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VOL. 128 | NO. 114 | Wednesday, June 12, 2013

Daily Digest

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CLK Properties Files $1.6 Million Loan on Office

Woodbury, N.Y.-based CLK Properties has filed a $1.6 million loan on its local office at 5545 Murray Road in East Memphis.

Operating in the transaction as CLK Murray Road LLC, the company filed the deed of trust, assignment of rents and leases, and security agreement May 28 through Oklahoma Fidelity Bank.

Built in 1974, the Class C office building sits on 1.4 acres on the south side of Murray Road between South Yates and Oakhaven roads near Poplar Avenue and Interstate 240.

The Shelby County Assessor of Property’s 2013 appraisal of the property is $1.7 million.

Craig Koenigsberg signed the trust deed as president of CLK Murray Road Realty Corp., the company acting as manager of the borrower.

The property has traded hands among CLK Properties entities, most recently in 2006 with an internal $800,000 sale.

CLK Properties – which, according to its website, has “over 135 assets in 43 cities, consisting of over 24,000 residential units and over 4 million square feet of commercial property” – operates CLK Multifamily Management LLC at the Murray Road location.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Georgia-Pacific Gets Request for Buckeye Data

Georgia-Pacific LLC has received a request from the Federal Trade Commission and the antitrust division of the Justice Department for more information and documents related to its acquisition of Buckeye Technologies Inc.

Buckeye, which is based in Memphis, runs manufacturing plants in the U.S. and Germany.

It makes and markets specialty fibers and nonwoven materials made from wood and cotton.

Those products are used in personal hygiene products, disposable diapers, engine air and oil filters, napkins, cleaning supplies, baby wipes and a series of other goods.

In April Georgia-Pacific announced that it reached a deal to buy Buckeye for about $1.46 billion. Georgia-Pacific is a privately held Atlanta-based paper, packaging and building products company.

The FTC and antitrust unit asked for more information and documentation on Buckeye’s nonwovens business.

Georgia-Pacific and Buckeye said that they will continue to work with the FTC and antitrust division.

– The Associated Press

American Athletic Conference Puts First Men's Tournament in Memphis

The new American Athletic Conference will hold its first men’s basketball tournament at the FedExForum in Memphis next March.

The tournament will be held March 12-15 with all games televised by ESPN’s networks and the championship game on ESPN.

The arena will host the NCAA tournament’s South Regional two weeks after the American Athletic Conference tournament.

The announcement was made by Commissioner Mike Aresco, who lauded the tournament as a “wonderful event that our teams, coaches, administrators and fans will embrace and enjoy.”

University of Memphis athletic director Tom Bowen called it an exciting day after a collaboration involving the arena, the university and city of Memphis.

“This is monumental and dynamic for this new conference,” Bowen said. “We believe it will be a great tournament for this city, our fans and for Tigers everywhere.”

Memphis coach Josh Pastner said all of the league’s basketball coaches agreed at the conference meetings recently that the best place to hold a tournament was Memphis. He said even Louisville coach Rick Pitino called into the league meeting to endorse Memphis for the tournament.

“For all of the other coaches to say the best place to be is right here, that’s just a rare credit to the fans,” Pastner said in a statement.

– The Associated Press

County Commission Meeting Includes Hearing on Tax Rate

The Shelby County Commission meeting Monday, June 17, will include a required public hearing on the change in the county property tax rate.

The commission filed a public notice this week published in The Daily News that sets the hearing for the 1:30 p.m. meeting at the Vasco Smith County Administration Building, 160 N. Main St.

The proposed county property tax rate up for the second of three readings at Monday’s meeting is $4.38 compared to the current rate of $4.02.

In the proposed rate, 30 cents of the increase is the recertified rate that the county and state estimate would produce the same amount of revenue for county government taking into account the 2013 property reappraisal that the $4.02 rate now produces. The remaining 6 cents on the tax rate is a tax increase to produce about half of the $20 million in new funding Shelby County Mayor Mark Luttrell has proposed for the consolidated school system.

The new rate for the county outside the city of Memphis would remain 4 cents higher to pay off rural school bonds used to build Arlington High School.

– Bill Dries

Commissioner’s Donation Creates Second Largest Chain

About a month ago, Shelby County Commissioner Steve Mulroy donated a kidney to a stranger. That donation has created the second-largest kidney swap chain in history, according to the National Kidney Registry.

Chain 221 began with Mulroy’s altruistic donation at Methodist University Hospital Transplant Institute and involved 56 participants and 19 transplant centers.

“Once you realize that this is a way to save a life and possibly many other lives without any real permanent sacrifice on my part, it seems like not only a no-brainer, but a moral imperative,” said Mulroy, who also is a professor of law at the University of Memphis.

The speed of Chain 221 illustrates the progress that’s been made in shortening the setup times for large swaps, reducing the time patients wait for a kidney transplant. Large swaps like Chain 221 increase the ability to find matches for patients who are difficult to match.

– Jennifer Johnson Backer

Storm Snaps Power Poles Near Some Tunica Casinos

Power is back on in Tunica after a Sunday storm blew down power poles along Casino Strip Resort Boulevard.

Nearly 30 poles snapped along the thoroughfare, WATN-TV reports.

Three of the county’s nine casinos lost power and operated for a time on generators. Some homes also lost power.

Monday, power crews were busy putting up new poles and cleaning up the damage.

Power lines, glass, shards of metal and wood from the broken poles were scattered across the road. The sheriff’s department shut down a portion of the street and deputies were re-routing traffic.

There were no injuries and no business closures because of the damage.

About 60 Entergy Mississippi workers responded to clean up.

– The Associated Press

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