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VOL. 128 | NO. 205 | Monday, October 21, 2013

Daily Digest

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Campbell Clinic Pays $3.2 Million for Surgery Center

Campbell Clinic has paid $3.2 million for the Midtown Surgery Center at 255 Dr. Martin Luther King Jr. Ave.

Operating in the transaction as Wolf River Medical Center LLC, the clinic bought the 18,463-square-foot facility in an Oct. 15 warranty deed from Baptist Memorial Hospital, which lists a Nashville address.

Campbell Clinic will name the facility Campbell Clinic Surgery Center – Midtown, while also renaming its Germantown facility at 1400 S. Germantown Road as Campbell Clinic Surgery Center – Germantown.

Built in 1996, the office medical building, whose address is also known as 255 S. Pauline St., sits on 2.9 acres along the north side of Dr. Martin Luther King Jr. Avenue between South Dudley and South Pauline streets in Midtown.

The Shelby County Assessor of Property’s 2013 appraisal is $2.5 million.

In conjunction with the purchase, Wolf River Medical Center filed a $3.2 million deed of trust through Magna Bank. Campbell Clinic CEO George Hernandez and chief of staff Dr. Frederick M. Azar signed the deed on behalf of Campbell Clinic PC, the sole member of Wolf River Medical Center.

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

Cox to Leave Airport Post Jan. 2

Memphis-Shelby County Airport Authority President and CEO Larry Cox will leave his day-to-day job running the airport effective Jan. 2 but will remain a consultant to the airport authority through July, when his retirement takes effect.

Cox made the announcement laying out a specific departure timetable Friday, Oct. 18.

Cox announced his retirement date earlier this year.

With Cox’s exit from day-to-day duties in January, Scott Brockman will begin his tenure as president and CEO. Brockman, who is currently the airport authority’s chief operating officer, was the authority board’s choice to succeed Cox, who has been with the airport for 41 years.

– Bill Dries

Sullivan Branding Adds Quartet of Hires

Sullivan Branding has made four hires in its digital, creative and media planning departments, adding a digital analyst, art director, graphic designer and media coordinator.

Daniela Vander Zwiep is Sullivan’s new digital analyst at Sullivan Branding. She will manage measurement of Sullivan clients’ digital campaigns and make recommendations for improvement and optimal return on investment. She has spent more than six years in the digital analysis side of advertising and has experience with web analytics, paid search, search engine marketing, budget management and multi-channel analytics.

Justin Achelpohl is a new art director and will work on projects for the University of Memphis. He has four years of experience as a digital artist and in photography. Markelo Foster has been hired as graphic designer at Sullivan and will work on Fred’s Super Dollar, Home2 Suites, the University of Memphis and on special projects.

Allison Hodges has joined the agency as a media coordinator and will work with the agency’s digital and traditional media planning departments to determine the most effective ad placement for clients.

– Andy Meek

Tennessee Putting Traffic Death Totals on Signs

Tennessee is resuming putting daily traffic death totals on signs over interstates throughout the state.

Tennessee Department of Transportation spokesman John Schrorer told The Tennessean the idea is to bring the figure to the attention of everyone. The figures had been posted only on Fridays for most of the year.

Deaths have spiked in the last half of the year, with monthly totals regularly topping 2012’s tallies. In the early months of the year, counts fell below the 2012 numbers.

Tennessee Highway Patrol Col. Tracy Trott says there will be heightened enforcement during the Thanksgiving holiday weekend. Troopers will be posted every 20 miles along Interstate 40 during peak travel times on Wednesday and Sunday of that week.

– The Associated Press

Property Tax Bill Stalls Before Arkansas Lawmakers

A plan to allow Arkansas to retain excess property tax revenue from a handful of school districts has stalled before a state House panel. Supporters say the move effectively kills the proposal for this week’s special session.

The House Education Committee rejected an effort Friday to bring the proposal up for a vote after it was tabled earlier in the day. The Senate sponsor of an identical bill said he wouldn’t bring it before that chamber due to the House objections.

The proposal would allow the state to retain excess property tax revenue from districts where higher property tax collections pushed the districts above total school funding levels set by state law. It would also phase out the excess revenue from eight districts where collections are currently above that funding level.

– The Associated Press

Arkansas Lawmakers Pass Teacher Insurance Fixes

Arkansas lawmakers on Friday approved legislation aimed at reducing health insurance rate increases of up to 50 percent that are otherwise set to hit thousands of teachers next year.

The House and Senate passed identical but separate proposals that call for using $43 million in state surplus money this year to lower teachers’ insurance premiums. Those measures are expected to head to the opposite chambers for final votes Saturday.

“The short-term fix is just getting the money to stop the bleeding,” Sen. Johnny Key, R-Mountain Home, chairman of the Senate Education Committee, said Friday after the Senate passed the surplus measure on a 34-0 vote. “The long-term fix is making the substantial changes needed to the insurance system. ... We have to do a lot of work to make sure that what we have going forward for these employees is the right thing and then to balance it with what’s right for taxpayers.”

A state board in August approved increasing premiums by as much as 50 percent for the 47,000 teachers on the state plan starting Jan. 1. For example, the premium for family coverage under the most popular plan would increase from $1,029 to $1,528 a month.

State officials say a total of $54 million is needed to keep teachers’ rates at the current level. The proposals are expected to lower the premium increases to 10 percent.

The House on Friday also approved a series of long-term changes to the insurance program that supporters say are needed to keep it sustainable. That proposal, which passed on a 90-0 vote, includes a requirement that the teacher insurance plans include a deductible and the creation of a task force to recommend further systemic changes. It now heads to the Senate.

Friday marked the second day of a special session called to address the teacher insurance premiums. Gov. Mike Beebe called the session after he was assured by legislative leaders there were enough votes to pass the measures.

– The Associated Press

NYSE to Conduct Twitter IPO ‘Dry Run’

The New York Stock Exchange isn’t taking any chances with Twitter’s initial public offering.

The Big Board said Friday it would allow trading firms to conduct a dry run of their systems to prepare for Twitter’s IPO. The exchange seems to want to avoid the technical problems that marred Facebook’s debut on the Nasdaq Stock Exchange in May 2012. The glitches were a major embarrassment for Nasdaq, and resulted in a big fine.

The NYSE test will occur on Saturday, Oct. 26, according to a notice sent out to traders.

Twitter said earlier this week that it had chosen to list with the NYSE over rival Nasdaq. The micro-blogging service is expected to go public sometime in November, possibly before Thanksgiving.

Twitter’s IPO is the biggest social media debut since Facebook’s. While Nasdaq won Facebook’s listing, one of the biggest IPOs in years, the debut was hit with trading delays and order failures. As a result, the Securities and Exchange Commission in May fined Nasdaq $10 million, the largest ever levied against an exchange.

– The Associated Press

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149