Bank Buys Shelby Crossing at $2M Foreclosure Sale
Flagstar Bank FSB has bought back a shopping center near Bass Pro Shops on Macon Road at a $2 million foreclosure sale after owners Sun Shelby LLC defaulted on a 2007 loan through the bank.
The 30,000-square foot Shelby Crossing phase II, 6100 Macon Road, was built in 1988 and is situated on 3.23 acres on the east side of Sycamore View Road between Interstate 40 and Macon Road. Tenants include Yarbrough’s Music and Draper’s Catering.
The Shelby County Assessor of Property’s 2012 appraisal is $1.8 million.
Sun Shelby – an entity affiliated with Tempe, Ariz.-based SUN 1031 LLC – bought the Class C center in November 2007 for $3.7 million, financing it with a $2.4 million loan through Flagstar.
SUN 1031, which offers 1031-exchange property investments nationwide, had a minimum buy-in of $100,000 for Shelby Crossing, the company’s broker for the center said at the time of the 2007 purchase.
The foreclosure sale was originally scheduled for May 14 but was pushed back to July 13. David J. Cocke of Evans Petree PC served as substitute trustee.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Law Enforcement Agencies Launch New Gang Unit
Local, state and federal law enforcement officials formally launched Monday, July 23, a new “Multi-Agency Gang Unit.”
But the unit will operate differently than the past gang unit that was a consolidation of efforts by the Memphis Police Department and the Shelby County Sheriff’s Department.
The new effort, about a year in the making, is different in its inclusion of federal agencies including the U.S. Attorney’s office for Western Tennessee, the FBI, the federal Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Shelby County District Attorney General’s office.
The leaders of all four of those agencies, as well as Shelby County Sheriff Bill Oldham and Memphis Police Director Toney Armstrong, are on the unit’s board of directors.
“This is a historic moment,” said District Attorney General Amy Weirich, as she talked of the organization whose goals include “immediate law enforcement response to any and all gang activity,” Weirich said.
The old Metro Gang Unit didn’t have a board of directors and operated as a part of the structures of the sheriff’s department and police department along with prosecutors in the District Attorney General’s office.
Former Memphis Police Director Larry Godwin pulled Memphis police out of the unit as he altered the structure of the department to fit the Blue CRUSH strategy of directing police resources to crime hot spots and followed the crime as it moved. Godwin had also argued that such joint units inevitably involved disputes about promotions and pay levels that differed within the units depending on whether a unit member was a police officer or a sheriff’s deputy.
The Sheriff’s Department has continued to operate its own gang unit, which works within the city of Memphis as well as the county outside Memphis. The unit has worked closely with investigators from the District Attorney General’s office.
Soon after he became police director in 2011, Armstrong began talking of a new metro gang unit that would work differently than its predecessor.
The discussions were part of an expansion of the basic anti-crime strategy of Blue CRUSH by the city-county Operation Safe Community coalition to include an emphasis on prevention as well as arrests and a high visibility police presence at crime hot spots.
The new gang unit is modeled on similar anti gang efforts in Fresno, Calif.
– Bill Dries
Trustee Lenoir Appointed To Retirement Board Committee
Shelby County Trustee David Lenoir has been appointed to the Shelby County Retirement Board’s investment committee.
Shelby County Mayor Mark Luttrell appointed Lenoir to the committee, and the board approved the appointment at its July 10 meeting, expanding the committee from five to six members. In the role, Lenoir and the other members advise the board on prudent investment decisions.
Total net assets for the county’s retirement plan were $982.5 million, according to the county’s most recent audited statement.
– Andy Meek
Meritan Selected as Pilot Org. for Accreditation Council
Memphis-based Meritan Inc. has been selected by the Council on Accreditation (COA) to serve as a pilot organization of the Council’s new accreditation compliance Web portal, MyCOA, which will launch in Mid-August.
Meritan provides a variety of services for seniors, individuals with visual impairments, children with special medical or emotional problems, and individuals with intellectual disabilities.
The organization is one of just 30 human service agencies selected from more than 1,800 to participate in the pilot launch of MyCOA. The online accreditation tool is designed to help human service organizations worldwide improve their delivery outcomes by developing, applying and promoting accreditation standards.
The selection will help Meritan and other human social service agencies easily share and view real-time information with COA staff and reviewers throughout the accreditation process, eliminating tedious paper processing and redundancies.
Stacey Hansen, associate accreditation coordinator at the Council on Accreditation, said Meritan was selected because of its comprehensive, timely and organized compliance to information necessary to fulfill the accreditation process.
– Aisling Maki
Ronald McDonald House Hires Volunteer Coordinator
Deenean Wilson-Henderson, a Memphis native, has been hired as the new volunteer coordinator at Ronald McDonald House Charities of Memphis, 535 Alabama Ave.
Wilson-Henderson brings 12 years of volunteer management and special events experience to the organization. The Southwest Tennessee Community College graduate previously served as safety coordinator for the American Red Cross Mid-South Chapter.
Wilson-Henderson, whose first volunteer experience with Ronald McDonald House of Memphis was in 1996 during the second annual Big Scoop Ice Cream Festival, said she was drawn to work for the organization because its mission: to serve as a home-away-from-home for families whose children are receiving treatment for cancer or another catastrophic illness at St. Jude Children’s Research Hospital.
Ronald McDonald House of Memphis executive director Caron Byrd said she’s excited to have Wilson-Henderson overseeing the volunteer program, which she describes as the backbone of the organization.
Since opening its doors in 1991, Ronald McDonald House of Memphis has housed more than 6,000 children from nearly every state, as well as 45 countries.
– Aisling Maki
Fuel Hedges Will Impact Delta’s Q2 Earnings
Delta Air Lines Inc. gets a chance to explain why falling oil prices have hurt its finances when it reports second-quarter results on Wednesday.
Delta has made big bets on the price of oil. The idea is to offset the risk of a sudden rise in the price of jet fuel, which is an airline’s biggest expense. However, those bets can go either way — falling oil prices can turn the airline’s financial hedge into a money-loser. Delta has already said that happened during the quarter that ended June 30.
“The rapid decline in fuel prices resulted in a significant change in value for our open fuel hedges, which run through 2013,” Delta wrote in an investor update on June 27. Delta said it expects to lose $155 million on fuel hedges that settled during the quarter. It also said it expects another $800 million paper loss for fuel hedges that were worth less than it paid for them at the end of the quarter, but hadn’t settled yet.
It paid the equivalent of $5.78 per gallon of jet fuel in May, including $2.41 per gallon worth of bad fuel price bets. In a note soon after the May results were released, Wolfe Trahan analyst Hunter Keay called that price “astonishing.”
Other big airlines make oil price bets, too. But Delta’s efforts to control its fuel prices have been especially noteworthy. It bought a refinery near Philadelphia and this month began a $90 million project to maximize its jet fuel production.
– The Associated Press