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VOL. 127 | NO. 231 | Tuesday, November 27, 2012

Daily Digest

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Storage Facility Owner Files $2 Million Loan

Storage Towne of America LLC has filed a $2 million loan on its 66,802-square-foot storage facility at 5900 Stage Road in Bartlett.

The company, which owns and operates three other storage facilities – one in Memphis and two in Jackson, Tenn. – filed the Tennessee deed of trust and fixture filing, assignment of rents and security agreement Nov. 16 through Magna Bank.

Built in 2000, the Class B property sits on 4.3 acres at the northwest corner of Stage Road and Bartlett Boulevard, which the facility fronts. The Shelby County Assessor of Property’s 2012 appraisal is $2 million.

Raymond B. Gill III signed the trust deed as general partner of Storage Towne America. Before building the facility, Gill transferred the property to his limited liability company in 1999 after acquiring it for $252,500 from Walgreen Co., which has a neighboring store.

Source: The Daily News Online & Chandler Reports

– Daily News staff

United Housing to Relocate to Oakhaven/Parkway Village

United Housing Inc. is preparing to move from its Midtown offices at 51 N. Cooper St. to 2750 Colony Park Drive, near the old Mall of Memphis site in the Oakhaven/Parkway Village area.

The nonprofit housing agency sent a letter to partners asking for donations to aid in the move, which is tentatively scheduled for Dec. 19.

United Housing rents its 2,400-square-foot space on Cooper from Loeb Properties Inc. United Housing will buy its new space, which measures 7,200 square feet.

“We are going to go ahead and purchase it because for a long time we’ve needed space,” said Anne Meadors, housing production manager for United Housing. “We searched all over Midtown and either everything was too expensive, or it needed so much upgrade that it wasn’t cost-effective.”

Now in its 18th year, United Housing targets its services to families who are underserved by the traditional homeownership industry. The organization also contributes to area redevelopment, offers homebuyer education, credit counseling and affordable lending products to low to moderate first-time homebuyers.

Meadors said the space will allow United Housing to triple its classroom size and accommodate more people for its Hardest Hit Fund classes and Homebuyer Education counseling. It will also be more comfortable for United Housing’s staff.

“Nobody has an office over here hardly, except for counseling people,” Meadors said. “Right now, it’s not really cubicles, but we’re just in a big, open room for the most part. So now we’ll be able to have our own space.”

– Sarah Baker

Shoemaker Financial Celebrates Rebuilt Office

Shoemaker Financial recently held an open house and ribbon cutting for the firm’s newly rebuilt Germantown headquarters, with the celebration coming exactly two years after the original facility suffered extensive damage in a fire in 2010.

The fire was so powerful it took some 70 firefighters almost an hour to fight it. A huge section of the Shoemaker complex was damaged beyond repair.

After the fire, the Shoemaker team worked with architects Fisher & Arnold Inc. to plan a new two-story structure that would expand the space formerly available to the firm by about 20 percent. The general contractor on the project was Priester & Associates Inc.

Just before the new carpet was laid in the structure, the staff and advisers wrote inspirational messages on the concrete slab. Many wrote Bible passages. Some wrote favorite inspirational quotes.

– Andy Meek

Ford to Lead City Council in 2013

Memphis City Council member Edmund Ford Jr. will lead the council as chairman for 2013.

Ford was chosen by his council colleagues to be chairman for the coming year, and council member Jim Strickland was elected vice chairman.

Ford has served this year as vice chairman with outgoing chairman Bill Morrison for the one-year terms of office that traditionally rotate among council members.

The chairman’s job comes with $1,000 more in pay and responsibility for the day-to-day operation of the council office and organizing committee and full council meetings.

The council chairman is also the point of contact when the mayor consults the council.

Ford, a mathematics teacher at Central High School, was elected to the council in 2007 and re-elected by voters in 2011.

Ford was the only nominee for the chairmanship and Strickland was the only nominee for vice chairman.

– Bill Dries

Late Rains, Cooler Weather Save Most Tennessee Crops

With most of the harvest done in Tennessee, farmers are lamenting the loss of corn but say timely rains that began midsummer saved most other crops.

Cotton is expected to finish among the best per-acre yields ever.

Richard Buntin, extension director for the University of Tennessee Extension in Crockett County, said the U.S. Department of Agriculture estimated 861 pounds per acre.

“That would be the fourth-largest yield on record,” Buntin said.

Tobacco also is strong.

Burley tobacco specialist Dr. Paul Denton, with the University of Tennessee and the University of Kentucky, said the crop was of high quality and average yield.

Soybeans also rebounded after the rain began falling in July.

Tom Womack, a spokesman for the Tennessee Department of Agriculture, said the corn crop in Tennessee was the lowest in 20 years. He also said how well farmers fared depended a lot on where their fields were.

“There are a number of farmers in northwest Tennessee that never did recover from the drought,” Womack said.

Cooler temperatures and timely rainfall in the latter half of summer also is helping livestock producers by keeping pastures in decent condition, Womack said.

“Livestock farmers aren’t having to feed (hay) as much this year as they sometimes do,” he said.

Other crops struggled with an April freeze and then a late spring drought. Womack said the loss in berries ranges from partial to complete, but irrigated berry crops fared better. Apples were somewhat smaller than usual, but also sweeter.

– The Associated Press

River Interests Still Seeking Help for Low Water

Businesses that move products on the Mississippi River continue to seek the government’s help as the river approaches historic lows.

The Army Corps of Engineers on Friday began reducing the outflow from an upper Missouri River reservoir to ease drought conditions in that part of the country.

The move will reduce the amount of water flowing into the Mississippi River and could mean further restrictions on barge traffic by early December, or perhaps even closure of the river from St. Louis to Cairo, Ill.

Ann McCulloch of the trade group the American Waterways Operators says restrictions or closure could cost businesses millions of dollars.

Companies and trade groups are asking the corps to restore the flow, and to expedite removal of rock formations in the Mississippi that impede barge traffic.

– The Associated Press

James Rollins Named New CEO at BancorpSouth

James D. Rollins III has been named chief executive officer of BancorpSouth Inc., a financial holding company based in Tupelo, Miss.

Rollins will succeed Aubrey B. Patterson, BancorpSouth’s current CEO, on Tuesday.

The 53-year-old Rollins has served as president and chief operating officer at Prosperity Bancshares Inc., based in Houston, Texas, since April 2006. Rollins served as senior vice president of Prosperity Bancshares from 2001 until 2006, and became president of Prosperity Bank in 2005.

BancorpSouth Inc. has $13.2 billion in assets.

BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth Inc., operates 293 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

– The Associated Press

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