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VOL. 128 | NO. 122 | Monday, June 24, 2013

Daily Digest

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Shadowbrook Townhouses Owner Files $9.5 Million Loan

The owner of the 366-unit Shadowbrook Townhouses at 3946 Lamar Ave. in Oakhaven has filed a $9.3 million loan on the property.

Salt Lake City-based Willow Wyck LP filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) June 19 through Magna Bank.

Paul D. Montgomery signed the trust deed as president of Property Asset Management Inc., general partner of the borrower.

Built in 1972, the Class D apartment complex contains 449,612 square feet in multiple buildings on 24.8 acres east of the intersection of Lamar Avenue and New Getwell Road.

The Shelby County Assessor of Property’s 2013 appraisal is $5.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Cohen: Airline CEOs Should Expand in Memphis

U.S. Rep Steve Cohen, D-Memphis, has sent a letter to the CEOs of US Airways and American Airlines, asking them to consider expanding their presence in Memphis.

His letter came in light of the fact the airlines recently agreed to a merger. In it, Cohen encouraged the chief executives to bring more flights to, from and through Memphis.

Cohen writes, “I hope that you will take this opportunity to enter into a newly competitive market in the Memphis airport that did not exist when Delta dominated in our terminals. While my constituents and I are deeply disappointed by the diminished flight schedule announced as a part of this restructuring of Delta’s Memphis presence, its permanent departure from so many of our gates provides a unique opportunity for your new airline. I am hopeful that this will attract the new American to our large, state-of-the-art facility. MEM boasts a newly renovated terminal, mild weather, and, soon, many empty slots. … The airport itself has a brand new air traffic control tower, and, most importantly, a potential consumer base anxious for new competition and service from an airline like the one that you are preparing to establish.”

– Andy Meek

Nineteenth Century Club Owners Due in Court

The owners of the historic Nineteenth Century Club building on Union Avenue will be in Environmental Court Monday, June 24, according to a group dedicated to preserving historic structures.

Memphis Heritage said Thursday, June 20, that the owner of the property, Liang Lin of Arkansas, doing business as The Union Group LLC., is charged with owning or maintaining a dangerous or neglected building and will be in General Sessions Division 14.

The stately but decaying mansion at 1433 Union Ave. was built in 1907 by Rowland Jones Darne, a Memphis lumber king, according to Memphis Heritage.

In 1926, the 15,813-square-foot house was acquired by the Nineteenth Century Club, a philanthropic women’s organization. The home is listed on the National Register of Historic Places.

The owners won a competitive bidding process for the home in January, paying $550,000 for the property, according to the Shelby County Registrar. The three-story wood frame structure is commercially zoned and sits on 1.2 acres at Union between Kimbrough and Cleveland streets.

“The house has had few alterations making it a rare example of Colonial Revival architecture and an important part of our early architectural history,” said Memphis Heritage on its website. “Once amid a streetscape of imposing mansions, now it remains as the last to exemplify the elegant residential character formerly displayed along a street now dominated by commercial establishments.”

– Amos Maki

Mississippi Casino Revenues up 3 Percent in May

Mississippi casino revenue rose in May, the first month in 2013 that state’s gross casino revenue was higher than in 2012.

Revenue was up 3 percent statewide to $192.7 million in May, according to the report from the Mississippi Department of Revenue.

South Mississippi’s 12 casinos won $95.1 million in May, up more than $4 million from May of 2012.

Statewide, revenue totaled $176.2 million in April of this year.

The 18 Mississippi River casinos reported revenue of $97.6 million in May, up $7.1 million from April. In May 2012, revenues were $96 million.

State revenue for the first five months is $933.7 million, down from $984.1 million this time last year.

The numbers exclude Choctaw Indian casinos, which aren’t required to report winnings to the state.

– The Associated Press

Tennessee Group Holds Summit on Energy Efficiency

The Tennessee Energy Education Initiative is presenting a free two-day summit on energy management and energy efficiency.

The Sustainability Summit is June 26-27 at the Memphis Botanic Garden.

According to a news release from the Tennessee Energy Education Initiative, national and regional experts will show how technology can be used to save energy with solutions that can be put to work today. The summit will offers customized industry tracks for health care, education and multifamily housing. Admission is free but seating is limited.More information is available at tnenergy.org.

– The Associated Press

Scammers Target Tennessee Corporations

Tennessee Secretary of State Tre Hargett says a scam is targeting corporations.

Companies are receiving letters that mimic official state correspondence, but it is from “Corporate Records Service.”

Corporations are required to file annual reports with the secretary of state’s office and the letter asks for a $125 filing fee. The state fee is only $20.

Hargett said Corporate Records Service is not on file with the secretary of state’s office and he warns corporations to provide no confidential information, including credit card numbers.

Annual reports can be filed to the state online at http://tnbear.tn.gov/Ecommerce/FilingSearch.aspx.

More information can be obtained by calling 615-741-2286.

– The Associated Press

Medtronic Raises Dividend 2 Cents to 28 Cents

Minneapolis-based Medtronic Inc. whose Spinal Business is in Memphis is increasing its quarterly dividend by 2 cents to 28 cents and may buy back up to 80 million of its shares as part of its effort to return 50 percent of its free cash flow to shareholders.

The dividend is payable July 26 to shareholders on July 5, the company said Thursday. It’s the 36th straight year the medical device maker has increased its payout to investors.

The company also said its board approved a share buyback program of up to 80 million shares, or 8 percent of the stock outstanding. Medtronic bought 31 million of its shares in the fiscal year through April.

Companies buy back stock in an effort to increase the value of shareholders’ existing stakes and offset the effect of paying employees in stock.

Medtronic shares closed down 1.7 percent at $51.19 Thursday, as the broader Dow Jones industrial average fell 2.3 percent.

The company’s shares have risen 25 percent in 2013.

– The Associated Press

Summer Arrives, Hot Weather on Time

The summer solstice occurred while many Tennesseans slept, meaning the astronomical summer season has begun.

Summer arrived at 12:04 a.m. Eastern Daylight Time on Friday and summertime weather is right on time.

The Shelby County Health Department put out a caution on Friday, reminding residents that summer requires special precautions. In the last dozen years, more than 60 deaths in the county have been attributed to heat.

Dr. Helen Morrow of the health department said many heat deaths and illnesses are preventable.

Staying cool, drinking plenty of water and being aware of how hot it is are important.

The National Weather Service office in Memphis said heat indexes in the mid-90s are anticipated into this week.

High temperatures in the upper 80s to low 90s will be common statewide.

– The Associated Press

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