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VOL. 127 | NO. 115 | Wednesday, June 13, 2012

Daily Digest

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$3.5M Construction Loan Filed for Summer Trace

SBV-Memphis-Summer Trace has filed a $3.5 million construction loan for the 255-unit Summer Trace Apartments at 6015 Summer Trace Drive in the Raleigh/Bartlett apartment submarket.

The loan through Wells Fargo Bank NA comes the same day SBV began a 10-year payment-in-lieu-of-taxes agreement through the city Health, Education and Housing Facility Board for the low- to moderate-income complex, which also uses the address 5999 Summer Ave.

Built in 1973, the Class D Summer Trace is on about 15 acres on the east side of Summer Avenue about halfway between Raleigh-Lagrange Road to the north and Sycamore View Road to the south. Its one-, two- and three-bedroom units average 763 square feet.

Spectrum Business Ventures Inc. is the project manager, according to PILOT documents.

SBV-Memphis-Summer Trace bought the complex in December for $306,900, filing a $600,000 trust deed at the time of purchase. The Shelby County Assessor of Property’s 2012 appraisal is $500,000.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Justice Department Schedules Meeting on Court Findings

U.S. Justice Department officials will hold a public meeting to discuss their recent report on Memphis-Shelby County Juvenile Court.

The Civil Rights Division report on Juvenile Court, released in April, concluded the court still uses a number of constitutionally suspect practices that result in a disproportionate number of African-American teenagers receiving harsher treatment than white teenagers. The report also sharply criticized the nature of hearings in the court saying the proceedings should be more adversarial in nature with defenders taking a more independent stand from the court.

The meeting for the public to suggest solutions to the problems cited in the report is June 21 at 5 p.m. at the Memphis City Schools administration building auditorium at 2597 Avery Ave.

- Bill Dries

Grand Jury Indicts Todd on Arrest in October

A grand jury has returned an indictment against a state legislator arrested on drunken driving and weapons charges.

The Davidson County grand jury indicted state Rep. Curry Todd on charges of DUI and having a handgun while under the influence late last week.

The Collierville Republican was also charged with implied consent for refusing a breath alcohol test — a civil offense that could cost him his driver’s license.

Todd, 64, is a retired Memphis police officer and a chief architect of a law to allow handgun carry permit holders to be armed in bars and restaurants that serve alcohol.

District attorney spokeswoman Susan Niland said an arraignment date had not yet been set for the case.

Todd was arrested during a Nashville traffic stop Oct. 11 after failing a roadside sobriety test and refusing to take a breath test.

- The Associated Press

Madison Hotel Names New General Manager

Downtown Memphis’ Madison Hotel recently announced the addition of Angie Hines as general manager.

Hines replaces Mohamad Hakimian, previous managing partner, who has stepped down as onsite manager to pursue other projects with his management company, Unison Hotel Co. Inc. Hakimian continues his ownership in the hotel.

A Louisiana native with nearly 30 years of hotel management experience, Hines comes to the Madison from Hotel Indigo Gold Coast in Chicago, another hotel operated by the ownership group that owns Madison Hotel along with Hakimian. She took the position on May 1, which marked the 10th anniversary of the hotel.

Opened in May 2002, Madison Hotel is in the former Tennessee Trust Building. Hakimian and his partners, Tony Klok and Gene Kornota of Neighborhood Development Group, purchased the building in 1999 and began renovations for the 110-room, luxury boutique hotel in 2000.

Prior to leaving the position, Hakimian supervised a $1.2 million renovation of the hotel’s interior, including updates in décor in all guest rooms. The hotel’s restaurant, eighty3, also evolved during the renovation, including an overhaul of the interior and a new concept for the menu.

- Sarah Baker

MAAR to Hold Forum on Mortgage Settlement

The Memphis Area Association of Realtors will hold a special member forum June 19, overviewing the implications of the National Mortgage Services Settlement on Realtors, homeowners who might be facing foreclosure, people who were foreclosed upon and those facing short sales.

The free forum, slated for 12:30 p.m. until 2:30 p.m. in the Martin Edwards Jr. Education Center at 6393 Poplar Ave., is for members only. Register at maar.org or by calling 685-2100.

- Sarah Baker

Commission Delays Redistricting Vote

Shelby County Commissioners delayed votes Monday, June 11, on a redistricting plan as well as $20 million in funding over several years for renovations to the Vasco Smith County Administration building, where the commission and Shelby County mayor have their offices.

Commissioner Mike Ritz moved for the two-week delay on third and final reading of the ordinance that would convert the five-district body of 13 to a set of 13 single-member districts. It is the commission’s fourth attempt at a new set of district lines following the 2010 census since December.

Ritz sought the delay because of the absence of commissioners Steve Mulroy and Wyatt Bunker. The plan must have a nine-vote, two-thirds majority to pass on third reading. Ritz conceded that without Mulroy, backers of the plan were short of the nine votes they needed.

The commission also delayed for two weeks a vote to appropriate $20 million in capital improvement funding for a series of repairs and renovations to the nearly 50-year-old administration building.

While the repairs would be expensive, Mayor Mark Luttrell’s administration argued the cost in higher utility bills and to repair continuing damage from leaky pipes would amount to about the same dollar amount if no repairs were made.

- Bill Dries

Memphis IT Group Being Formed

A group of information technology professionals are forming a new Memphis chapter for the Association of Information Technology Professionals.

The AITP is the leading worldwide society of professionals in information technology. ProTech Systems Group Inc. is hosting the group’s inaugural event on Thursday, June 14, at noon at ProTech’s headquarters at 3350 Players Club Parkway, with lunch provided by ProTech.

Registration is required, and those in attendance have the opportunity to obtain a discounted first-year membership to the AITP. Registration is available online at aitpmemphis.eventbrite.com.

- Andy Meek

State Receives Good Grades in Small Biz Survey

Data shows small businesses rank Tennessee among the top 10 least costly states nationwide for hiring a new employee.

The 2012 Small Business Survey was released by Thumbtack.com in partnership with the Kauffman Foundation.

The rankings draw on data from small business owners to identify the best places in the country to do business. The two-month survey of more than 6,000 small-business owners showed Tennessee ranked very favorably in several categories.

Tennessee earned top grades for the small-business friendliness of its tax code and zoning regulations. Women-owned small businesses in the state felt much more comfortable economically than did their male counterparts, with female entrepreneurs 38 percent more likely to rate their company’s current financial situation as “good” or “very good.”

The full report can be viewed at www.thumbtack.com/tn .

-Aisling Maki

Edwards is New Symphony Chairman

Michael A. Edwards, president and chief operating officer of Paragon National Bank, is the new board chairman of the Memphis Symphony Orchestra.

Also added to the MSO board as new members are Pam Guinn, chief financial officer at St. Mary’s Episcopal School, and Nancy Coe, senior vice president and financial adviser for Dominion Partners.

- Bill Dries

PROPERTY SALES 83 317 13,368
MORTGAGES 56 208 8,379
BUILDING PERMITS 361 518 31,196
BANKRUPTCIES 34 113 6,333