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VOL. 127 | NO. 223 | Wednesday, November 14, 2012

Daily Digest

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Austin Peay Walgreens Financed for $2.3 Million

A Walgreens store on Austin Peay Highway has been financed by its California-based ownership group, Antioch-Memphis Partners, for $2.3 million.

The 14,392-square-foot Class A store is situated on 1.9 acres at the northwest corner of Austin Peay and Singleton Parkway. Walgreen Co. began a 75-year lease on the property, which the Shelby County Assessor appraised this year at $2.2 million, when it was built in 2002.

The 10-year loan, which is through Wells Fargo Bank NA, was filed Nov. 1, the same day Antioch Shopping Center, another California entity, quitclaimed it to Antioch-Memphis Partners.

Source: The Daily News Online & Chandler Reports

– Daily News staff

State Coordinator Says Photo Identification Law Effect Minimal

There were few complaints of people being turned away from the polls in Tennessee’s general election because they did not have an acceptable photo ID. Yet, opponents of the statute say any disenfranchisement is unacceptable.

State election coordinator Mark Goins told the Chattanooga Times Free Press problems meeting the photo ID requirement on Nov. 6 appeared to be minimal. The final tally of provisional ballots was not yet available. Those are votes cast by residents who can later show a valid photo ID and have their ballot counted.

Nashville attorney Doug Johnston is arguing against the statute in a case that is now before the Tennessee Supreme Court.

“You can’t say it’s ‘not that many’ when you’re talking about someone’s right to vote,” Johnston said. “I don’t understand the argument that it’s not very many, when (the state) can’t give any real statistics on voter fraud, which supposedly set all this law in action.”

Johnston said the Constitution is clear on qualifications for voting.

“With everything you would read in the newspaper, everyone thought (voter ID) was the issue,” Goins said Friday. “We received hundreds of calls on our voter hotline on (Election Day). ... I think we received a total of two photo ID questions.”

The Republican-controlled state legislature passed the photo ID statute last year. Opponents have argued the move was political and aimed at discouraging voting by groups that tend to vote Democratic – among them elderly, minority and student voters.

The Tennessee Court of Appeals upheld the law days before the Nov. 6 election.

– The Associated Press

Soccer Tournament Brings 96 College Teams to Town

The 19th annual NIRSA National Campus Championship Series National Soccer Championships will be in Memphis Nov. 15, through Nov. 17.

Ninety-six college soccer teams consisting of 48 men’s and 48 women’s teams from across the country will participate in the tournament, which will be held at the Mike Rose Soccer Complex. The event is an economic boon, because it’s expected to generate more than 3,000 hotel room nights. Moreover, the contest is scheduled to return in 2014.

The tournament will be free and open to the public. For more information about the schedule, visit www.nirsa.org/soccer.

– Andy Meek

Rhodes, University of Memphis Students Organize Syria Benefit

A group of students from Rhodes College and the University of Memphis have organized a music fundraiser to benefit Syrian refugees.

“Sound Out for Syria” is happening Saturday, Nov. 17, from 5:30 p.m. to 8:30 p.m., at the Hi-Tone Café, 1913 Poplar Ave. The suggested donation is $10 at the door.

Profits will benefit the relief efforts of the International Committee of the Red Cross and the Syrian Arab Red Crescent Society. Those groups are working with refugees fleeing from Syria and helping displaced people affected by the fighting within the country itself.

Groups performing are Devil Train, Great Barrier Reefs, and Deering and Down. This event is funded by two Rhodes organizations— the Center for Outreach in the Development of the Arts and the Kinney Program for community service.

– Andy Meek

RedRover Co. Adds Two Account Executives

Sales and marketing firm RedRover Co. has added two account executives: Brandon Herrington and Vicki Dye.

Herrington brings nine years of experience as the marketing director of brg3s architects, regional marketing coordinator of TRO Jung¦Brannen and as the owner of Herrington Marketing. He has been heavily involved in the indie music scene in the city as a founding member of the band Fast Planet, a board member of the Memphis and Shelby County Music Commission and founder of the Fareveller Music Festival. Herrington also served as the president of the South Main Association for two years.

Meanwhile, Dye comes to RedRover with more than 23 years in corporate America, having held a variety of roles in human resources, communications and quality assurance.

While Dye served as culture and work/life manager for First Horizon National Corp., the company routinely earned recognition from Fortune, Working Mother and AARP magazines as one of the nation’s best employers.

Dye has also served as a board examiner for the State of Tennessee’s Quality Award. She is a recipient of a Vox Award in Employee/Internal Communication from the Memphis chapter of Public Relations Society of America and of First Horizon’s highest company honor, the Firstpower Award.

– Sarah Baker

Mortgage Late-Payment Rate Declined in Third Quarter

U.S. homeowners are doing a better job of keeping up with their mortgage payments, aided by an improving housing market and low interest rates that are making it easier to refinance.

The percentage of mortgage holders at least two months behind on their payments fell in the third quarter to 5.41 percent, the lowest point in more than three years, credit reporting agency TransUnion said Tuesday.

The rate was down from 5.49 percent in the second quarter and was nearly 8 percent below the 5.88 percent rate in the third quarter last year, the company said.

The mortgage delinquency rate hasn’t been this low since the first quarter of 2009. Still, it remains well above the 1 percent to 2 percent average historical range, an indication that many homeowners still are struggling to make their payments.

Many homeowners changed the way they prioritize their financial obligations after the value of homes plummeted with the housing crash. That has yet to change.

“People used to pay their mortgage first, and now they pay their auto and their credit cards before their mortgage,” said Tim Martin, group vice president of U.S. housing for TransUnion. “We think that’s probably still in place.”

Even so, homeowners are benefiting from the turnaround in housing this year.

TransUnion anticipates the national mortgage delinquency rate will decline slightly in the fourth quarter to about 5.35 percent, even though some cash-strapped homeowners typically elect to put off making some of their debt payments so they can spend on holiday shopping.

The company’s research is culled from TransUnion’s database of 27 million anonymous consumer records.

– The Associated Press

PROPERTY SALES 51 223 1,152
MORTGAGES 55 189 861
BUILDING PERMITS 149 541 2,593