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VOL. 128 | NO. 140 | Friday, July 19, 2013

Daily Digest

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Kirby Parkway Center Owner Files Loan

The owner of the retail strip center and gas station at 1781-1817 Kirby Parkway in East Memphis has filed a $1.1 million loan on the property.

J.P.J. Properties LLC filed the deed of trust and security agreement July 8 through Renasant Bank.

The company owns the 10,611-square-foot retail center located at 1817 Kirby Parkway and the 2,700-square-foot gas station and convenience store at 1781 Kirby Parkway.

Jin Tak Paik signed the trust deed as president of J.P.J. Properties, which bought the properties in 2003 for $2 million from 3275 Kirby Parkway Center LLC.

Built in 1975, the Class A retail center at 1817 Kirby Parkway – which is anchored by the bar Doc Watson’s – sits on slightly less than an acre on the west side of Kirby Parkway just north of Poplar Avenue.

The Shelby County Assessor of Property’s 2013 appraisal is $954,700.

Adjacent to that property is a Mapco Station on about half an acre at 1781 Kirby Parkway. The assessor’s 2013 appraisal is $387,800.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Orion Donates $7,500 to Nonprofit Groups

Orion Federal Credit Union has since the beginning of the year donated more than $7,500 and more than 1,000 items to seven local nonprofit groups.

The charitable giving is part of the credit union’s community involvement program, Orion Gives Back. Launched in January 2012, Orion chooses a nonprofit each month to be the focus of the giving initiative.

Recipients thus far have included the Mid-South Food Bank, Memphis Family Shelter, Literacy Mid-South, Memphis Farmers Market, Clovernook Center for the Blind and Visually Impaired and Youth Villages, among many others.

– Andy Meek

Cohen 'Stunned' Woman Isn't His Daughter

U.S. Rep. Steve Cohen, D-Memphis, said Thursday that he’s “stunned and dismayed” to learn that DNA tests revealed he is not the father of a woman with whom he had an affectionate Twitter exchange this year.

In February, tweets between Cohen and Victoria Brink, a 24-year-old Texas woman, attracted public attention during the president’s State of the Union address.

Soon after, Cohen revealed that he was Brink’s father. He said he’d learned about the relationship three years earlier.

But on Thursday, CNN reported that DNA tests showed Cohen is not her father.

“I was stunned and dismayed when DNA tests disproved what Victoria and I believed about our relationship,” Cohen said in a Thursday statement.

“I still love Victoria, hold dear the time I have shared with her, and hope to continue to be a part of her life.

“It’s been a roller coaster ride these last three and a half years from which I have learned something about parenting and some more about love, life, and heartache.”

Brink is the daughter of Texas criminal defense lawyer Cynthia White Sinatra, who ran for Congress in 2006 against Ron Paul. Cohen described his relationship with Sinatra as longtime friends. Texas executive John Brink raised Victoria Brink.

CNN reported Thursday that it obtained DNA from John Brink, Victoria Brink and Cohen for tests, and that results showed Cohen wasn’t her father.

Cohen’s office said that he also submitted DNA to determine paternity independent of the CNN report.

Cohen, who has never been married, said in February that he decided to publicly acknowledge Brink as his daughter after bloggers and the media tried to make exchanges during the State of the Union appear salacious. Cohen’s message to Brink included a Twitter abbreviation for “I love you.”

– The Associated Press

State Labor Department to Discuss Workers' Comp

The Tennessee Department of Labor and Workforce Development is holding a series of seminars across the state to explain the Workers’ Compensation Reform Act of 2013.

The bill removes injured workers’ claims from Tennessee trial courts and instead creates a special panel appointed by the governor to hear claims and appeals.

The seminars aim to educate employers about the impact of the bill, including ways to avoid workplace injuries and how to better handle them if they occur. The seminars are being put on by the Workers’ Compensation Division, the Tennessee Occupational Safety and Health Administration and the Tennessee Chamber of Commerce.

They take place from July 25 through Aug. 29.

Specific dates, times and locations can be found on the department’s website at www.tn.gov/labor-wfd.

– The Associated Press

Tapes of Two Elvis Concerts Added to California Auction

Uncirculated tapes of two Elvis Presley concerts recorded two months before he died have been added to a celebrity memorabilia auction in California.

The Mecum Auction Co. says the tapes will be among the 2,000 pieces of celebrity-related memorabilia being displayed and auctioned in Santa Monica, Calif., on July 26-27.

Mecum says the concert tapes were made at live Elvis shows in Omaha, Neb., on June 19, 1977, and Rapid City, S.D., two days later. Mecum says the tapes include original audio and video footage.

Elvis died Aug. 16, 1977, in Memphis.

The auction also will include Elvis’ 1972 Cadillac Custom Estate Wagon and other Elvis-related items.

– The Associated Press

30-Year Mortgage Rate Declines to 4.37 Percent

Average rates on U.S. fixed mortgages declined this week as concern waned in the financial markets over the Federal Reserve’s possible slowing of its bond purchases this year.

Mortgage buyer Freddie Mac said Thursday the average on the 30-year loan slipped to 4.37 percent. That’s down from 4.51 percent last week but is still near the highest level in nearly two years.

Just two months ago the rate was 3.35 percent, barely above the record low of 3.31 percent. Rates had surged in recent weeks amid concern over the Fed’s bond purchases, which have kept interest rates low.

The average on the 15-year mortgage fell to 3.41 percent from 3.53 percent last week.

Chairman Ben Bernanke said last week the Fed will continue to stimulate the economy, even after it begins to slow the bond purchases.

Even with the recent gains, mortgage rates remain low by historical standards. Low rates have helped fuel a housing recovery that is helping to drive economic growth this year.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t 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 a 30-year mortgage was 0.7 point this week, down from 0.8 point last week. The fee for a 15-year loan also slipped to 0.7 point from 0.8 point.

The average rate on a one-year adjustable-rate mortgage was unchanged at 2.66 percent. The fee declined to 0.4 point from 0.5.

The average rate on a five-year adjustable mortgage fell to 3.17 percent from 3.26 percent. The fee eased to 0.6 point from 0.7.

– The Associated Press

Arkansas Highway Chief Says Roads Face Funding Gap

Arkansas’ highway chief says the state still needs an additional $200 million a year over the next decade just to maintain its roads, despite extra money coming in from a half-cent sales tax voters approved last year.

Arkansas Highway and Transportation Department Director Scott Bennett told a legislative panel Thursday that he expects to begin issuing bonds in September that will be repaid by the new sales tax. He said he expects work to begin on some of the projects by the end of the year.

Voters last year approved the tax, which will raise about $1.8 billion during the next decade for the state’s highway needs. The half-cent tax increase is set to expire by 2023.

– The Associated Press

PROPERTY SALES 69 357 17,741
MORTGAGES 66 403 20,438
BUILDING PERMITS 208 696 36,641
BANKRUPTCIES 52 210 11,374