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VOL. 127 | NO. 190 | Friday, September 28, 2012

Daily Digest

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Broadway Pizza Owners Buy Mendenhall Building

Broadway Pizza will expand to East Memphis following the Ishee family’s recent purchase of the 3,600-square-foot building at 627 S. Mendenhall Road.

Ishee’s Broadway Pizza LLC on Sept. 13 paid $365,000 for the property from Ronald Wayne Austin and James A. Blaylock and Betty A. Blaylock, as Trustees of the James A. and Betty A. Blaylock Revocable Trust, Dated Oct. 29, 2003.

Built in 1963, the Class B retail building sits on 0.22 acres at the northwest corner of South Mendenhall and Poplar, behind the Belmont Grill. The property’s 2012 appraisal is $300,000, according to the Shelby County Assessor of Property.

The warranty deed in the Shelby County Register of Deeds lists multiple addresses for the property: 627 S. Mendenhall Road, 629 S. Mendenhall Road, 631 S. Mendenhall Road and 633 S. Mendenhall Road.

Broadway Pizza opened in 1977 and plans to keep open its restaurant at 2581 Broad Ave.

The Mendenhall building is occupied by Ratcliff’s Shoe Service and Give Yoga Memphis.

Ishee’s Broadway Pizza LLC filed a $310,250 loan through First Tennessee Bank NA in conjunction with the purchase. Denny and Dewana Ishee signed the trust deed as members of the buying entity.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Nashville Judge Upholds Photo Voter ID Law

A judge in Nashville has held Tennessee’s voter identification statute constitutional.

The Tennessean reported the ruling by Davidson County Chancery Court Judge Carol McCoy came Wednesday.

After about three hours of oral arguments, McCoy ruled against civil rights attorney George Barrett, who contended the state constitution requires only proof of legal age, residency and registration.

“It’s an unconstitutional impediment on the right to vote,” Barrett said during oral arguments. “Without the right to vote, all other rights are meaningless.”

In delivering her ruling, McCoy said voting procedures have evolved over the years and the legislature can enact laws that secure what she termed “the purity of the ballot box.”

Barrett filed the lawsuit on behalf of the city of Memphis and two women who live there. He had asked for an injunction to let residents vote in November without proof of ID.

By Barrett’s calculation, as many as 390,000 registered voters in Tennessee don’t have a photo identification card acceptable under the new state statute. The lawsuit claimed about 105,000 of them are 60 or older.

Barrett’s co-counsel, Douglas Johnston, argued the legislature’s motivation in passing the law was to suppress minority participation in the November election.

The Commercial Appeal reported Johnston argued state legislatures in about a dozen states have enacted photo requirements “because in 2008, African-Americans and young people and poor people came out in droves to vote. These are the people who these laws most impact.”

McCoy ruled that the city had no legal standing because it could not claim the statute caused the municipality harm. She further ruled that plaintiffs Daphne Turner-Golden and Sullistine Bell can vote in the Nov. 6 election by obtaining photo IDs.

The lawsuit was the second attempt by Barrett to get a ruling against the statute.

– The Associated Press

Cates Among Top Tier of US Colliers Brokers

Andy Cates, executive vice president of brokerage with Colliers International Memphis, has been inducted into the Everest Club – the top 10 percent of all U.S. Colliers brokers for the 12-month period ending June 30.

Individuals selected for the club not only are top producers for the company, but are leaders within their respective offices and powerhouses in the commercial real estate industry. Cates and his business partner, Preston Thomas, have completed more than 70 deals so far in 2012.

Everest Club members are being recognized at the Colliers national meeting in San Diego next week.

– Sarah Baker

US Unemployment Aid Applications at 2-Month Low

The number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, a hopeful sign for the job market. It’s the lowest level of weekly applications in nine weeks.

The Labor Department said Thursday that the four-week average, a less volatile measure, declined 4,500 to 374,000. That’s the first drop in six weeks.

Weekly unemployment applications are a measure of the pace of layoffs. When they consistently fall below 375,000, it typically indicates that hiring is strong enough to lower the unemployment rate.

The weekly figures can be volatile, causing most economists to focus on the four-week average. Economists were mildly encouraged by the figures.

The past few reports “suggest no significant acceleration or deceleration in employment growth,” said Jim O’Sullivan, an economist at High Frequency Economics.

U.S. employers added only 96,000 jobs last month, below the 141,000 in July and much lower than the average 226,000 added in the first three months of the year.

The unemployment rate dropped in August to 8.1 percent from 8.3 percent, but only because the number of people working or looking for work fell.

The unemployment applications report showed that the number of people receiving benefits fell slightly. About 5.17 million people received unemployment aid in the week ending Sept. 8, the latest figures available. That’s 11,000 lower than the previous week.

– The Associated Press

Opportunity Scholarship Trust Hosts Golf Tournament

The Memphis Opportunity Scholarship Trust is hosting its 13th annual golf tournament Monday, Oct. 1, at the Memphis Country Club.

Attendees are invited to enjoy lunch and then hit the links to help support scholarships and educational choice opportunities for children in Memphis.

The entry fee for individual players is $1,000. Registration is available at www.memphisscolarships.org/events.

The Memphis Opportunity Scholarship Trust (MOST) was founded in 1998 and seeks to give low-income Memphis-area families the opportunity to send their children to the schools of their choice. During the 2011-2012 school year, MOST awarded scholarships worth $780,000 to about 537 students in 60 schools.

– Andy Meek

Lawler to Appear at Mid-South Fair

Memphis wrestler and television personality Jerry Lawler will put in an appearance Friday, Sept. 28, at the Mid-South Fair in Southaven.

Lawler had been scheduled to wrestle Friday and Saturday at Landers Center Arena as one of the fair attractions. But Lawler had a heart attack Sept. 10 during a televised match in Montreal, Canada, that he continues to recover from.

The fair appearance ringside as a commentator will be Lawler’s first since his recovery.

– Bill Dries

Rate on 30-Year Mortgage Hits Record Low 3.40 Percent

Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve’s stimulus efforts may be having an impact on mortgage rates.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That’s down from last week’s rate of 3.49 percent, which was the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage, a popular refinancing option, fell to 2.73 percent, down from the record low of 2.77 percent last week.

To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.

The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year loans was 0.6 point, unchanged from last week. The fee for 15-year loans held steady at 0.6 point. The average rate on one-year adjustable-rate mortgages dipped to 2.60 percent from 2.61 percent. The fee for one-year adjustable rate loans was unchanged at 0.4 point.

The average rate on five-year adjustable-rate mortgages fell to 2.71 percent from 2.76 percent. The fee remained at 0.6 point.

– The Associated Press

PROPERTY SALES 56 56 9,658
MORTGAGES 49 49 10,665
BUILDING PERMITS 212 212 21,170
BANKRUPTCIES 49 49 6,157