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VOL. 128 | NO. 84 | Tuesday, April 30, 2013

Daily Digest

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Cordova Stor-N-Lock Sells for $2.1 Million

The Cordova Stor-N-Lock at 1570 Bonnie Lane has sold for $2.1 million following a foreclosure.

Special servicer C-III Asset Management LLC of Irving, Texas, bought the 54,199-square-foot property in an April 26 substitute trustee’s deed from R. Spencer Clift of Baker, Donelson, Bearman, Caldwell & Berkowitz PC, acting on behalf of the lender.

The storage facility fell into financial straits when its previous owner, Cordova Storage Investments LLC of San Diego, defaulted on a $2.8 million loan through UBS Real Estate Investments Inc. dated May 29, 2007.

Stephen R. Kaplan signed that trust deed as manager of Cordova Storage Management LLC, managing member of the borrowing entity.

Built in 1997, the Class B storage facility sits on 5 acres on the south side of Bonnie Lane east of its intersection with North Germantown Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $2.4 million.

Cordova Storage Investments bought the property in 2007 for $3.6 million from Cordova Self Storage LLC.

Source: The Daily News Online & Chandler Reports

– Daily News staff

The Daily News Takes Two TAPME Awards

The Daily News and The Memphis News took two awards at the annual Tennessee Associated Press Managing Editors competition.

The publications placed first in the competition for best editorial among Division 3 publications, which includes a daily circulation of up to 15,000, for an editorial in the July 27 Memphis News edition on the state of local green initiatives that also ran on the daily website.

Reporter Andy Meek placed third in the same division for business news coverage for his Jan. 13 Memphis News cover story “Trading Hands.” The story, which also appeared in The Daily News, chronicled the sale of Morgan Keegan and Co. Inc. to Raymond James Financial Inc. The story was the latest in a series of stories by Meek on Morgan Keegan over several years that began with coverage of the partnership between Morgan Keegan and Regions Financial Corp.

– Bill Dries

Leadership Memphis Honors Three With Awards

Leadership Memphis’ 35th celebration and awards reception this week also will mark an opportunity to honor three Memphians for their leadership and community contributions.

The organization’s reception will be held Tuesday, April 30, from 5:30 p.m. to 7:30 p.m. at the Memphis Cook Convention Center.

Mike Bowen, president and CEO of Champion Awards and Apparel, will receive the 2013 Leadership Memphis Community Champion Award for his company’s community service. Champion employees have donated their time by attending more than 150 nonprofit events in 2012, and the Champion leadership is heavily involved in philanthropic efforts. Champion also has provided, among other things, special pricing and services to more than 100 nonprofit organizations, helping to support fundraising efforts and charitable events.

Reggie Crenshaw will receive the 2013 Leadership Memphis Distinguished Alumnus Award. A graduate of Leadership Memphis’ 2011 executive class, Crenshaw owns Crenshaw and Associates, a consulting firm that helps nonprofits and for-profit businesses reach their growth objectives. Crenshaw has donated hundreds of hours to Leadership Memphis, such as during the design and relocation of the new Leadership Memphis offices on South Main Street.

Eugene Cashman Jr., president and CEO of The Urban Child Institute, will receive the 2013 Kate Gooch Leader of the Year Award. For more than 40 years, Cashman has been dedicated to improving the lives of children in Memphis and Shelby County. Cashman in 2004 helped to create The Urban Child Institute, now a nationally recognized leader in child advocacy research and a center of expertise focused on improving the lives of children from conception to age 3.

– Andy Meek

Whalum Election Lawsuit Gets May 21 Trial Date

A challenge of the August election results by countywide school board member Kenneth Whalum Jr. is scheduled to go to trial May 21 in Shelby County Chancery Court.

Chancellor Kenny Armstrong set the trial date Monday, April 29, during a status conference at the Shelby County Courthouse.

Whalum is challenging his 108-vote loss to Kevin Woods, also on the countywide school board, for the District 4 seat. The seat is one of seven that will become the school board effective Sept. 1. That is when the old Memphis City Schools board and Shelby County Schools board positions are phased out on what is now a 23-member school board.

The Shelby County Election Commission has identified 837 disputed votes in the District 4 race. The voters who cast those ballots include citizens who lived outside the district but had the race on their ballots and those who lived within the district but had another district school board race on their ballots.

Armstrong has several options once he hears all of the proof in the case. He could affirm the results with Woods as the winner or overturn the results and declare Whalum the winner. Or he could order a new special election.

– Bill Dries

Lifeblood to Hold Event to Increase Blood Donations

Lifeblood, the area’s only nonprofit blood center, will hold an event to increase blood donations June 9 to June 15.

Summer is often the most difficult time for Lifeblood as donations drop and blood demand remains high.

The event, Donor Fest 2013, will collect blood donations at any of Lifeblood’s donor centers. The centers will open at their regularly scheduled hours, but also will stay open extended hours to help Lifeblood reach its goal of 1,963 units of blood in celebration of the year the nonprofit was founded.

Refreshments and T-shirts will be provided to each person who donates from June 9 to June 15. The event will culminate in a Saturday, June 15, celebration at Audubon Park in East Memphis. The celebration will include music, magic shows, balloon animals, face painting, kids activities and donor recognition.

– Jennifer Johnson Backer

Preparations Continue to Drug Test for Welfare

Tennessee authorities are preparing to test welfare recipients for drug abuse.

The legislature passed a bill requiring it and Gov. Bill Haslam signed it nearly a year ago. The statute gives the Department of Human Services until July 1, 2014, to begin screening people receiving welfare for illicit drug use.

The Tennessean reported preparations continue, despite a judge in Florida stopping a similar plan over constitutional issues. Also, Arizona authorities, who have been drug-checking welfare recipients for three years, say they have caught just one offender.

Pam McMichael of the Highlander Research and Education Center calls the statute an extension of an unsuccessful war on drugs.

Rachel Sheffield of the Heritage Foundation said it’s fair to require specific behavior from people getting public assistance.

– The Associated Press

Pending US Home Sales Reach 3-Year High in March

The number of Americans who signed contracts to buy homes rose in March to the highest level in three years, pointing to higher sales this spring.

The National Association of Realtors said Monday that its seasonally adjusted index for pending home sales rose 1.5 percent to 105.7. That’s the highest since April 2010, when a homebuyer’s tax credit boosted sales. It’s also above February’s reading of 104.1.

There is generally a one- to two-month lag between a signed contract and a completed sale. Contract signings rose in the South, West and Midwest, and were unchanged in the Northeast.

Steady job gains and near-record low mortgage rates have helped drive home sales up over the past year. Signed contracts are 7 percent higher than the same month a year earlier.

But completed sales have slowed in recent months – and dipped in March – because of a limited supply of available homes on the market. The number of homes for sale has fallen nearly 17 percent in the past year to 1.93 million, the Realtors’ group said last week.

– The Associated Press

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PROPERTY SALES 83 188 9,757
MORTGAGES 100 182 11,496
BUILDING PERMITS 194 328 20,638
BANKRUPTCIES 61 119 6,556

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