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VOL. 128 | NO. 75 | Wednesday, April 17, 2013

Daily Digest

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Kirby Food & Fuel Sells for $1.2 Million

The Kirby Food & Fuel gas station and convenience store at 4138 Kirby Parkway in Hickory Hill has sold for $1.2 million.

Eknath Inc. bought the 2,350-square-foot store April 12 from Roopani Properties LLC, which had acquired the property – formerly a Mapco station ­– in 2010 for $650,000 from Mapco Express Inc.

Built in 1988, the gas station sits on slightly less than an acre at the northeast corner of Kirby Parkway and East Raines Road. The Shelby County Assessor of Property’s 2013 appraisal is $589,100.

In conjunction with the purchase, Eknath filed two loans – one for $789,000 through Brighton Bank and one for $200,000 through the seller, Roopani Properties. Vithal Bogale signed the two trust deeds, both dated April 12, as president of Eknath.

Source: The Daily News Online & Chandler Reports

– Daily News staff

County Commission Approves Tall Trees Sale

Shelby County Commissioners approved Monday, April 15, the sale of the old Tall Trees Juvenile Detention facility at 3335 Old Getwell Road.

The 9.78 acres of land was sold for $125,000 to Errick Farmer who plans to use the site for the group Young Builders of America.

Tall Trees closed in 2004 and was declared surplus county property for sale soon after. It sold at an earlier auction for $285,00 but the buyer never closed on the purchase.

The commission also approved a set of amendments to the Unified Development Code on third and final reading Monday. The changes are part of a continual process of adjusting the code adopted by Memphis city and Shelby County governments in 2012.

– Bill Dries

St. Jude to Recognize Ependymoma Awareness

Patients, scientists and doctors from St. Jude Children’s Research Hospital will release hundreds of brightly colored butterflies to mark the second annual Ependymoma Awareness Day on April 18.

Ependymoma is a rare cancer of the brain or spinal cord that strikes both children and adults. The event is organized by the Collaborative Ependymoma Research Network Foundation (CERN).

CERN’s scientists and clinicians work in collaboration to better understand and speed advances against ependymoma in both pediatric and adult patients. St. Jude leads the pediatric studies, and M.D. Anderson Cancer Center leads the adult studies.

The butterfly release will coincide with the semi-annual CERN investigator meeting at St. Jude and will symbolize the hope of improved treatments.

– Jennifer Johnson Backer

Arkansas Legislature Approves Steel Mill Funding

Arkansas is set to provide a new steel company with $125 million in financing and a package of tax breaks to build a mill in the northeast part of the state after the Legislature gave final approval to the plan on Tuesday.

By an 81-9 vote, House lawmakers passed a Senate-approved budget bill to fund Gov. Mike Beebe’s proposal to provide Big River Steel with a loan and pay some construction costs of a $1.1 billion steel mill the company wants to build in Osceola. In exchange, the company promises to create at least 525 permanent jobs with an average annual wage of at least $75,000 – twice the state’s average.

Big River Steel has said it wants to close the deal in the third quarter of this year. The plant will make steel for auto, oil and gas and electrical energy industries.

Some conservatives had lobbied against Beebe’s proposal, arguing that the government shouldn’t be subsidizing the startup costs for a private business. Nucor Steel, which operates two facilities in the region, also urged lawmakers to reject the plan and said the competition could force it to scale back its Arkansas workforce.

Arkansas voters in 2004 gave legislators authority to borrow money for economic development after narrowly missing out on a Toyota truck plant that was eventually built in San Antonio. Arkansas was also an also-ran in 2007, when Toyota opted to build a Highlander SUV plant in Tupelo, Miss.

This is the first time Arkansas has issued bonds since the amendment passed.

– The Associated Press

Bank on Memphis Celebrates Financial Literacy Month

Bank On Memphis, a campaign that provides financial literacy and financial access through public, private and nonprofit collaborations, is celebrating National Financial Literacy Month in April.

The celebration will include a series of financial literacy workshops culminating with an April 26 event at Court Square.

Several Bank On Memphis partner financial institutions and credit counseling services will be available to discuss savings and checking account options, as well as tips for credit repair.

Preceding the event, Bank On Memphis representatives will conduct free financial literacy classes on personal finance and budgeting. For a complete list of those events, visit the event calendar at www.shelbycountytrustee.com.

– Andy Meek

Magna Bank Makes Several Appointments

Magna Bank has named Frazer Gieselmann as senior vice president and manager of construction lending.

As manager of construction lending, he will lead the bank in providing construction loans to individuals and builders.

Gieselmann joins Magna from Cadence Bank, where he was a senior vice president in the construction lending and bank-owned real estate departments.

Magna also has hired new employees in its commercial real estate, retail banking and mortgage departments.

Wendy Boles has been hired as a senior loan analyst in commercial real estate to support Magna’s commercial and multifamily real estate division. Previously, she was a loan administrator at Financial Federal Bank.

Christine Cormack will lead new business development at Magna’s Oak Court branch. She previously worked at several Wells Fargo branches and as a branch manager at SunTrust.

And Kathy Wash has joined Magna Bank as a service and compliance analyst in the bank’s mortgage servicing unit. She previously worked as a real estate owned property manager.

– Andy Meek

Judicial Redistricting Passes in Senate

A proposal to redraw Tennessee’s judicial districts for the first time since 1984 has passed the Senate.

The plan from Republican Senate Speaker Ron Ramsey of Blountville was approved 27-4 on Tuesday.

The measure would affect 22 counties in eight districts. The number of judicial districts have been reduced from 31 to 29.

The proposal would create separate judicial districts for Rutherford and Williamson counties because of population growth in the Nashville suburbs.

Two judicial districts in northwestern Tennessee made up of Lake, Dyer, Obion and Weakley counties would be merged into a single district. Coffee County would be folded into one with Cannon, Warren and Van Buren counties.

– The Associated Press

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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