking deeper cuts in the federal food stamp program, which makes up about 80 percent of the nearly $100-billion-a-year spending under the legislation. The Senate bill targets $4 billion in savings from the expected $770 billion in food stamp costs over the next decade.

The chairman of the House Agriculture Committee told the AgriTalk radio show on Thursday that the House’s farm bill, which has yet to be introduced, would probably look for $14 billion or $15 billion in food stamp savings. Rep. Frank Lucas, R-Okla., said the entire bill would reduce spending by about $30 billion.

Lucas has scheduled a committee vote on a farm bill for July 11, and said that once the committee has acted, he will ask Republican leaders for floor time. “I don’t care if it’s 8:00 in the morning or if it’s 3:00 in the afternoon, or if it’s 10 minutes till midnight, just give me time.”

– The Associated Press

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