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VOL. 128 | NO. 69 | Tuesday, April 9, 2013

Daily Digest

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Canterbury Woods Owner Files Loan on Property

The owner of the 400-unit Canterbury Woods apartments at 6520 Macon Road has filed a $9.8 million loan on the property.

Fame Twelve Oaks Memphis LLC filed the deed of trust and security agreement and fixture financing statement April 1 through CMFG Life Insurance Co.

Built in 1985, the Class C multifamily property sits on 20.3 acres on the north side of Macon Road between Mullins Station and Kirby Whitten roads. The Shelby County Assessor of Property’s 2013 appraisal is $10.1 million.

Fame Twelve Oaks Memphis – a nod to the property’s former name, Twelve Oaks Apartments – bought the property in 2002 for $12 million from Capital Associates Acquisition LP.

The single-purpose entity is affiliated with Beachwood, Ohio-based The Mid America Management Corp., whose “holdings exceed $400 million in total asset value and include multi-family, retail and industrial properties located in twelve states,” according to the company’s website.

Mark S. Misencik, president and CEO of The Mid America Management Corp., signed the trust deed as manager of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

County Veterans Court Receives $20,000 Grant

Shelby County’s Veterans Court is getting a $20,000 grant from the Tennessee Commission on Continuing Legal Education and Specialization, the commission announced Monday, April 8.

The court, headed by General Sessions Criminal Court Judge Bill Anderson, is one of two freestanding courts in the state that focus on a docket of offenders who are military veterans or are currently serving in the military.

The courts, including the one in Montgomery County, specialize in long-term, multi-phased programs for offenders who are a high risk to repeat their offenses. With a judge supervising and a follow-up staff that supervises an intensive intervention, the court targets veterans with mental health issues and/or substance abuse issues.

The Montgomery County court also received a $20,000 grant from the state commission.

The funding comes from late fees attorneys pay for not completing their continuing legal education requirements on time. The commission has earmarked a total of $100,000 from the fund in incentives for courts across the state to get training and administrative support to try such courts and dockets.

– Bill Dries

UPS Appeals Decision Against TNT Deal

United Parcel Service Inc. is appealing a European regulator’s ruling that blocked UPS’ attempted purchase of Dutch delivery company TNT Express.

UPS believes the ruling was based on “legal and factual errors,” and it doesn’t want antitrust regulators to use the decision as a precedent for any future acquisitions, company spokeswoman Peggy Gardner said Monday.

UPS withdrew its $6.7 billion offer for TNT in January. Gardner said the decision to appeal the European Commission’s ruling shouldn’t be seen as a precursor to a new bid.

“This is not any sort of signal about TNT,” Gardner said. Asked if UPS had ruled out a new offer for TNT, she replied, “We don’t ever speculate on future acquisitions.”

In blocking the UPS bid for TNT, regulators said it would have resulted in insufficient competition and higher prices for delivering small packages. The European Union’s antitrust chief, Joaquin Almunia, had said that regulators were still discussing potential concessions from UPS to salvage a deal when UPS dropped its bid.

The takeover of TNT would have been the largest ever for Atlanta-based UPS.

– The Associated Press

Faith Leaders Urge Use of Medicaid Money

Faith leaders from across the state are urging Gov. Bill Haslam and state lawmakers to accept $1.4 billion in Medicaid money if the federal government doesn’t approve an alternate plan for Medicaid expansion in Tennessee.

About 15 clergy were at the state Capitol on Monday delivering 133 baskets of loaves and paper fish to the offices of each of the legislators and the governor.

They say the loaves and fish are symbolic of the story of Jesus feeding the multitude, and that the Republican governor can use the money to ensure thousands have health insurance.

Haslam has excluded the Medicaid expansion money from his budget proposal this year, but says he’s in pursuit of a special deal that could be struck at any time.

– The Associated Press

Lane Closure for Work at I-55 in Crittenden County

Arkansas highway officials say traffic will be disrupted on Interstate 55 in the Marion area for a resurfacing project on the southbound lanes.

Officials say the Crittenden County work was to begin Monday night and is expected to last for two months.

Crews will alternate closing the inside and outside lanes between 8 p.m. and 7 a.m. nightly. The plan calls for one lane being open at all times.

The work will begin at the James Mill exit, just north of Marion. It will continue south to Interstate 40.

– The Associated Press

Federal Cuts Blamed for Modest Tennessee Retail Activity

State Finance Commissioner Mark Emkes says federal spending cuts and tax hikes are to blame for a dip in consumer confidence in Tennessee.

Emkes in a release Friday said March sales tax collections, which reflect spending activity in the previous month, came in $2.8 million below estimates. That’s a growth rate of just 0.1 percent, well below the 1.8 percent growth rate posted through the first eight months of the budget year.

Emkes said the 2 percent hike in the federal payroll tax in January and budget cuts have caused “temporary erosion in consumer confidence.” Nearly two-thirds of the state’s general fund revenue is derived from sales tax dollars.

The general fund was bolstered by strong corporate taxes, as franchise and excise tax collections beat projections by $35 million.

– The Associated Press

Midweek Could Bring Severe Storms to Area

National Weather Service forecasters are urging people in the western half of Tennessee to be vigilant for possible severe thunderstorms.

The Severe Storms Forecast Center says there is a possibility of severe weather Wednesday and Wednesday night across a broad area of the country’s midsection, from the Great Lakes to the Gulf of Mexico. A special weather statement says there is a slight risk for violent weather Wednesday in an area that includes Tennessee counties from the Mississippi River into the western counties of Middle Tennessee. Forecasters say that could include strong thunderstorms with high winds, heavy rain, large hail and an isolated chance of tornadoes.

Cities in the advised area include Memphis, Union City, Paris, Somerville, Martin and Jackson.

Less severe thunderstorms are expected Wednesday across the Cumberland Plateau.

– The Associated Press

Oil Price Changes Little Ahead of Earnings, Fed Report

The price of oil was little changed on Monday, as traders awaited the start of the quarterly corporate earnings season and the latest word from the Federal Reserve on the economy.

Benchmark oil for May delivery was up 41 cents to $93.11 a barrel on the New York Mercantile Exchange in afternoon trading.

Alcoa kicks off the first-quarter earnings season after the stock market closes Monday. Analysts expect the aluminum giant to report slightly lower earnings compared to a year ago. Overall, Wall Street is looking for improved earnings from many companies as the economy shows signs of strengthening.

The minutes from the Federal Reserve’s last meeting will be released Wednesday afternoon. That may give investors more insight into the central bank’s view of the economy and prospects for the Fed’s bond-buying stimulus program to continue at its current pace.

At the gas pump, drivers continued to get some relief. The national average for a gallon of regular was $3.59, down 4 cents from a week ago and about 34 cents lower than a year ago.

– The Associated Press

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920