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VOL. 127 | NO. 111 | Thursday, June 7, 2012

Daily Digest

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4 Family Dollar Stores Sold in Sale-Leaseback

Family Dollar Stores of Tennessee Inc. has sold four Memphis stores to California-based Realty Income Corp. as part of a $4.9 million sale-leaseback.

The Class B stores – which are at 6636 Shelby Drive, 3315 E. Shelby Drive, 3355 Hickory Hill Road and 2980 Summer Ave. – were built in 2003 and 2004 and range from 7,808 square feet to 9,180 square feet. Each is situated on about 1 acre.

Matthews, N.C.-based Family Dollar Stores Inc., which trades on the New York Stock Exchange under ticker FDO, operates more than 7,200 stores in 45 states. Realty Income Corp., which trades on NYSE under ticker O, owns more than 2,600 sale-leaseback properties in 49 states.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Morgan Keegan Funds To Be Distributed in Miss.

Secretary of State Delbert Hosemann says about 1,600 Mississippians have until June 16 to file claims for what they are owed by Morgan Keegan.

A.B. Data Ltd. is distributing money from settlements with Morgan Keegan & Co. and Morgan Asset Management to investors in Mississippi, Alabama, Kentucky, South Carolina and Tennessee.

The settlements resulted from an investigation of seven bond funds sold by Morgan Keegan to more than 30,000 investors. The firms were charged with sales violations and overvaluing the funds that lost approximately $1.5 billion in value between March 31, 2007, and March 31, 2008.

Hosemann tells the Sun Herald that the secretary of state’s website has a claims form. He says the names of individuals were not published because of privacy concerns.

– The Associated Press

48 Hour Launch Happens This Weekend

On your mark, get set … innovate.

It’s almost time for the next 48 Hour Launch at EmergeMemphis, where entrepreneurs pitch ideas, collaborate, develop products, launch companies and more.

They’ll have two minutes on Friday night, June 8, to pitch their concept and inspire the crowd. If successful, they’ll get to publicly introduce their new company on Sunday evening.

Along the way, they’ll also need help from anyone who’d love to be involved as something other than an entrepreneur such as marketers, lawyers, accountants, graphic designers and the like.

Details about the event, including how to register, are available on The Daily News blog, blog.memphisdailynews.com.

– Andy Meek

Council Hears About Sales Tax Hike Referendum

Memphis City Council members will take the first vote in two weeks on putting a ballot question to Memphis voters in the Nov. 6 elections to raise the city’s local option sales tax rate by half a percent.

Council member Shea Flinn, who proposed the ballot item, said it would generate $47 million in revenue to the city if approved. It would not affect the fiscal year that begins July 1 but would instead take effect July 1, 2013.

The referendum ordinance is expected to spell out that the revenue would be used for city infrastructure, anti-blight efforts and public safety.

Flinn at the Tuesday, June 6, council executive committee session also delayed further action for a year on his still-forming proposal to form a task force to weigh a red light district for strip clubs.

The council passed on third and final reading an ordinance by council member Lee Harris that would fine the owners of buildings $200 a day for every day past 14 days that they block streets and/or sidewalks. The fines apply only in instances where no construction or renovation work is under way on the structure.

Council member Kemp Conrad delayed third and final reading on his referendum ordinance for the November ballot that would amend the city charter to require the city mayor to submit a six-year budget plan each year that combines the operating and capital improvements budgets.

Some on the council expressed concern that the years after the first year would be binding on city government. Conrad said that was not his intent and accepted the delay to clarify his intent.

The council also approved on the first of three readings amendments to the year-old Unified Development Code and set public hearings through June and into July. The council’s third and final vote on the measure is expected to come after the hearings at the council’s second meeting in July.

– Bill Dries

MAAR to Host EDGE/PILOT Forum

Reid Dulberger and Harry Skefos will present a forum on the new Economic Development Growth Engine (EDGE) and the recent changes to the payment-in-lieu-of-taxes (PILOT) program at the Memphis Area Association of Realtors Martin Edwards Education Center, 6393 Poplar Ave., on Wednesday, June 13, at 3 p.m.

The forum will discuss EDGE and the impact it has on Memphis, the consolidation of the existing programs through one single point of contact, and the new PILOT process.

The program is open to all MAAR members and Affiliated Chapters. The cost is free.

Register online (for MAAR members), or call MAAR at 685-2100.

– Sarah Baker

St. Jude Launches National PSA Campaign

St. Jude Children’s Research Hospital has launched a new series of public service announcements in English and Spanish to help raise awareness and deepen the understanding of the hospital’s lifesaving mission by featuring St. Jude patients and families.

The national PSAs – the first St. Jude has produced since 2003 – will reach the public through television, radio, Web, print media, billboards and airport dioramas. All were shot inside the hospital, telling the stories of current pediatric patients, many whom are thousands of miles away from home.

The campaign is timed to coincide with the 50th anniversary of the Memphis-based hospital, which treats children from around the world facing cancer and other catastrophic illnesses regardless of a family’s ability to pay.

Richard Shadyac Jr., CEO of ALSAC/St. Jude Children’s Research Hospital, said that in the U.S. childhood cancer kills more children older than 1 than any other disease. The new PSAs are a testament to why the hospital’s work is so critical.

To view or download the PSAs, visit www.stjude.org/psa .

–Aisling Maki

Children's Welfare Report Examines State Spending

Children’s advocates say a report released Wednesday, June 6, on the welfare of children in Tennessee supports their belief that more preventive care programs will benefit youth long term, as well as save the state money.

The Kids Count report, partially funded by the Annie E. Casey Foundation, focused on children’s well-being, but also examined how the state spends funds to improve the lives of children.

Linda O’Neal, executive director of the Tennessee Commission on Children and Youth, said universal prevention services have the lowest per child cost and the greatest cost-benefit potential because of their ability to prevent downstream costs.

However, they received the least funding, according to the report compiled by the commission.

“They tend to be the things that go by the wayside when you have budget cuts,” O’Neal told The Associated Press. “And so it really does raise the point that the investments we make now are very important for the future.”

Despite improvements in recent years, the report noted that Tennessee continues to rank in the bottom 10 in the nation on both low-birth-weight babies and infant mortality.

Preventive services cited by O’Neal to help remedy the problem include home visiting programs that work with pregnant women or parents soon after a baby is born “to ensure the baby gets off to a good start.”

Another service she believes has long-term prevention aspects is the state’s public pre-kindergarten program. The report said Tennessee has made improvements in the proportion of children graduating from high school, and cited pre-K as a factor for continual progress.

Last month, Gov. Bill Haslam told the AP he’s considering a funding boost to the pre-K program, which was begun as a $10 million pilot project for about 150 classrooms under Republican Gov. Don Sundquist in 1998.

– The Associated Press

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 57 1,266
MORTGAGES 48 48 964
FORECLOSURE NOTICES 10 10 161
BUILDING PERMITS 85 85 2,836
BANKRUPTCIES 34 34 652
BUSINESS LICENSES 10 10 286
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0