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VOL. 128 | NO. 216 | Tuesday, November 5, 2013

Daily Digest

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$2.1 Million Loan Filed for Bent Tree Apartments

An affiliate of the locally owned, faith-based nonprofit Global Ministries Fellowship has filed a $2.1 million loan for the 379-unit Bent Tree Apartments in Whitehaven.

GMF-Bent Tree LLC filed the leasehold deed of trust, security agreement and assignment of leases and fixture filing Oct. 30 through Merchants Bank of Indiana.

The Class D complex, which uses the address 3471 West Briarpark Drive, is on two adjacent parcels on the north side of Winchester Road between Winbrook Drive and Airways Boulevard.

The 10.1-acre parcel at 2020 Winchester includes 176 units built in 1969, while the 10-acre parcel at 2046 Winchester includes 203 units built in 1966. The Shelby County Assessor of Property’s combined 2013 appraisal for the parcels is $1.4 million.

The property is under a 10-year payment-in-lieu-of-taxes (PILOT) agreement through The Health, Educational and Housing Facility Board of the City of Memphis.

Richard L. Hamlet, president and CEO of Global Ministries Fellowship, signed the trust deed as president of GMF-Bent Tree.

Global Ministries Fellowship supports ministry programs on five continents that build churches, educate children, combat hunger and perform other humanitarian deeds. The organization also owns affordable multifamily housing developments in the U.S.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Kinard Elected President of Tennessee Attorneys Association

Christy Kinard, governmental affairs and professional standards director for the Memphis Area Association of Realtors, has been elected president of the Tennessee County Attorneys Association.

Kinard, who joined MAAR last January, is the first woman to hold the position since the TCAA’s creation in 1985.

Previously, Kinard served as the assistant county attorney for Shelby County. She worked 12 years for Shelby County government, serving as assistant county attorney since 2006. From 2008 to 2011, Kinard was an attorney and parliamentarian for the Shelby County Commission.

Kinard also volunteers with Memphis Area Legal Services and is a candidate for the Memphis Bar Association board of directors.

– Amos Maki

Hudson Sets MATA Retirement Date

William Hudson Jr., president and general manager of the Memphis Area Transit Authority for 20 years, will retire in January.

Hudson announced his long-anticipated retirement date at last week’s meeting of the transit authority board.

When A C Wharton Jr. was elected Memphis mayor in 2009, Hudson had indicated he wanted to serve two more years at the head of the city bus system and then retire. Since then, the MATA board has passed a series of resolutions extending Hudson’s contract for six months at a time.

Hudson began his career with the transit authority 49 years ago as a bus driver.

– Bill Dries

Iberiabank Expands Local ATM Presence

Iberiabank now has seven branded ATMs in Rite Aid pharmacies in Memphis through its partnership with Payment Alliance International, a leader in retail ATM solutions.

PAI owns and operates the ATM placements, and Iberiabank cardholders can now make transactions at those ATMs without incurring surcharges.

Greg Smithers, Iberiabank’s Memphis market president, said the newly branded ATMs are one piece in a larger growth strategy to serve the Memphis market by providing clients with greater access to banking services in a variety of convenient locations.

The ATMs are at 4642 Quince Road, 7570 Farmington Ave. in Germantown, 3500 Ramill Road, 2670 Frayser Blvd., 4212 Elvis Presley Blvd., 1810 Union Ave. and 1780 Germantown Parkway.

– Andy Meek

Lawmakers to Review Textbook Selection Process

Tennessee lawmakers are holding hearings this week to review the state’s textbook selection process.

The Senate Education Committee and the Senate Government Operations Committee will hold the hearings jointly on Monday and Tuesday.

Lawmakers say the hearings are intended to seek clarity regarding the structure and function of the Tennessee Textbook Commission.

The commission recently came under fire by a group of parents for having adopted textbooks containing alleged inappropriate language and a controversial interpretation of historical facts.

The panel is composed of 10 members whose responsibility is to recommend an official list of textbooks for approval by the State Board of Education.

Local school systems choose which textbooks to adopt from the list for a six-year period.

– The Associated Press

Report Lauds Tennessee for Child Screenings

A recent report shows Tennessee is leading most states when it comes to screening low-income children for developmental issues.

The Tennessee Commission on Children and Youth released the report by the Annie E. Casey Foundation on Monday.

According to the report, only four states are screening more low-income children for such issues.

It says addressing problems earlier costs less and provides the opportunity to intervene before those problems escalate.

The report stresses providing children with the services and support they need for cognitive, social and emotional development during the first eight years of their lives.

It calls that time period foundational for assuring success in school and life.

– The Associated Press

Report: Arkansas Revenue Remains Up in October

Arkansas’ October tax revenues beat expectations and those of the same month last year, although they may not reflect yet the impact of last month’s partial federal government shutdown on state coffers, finance officials said Monday.

The state Department of Finance and Administration reported that Arkansas’ net available revenue for October totaled $372.8 million, which was $17.2 million more than October 2012 and $8.1 above forecast. Arkansas’ revenue for the fiscal year that began July 1 total $1.6 billion, which is $37.8 million ahead of forecast.

“There’s nothing out there that’s really dramatic going up or down,” DFA Director Richard Weiss told reporters.

The department said October’s figures were boosted by gains in income tax collections that offset a shortfall in revenue from sales tax collections. Individual income tax collections totaled $226.4 million for the month, which was $8.3 million more than in October 2012 and $3.2 million above forecast. Corporate income tax collections totaled $25.6 million, an increase of $3.3 million above last year and $2.6 million above forecast.

Sales tax collections totaled $171.8 million for the month, which was $600,000 more than the previous October but $6.8 million below forecast.

– The Associated Press

US Factory Orders Rise 1.7 Percent in September

Orders to U.S. factories rose in September on a big jump in commercial aircraft demand. But businesses cut back sharply on machinery and other goods that signal their confidence to expand, signs of slower economic growth.

The Commerce Department said Monday that factory orders increased 1.7 percent in September from August. That followed a 0.1 percent decline in August and a 2.8 percent plunge in July.

The September gain was driven by a 57.7 percent jump in demand for aircraft.

But so-called core capital goods, which include machinery and electronics, fell 1.3 percent in September. And demand for machinery plummeted 23.6 percent, with big declines in construction machinery, electric turbines and generators.

The decline suggests businesses may have been worried about the economy before the 16-day partial government shutdown, which began on Oct. 1.

Economists pay close attention to core capital goods.

They are viewed as a better gauge of companies’ plans to invest because they exclude more volatile orders for aircraft and defense equipment. The decline was the second in three months and points to weaker activity at factories in the July-September quarter.

– The Associated Press

PROPERTY SALES 51 328 20,960
MORTGAGES 58 387 24,132
BUILDING PERMITS 170 842 43,435
BANKRUPTCIES 50 288 13,468