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VOL. 128 | NO. 208 | Thursday, October 24, 2013

Daily Digest

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Raines Road Apartment Owner Files $2.7 Million Loan

The owner of the 80-unit apartment complex at 1938 E. Raines Road in Whitehaven has filed a $2.7 million construction loan on the property.

Memphis-based Saddle Vineyards LP filed the construction deed of trust, assignment of rents and security agreement Oct. 18 through Triumph Bank. J. William Pierce Jr. signed the deed as general partner in Saddle Vineyards.

Built in 1970, the Class D multifamily complex contains 67,430 square feet in multiple buildings on 3.2 acres on the north side of East Raines Road between Interstate 55 and Hartz Road.

The Shelby County Assessor of Property’s 2013 appraisal is $678,600.

Saddle Vineyards, which owns a host of apartment properties throughout the area, bought the complex in an August special warranty deed for $300,000 from K.D. Graceland Farms.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Expects Increase In Holiday Deliveries

FedEx expects that holiday shoppers will be more nice than naughty this year, with shipments rising from 2012.

The company said Wednesday that it expects to carry more than 22 million shipments on the busiest day of the season, which it believes will be Monday, Dec. 2.

FedEx predicts that shipments in the first week of December will rise 13 percent over last year’s peak week, to more than 85 million shipments, driven by online shopping and retailers stocking up on electronics, apparel and other goods.

The expected top day, Dec. 2, will be the first work day for many shoppers after the long Thanksgiving weekend. This is the first time that FedEx expects so-called “Cyber Monday” to be its busiest day of the season.

Last year, the company’s heaviest load fell on Dec. 17, when it carried 19.9 million shipments. It also saw spikes of 19.6 million shipments on Cyber Monday and 19 million on Dec. 10.

If FedEx’s forecast is correct, the 2013 peak day will be roughly double the volume of its busiest day just six years ago.

The National Retail Federation predicts that retail sales in November and December will rise 3.9 percent over last year to $602 million – $738 per shopper. It expects online sales to rise by 13 percent to 15 percent.

FedEx, United Parcel Service Co. and others will fight over all those deliveries. This week, FedEx rolled out a new service called One Rate, a flat-rate shipping option that it hopes will boost its share of the holiday-shipping business. This spring, it offered a service that allows residential recipients to schedule deliveries.

Memphis-based FedEx Corp. expects to hire slightly more than the 20,000 seasonal workers that it added last year.

– The Associated Press

Trustmark Reports Profitable Third Quarter for Company

Trustmark Corp. earned a profit of $33 million in the third quarter.

The bank reported this week its earnings per share were up 6.5 percent from the prior quarter, and that total revenue increased to $145.6 million.

Trustmark president and CEO Gerard Host said the company is continuing to benefit from improvements in credit quality, has solid profitability and a strong capital base.

– Andy Meek

Botanic Garden Stage To Honor Duncan

The permanent stage being built at the Memphis Botanic Garden will be named in honor of executive director Jim Duncan.

The board of directors announced the honor for Duncan Wednesday, Oct. 23. Duncan has been executive director of the garden since 2004.

The permanent stage is part of a $5.8 million capital campaign for “The Live Garden,” an outdoor concert venue designed by archimania architects to host events year round.

– Bill Dries

Maple Grove Farm To Hold Fall Festival

This weekend people will get a chance to enjoy a fall festival while helping a good cause.

The 5th Annual Fall Farm Festival at Maple Grove Farm in Collierville will take place Saturday, Oct. 26, from 10 a.m. to 2 p.m. Maple Grove Farm is donating all of the proceeds to the Paul A. McDaniel Foundation for organ donation and stroke awareness.

The goals of the Foundation are to raise public awareness about managing stroke risk factors, better understanding stroke symptoms and response, improving the quality of life during stroke recovery, and organ and tissue donation education.

McDaniel passed away in 2008 following several massive strokes in both hemispheres of his brain. His brothers, Tim and Ben McDaniel, started the foundation to honor Paul, who graduated from Christian Brothers High School in 2004 and attended Christian Brothers University.

Paul McDaniel donated his organs and Stephen Eddings, who received his heart, will be a special guest speaker at the festival.

Festival activities will include a petting farm, hayride, moon bounce, zip-line, playground, face painting, pumpkin patch/decorating, rock wall and games and prizes. Admission is $10 per person and includes a T-shirt and pumpkins for children.

Maple Grove Farm is at 4961 Windsong Park in Collierville. For more information visit Maple Grove Farm at www.maplegrovefarm.net and for the Paul McDaniel Foundation visit www.paulmcdanielfoundation.org.

– Amos Maki

Transportation Safety Board Looks for Cause Of Crash

Investigators returned Wednesday to the scene of a medical helicopter crash that killed three people in West Tennessee, but an official said the preliminary cause of the crash was not expected for more than a week.

Two hospital workers and a pilot died Tuesday when the helicopter crashed en route to pick up an ailing child in Bolivar.

National Transportation Safety Board spokesman Keith Holloway said investigator Ralph Hicks was working at the site of the crash in a wooded area of Somerville, about 45 miles east of Memphis. A preliminary cause of the crash is not expected for roughly 10 days, Holloway said. A final report on the crash could take a year or more, Holloway said.

Meri Armour, president and CEO of Le Bonheur Children’s Hospital, said the Hospital Wing helicopter was cleared for both weather and flight plans when it took off. Authorities began searching when the helicopter didn’t respond during a routine 10-minute check-in.

In a news release, the hospital identified those killed as 47-year-old pilot Charles Smith, 43-year-old nurse Carrie Barlow and 43-year-old respiratory therapist Denise Adams.

Barlow worked as a nurse in West Tennessee for 13 years. She lived in Halls with her husband, Keith, and was the mother to three children.

Adams had served as the hospital’s Pedi-Flite respiratory therapist for the past eight years. She lived in Arlington with her husband, Rodney, and was the mother to three children.

Smith began his career at Hospital Wing in 2012, the same year he retired from the aviation unit of the Memphis Police Department after 25 years of service. He lived with his wife, Chi, and their two sons in Eads.

– The Associated Press

Children Services Gets More Flexibility In Use of Federal Funds

The Tennessee Department of Children’s Services is getting more flexibility in how it uses federal funding.

The Tennessean reports the state agency will be able to spend $40 million that is currently earmarked for foster children on efforts to keep children with their own families.

The agency will be able to help families that need food, help housing or counseling services.

The initiative begins next October. Tennessee is one of seven states that the U.S. Department of Health and Human Services selected to take part in a federal pilot project that changes how child welfare systems are funded.

Officials say the goal is to keep children out of foster care. Tennessee has about 7,300 children in foster care.

DCS spokesman Rob Johnson said the grant will keep funding levels at DCS about the same. He said funding for foster children won’t be cut.

– The Associated Press

PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107