» Subscribe Today!
More of what you want to know.
The Daily News

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 78 | Monday, April 22, 2013

Daily Digest

Print | Front Page | Email this story | Comments ()

Select-O-Hits Files Loan on Property

Select-O-Hits Inc. has filed a $2.6 million loan on its 17,050-square-foot industrial property at 1981 Fletcher Creek Drive in Northeast Memphis.

The music distribution company filed the Tennessee deed of trust, assignment of leases and rents and security agreement April 12 through FirstBank. Sam W. Phillips signed the deed as president of Select-O-Hits.

Built in 1985, the Class B warehouse sits on 0.7 acres on the south side of Fletcher Creek Drive near its intersection with Whitten Road. The Shelby County Assessor of Property’s 2013 appraisal is $840,900.

The transaction also included an adjacent 0.7-acre parcel that has an appraised value of $107,100.

Select-O-Hits was founded in 1960 and is now run by Phillips, his brother Johnny Phillips and sister Kathy Gordon – nephews and niece of Sun Studio legend Sam Phillips.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Osceola Kicks in $2 Million for Big River Steel

The city of Osceola is the latest governmental body to approve incentives for the planned $1.1 billion Big River Steel mill in Northeast Arkansas.

The Blytheville Courier News reports (http://bit.ly/Yzo3CX ) that the Osceola City Council approved $2 million last week for the new steel mill.

The decision comes after the Arkansas Legislature approved $125 million in incentives for the new mill, which is to be built near Osceola.

In exchange for the incentives, Big River Steel has promised to create at least 525 jobs with an average annual wage of at least $75,000.

Big River Steel has said it wants to close the deal in the third quarter of this year.

Mississippi County has also approved $14.5 million in county development funds as an incentive for the project.

– The Associated Press

Charter School Authorizer Bill Passes House

A measure that seeks to change the way certain charter schools are authorized has passed the House.

The proposal sponsored by Republican Rep. Mark White of Memphis was approved 62-30 on Thursday. It’s similar to the Senate version, which was expected to be taken up Friday on the Senate floor.

A number of attempts by Democrats to amend the bill failed.

Under the proposal, the state Board of Education would be able to overrule local school board decisions on charter applications in five counties where there are failing schools.

Those counties include more than 330,000 students in the state’s four largest cities: Davidson, Hamilton, Knox and Shelby. Hardeman County also would be affected.

Currently, local school boards decide whether to authorize an application.

– The Associated Press

Madewell Holds Opening at Shops of Saddle Creek

Madewell, a subsidiary of J. Crew Group Inc., is holding a grand opening party on April 23 to celebrate the high-end retailer’s newest location at The Shops of Saddle Creek in Germantown.

Style blogger Pennyweight Plus will be on hand to offer styling tips to shoppers, who also will receive a complimentary polka-dot clutch. The event is free and runs from 5 p.m. to 8 p.m. Alcoholic beverages and desserts will be served.

This will be Madewell’s first Memphis location, and the only shop in Tennessee. The women’s clothing and accessory company, which was founded as a denim label in 1937, carries everything from chambray shirts and dresses to jeans.

Nationally, the Saddle Creek store is Madewell’s 51st location.

– Jennifer Johnson Backer

Judicial Redistricting Plan Dead This Session

A proposal to redraw Tennessee’s judicial districts for the first time since 1984 has failed this session.

The House voted 66-28 on Friday to defeat the measure sponsored by Republican Rep. Jon Lundberg of Bristol. The companion bill was approved 27-4 earlier this month.

The plan from Republican Senate Speaker Ron Ramsey of Blountville would affect 22 counties in eight districts. The number of judicial districts have been reduced from 31 to 29.

Most of the House members against the measure say they felt as if they were being dictated to by the Senate, particularly Ramsey.

Said Republican Rep. Bill Sanderson of Kenton: “This bill came from the Senate, plain and simple. Vote no on the bill.”

– The Associated Press

School Security Bill Headed to Governor

A proposal that would allow school districts to allow people with police training to be armed in schools is headed to the governor for his consideration.

The measure was moved on Thursday evening after the House voted 72-15 to concur with changes made by the Senate.

The proposal would allow schools to hire retired law enforcement officers after they meet certain requirements, such as completing a 40-hour school security course.

The bill would make information about which teachers are armed or which schools allow the guns confidential to anyone but law enforcement.

Gov. Bill Haslam has included $34 million in his budget for local government officials to use on their priorities, which could include security measures.

Haslam is expected to sign the legislation.

– The Associated Press

Registration Begins for Dragon Boat Races

Registration for the Third Annual Duncan-Williams Dragon Boat Races is open.

The event will be held Oct. 5 at Mud Island River Park. Its title sponsor is Memphis-based Duncan-Williams Inc., and the Tennessee Clean Water Network is a beneficiary of the event.

For the event, teams of 20 paddlers, a drummer and steersperson will face off in 46-foot long dragon boats, and off the water teams will compete to raise the most pledges for the Tennessee Clean Water Network.

The cost to register a boat is $800 for corporations and $750 for community and nonprofit teams. As of July 15, the price increases to $1,000 for corporations and $850 for community and nonprofit teams.

Each team will get an on-water practice session with a trained coach the week before race day and will compete in at least two heats Oct. 5. The website www.memphis.racedragonboats.com has more details about the event.

– Andy Meek

Watered Down Switchblade Bill Goes to Governor

A watered down version of a proposal that originally sought to lift a ban on switchblades and knives with blades longer than 4 inches is headed to the governor for his consideration.

The Senate voted 27-4 last week to concur with the House version, which does away with those two provisions, but it still removes the power of local governments to make their own knife regulations.

Currently, local governments can pass their own ordinances restricting knives, although the maximum penalty they can impose is a fine of up to $50.

The bill gives state legislators the sole power to decide rules for the possession, transfer and transportation of knives.

The sponsors of the proposal are Republican Sen. Mike Bell of Riceville and Republican Rep. Vance Dennis of Savannah.

– The Associated Press

Arkansas House Approves Tax Hike for Forestry Agency

A proposal to increase the tax that private timberland owners pay to help the financially troubled Arkansas Forestry Commission’s firefighting efforts is headed to Gov. Mike Beebe’s desk.

By a 75-10 vote, the House approved legislation that would increase the fire protection tax from 15 cents an acre to 20 cents an acre. The tax increase would be effective for assessment years beginning in 2013. The measure is expected to raise about $700,000 a year.

The proposal was approved a year after the commission’s director resigned over questions about finances. The commission laid off 34 employees, although the state later reinstated 15 firefighter positions it had cut. Beebe has said he’d sign the measure if it reached his desk.

– The Associated Press

Sign-Up For Our Free Email Edition
Get the news first with our daily email

Blog News, Training & Events
PROPERTY SALES 83 363 9,932
MORTGAGES 91 378 11,692
BUILDING PERMITS 213 788 21,098
BANKRUPTCIES 50 213 6,650

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.