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VOL. 128 | NO. 176 | Tuesday, September 10, 2013

Daily Digest

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Old Dominion Files Permits for Expansion

Old Dominion Freight Line Inc. has filed six permits with the city-county Office of Construction Code Enforcement for its expanded facility at Airways Boulevard and State Line Road.

The six permits, which total a little more than $25 million, and their descriptions are: $16.5 million to “construct trucking dock and office building”; $5 million to “construct maintenance shop building”; $2 million to “construct line haul shop building”; $1 million to “install footings and foundations for dock and office”; $375,000 to “install footings and foundations for shop building”; and $150,000 to “install footings and foundations for office building.”

The company earlier this summer paid $1.5 million for 59.2 acres of land for the facility. The Thomasville, N.C.-based company bought the land, which abuts Interstate 55 at the Tennessee-Mississippi state line, June 27 from Ferrell Properties.

The purchase closed a week after the city-county Economic Development Growth Engine approved a nine-year payment-in-lieu-of-taxes agreement for Old Dominion.

EDGE awarded Old Dominion a nine-year PILOT to add 188 new jobs and invest $31.3 million in a building on the newly acquired land. Old Dominion, a less-than-truckload carrier, said it had outgrown its current facility at 3050 Carrier Road.

According to an EDGE staff report, the project will create $7.8 million in new tax revenue for Memphis and Shelby County.

The average salary of the new employees will be $52,111. EDGE staff predict the deal will produce $1.60 in tax revenue for every $1 in taxes abated.

The vacant land that Old Dominion bought has a 2013 appraisal of $270,400, according to the Shelby County Assessor of Property.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Hispanic-Latino Heritage Month Luncheon Thursday

Hispanic-Latino Heritage Month in Memphis begins Thursday, Sept. 12, with a luncheon at the Hilton Memphis, 939 Ridge Lake Blvd.

Featured speakers at the luncheon are Beverly Robertson, president of the National Civil Rights Museum, and Mauricio Calvo, executive director of Latino Memphis.

The luncheon and other events during the month of September are organized by the Memphis chapter of the National Hispanic Professional Organization.

– Bill Dries

UT Health Science Center Opens Endodontics Clinic

The University of Tennessee Health Science Center has opened a new endodontics clinic in the Winfield C. Dunn Building at 875 Union Ave.

School officials said the clinic is a major step forward for the Advanced Specialty Education program in endodontics at the College of Dentistry. The program received initial accreditation in 2011. Prior to that, UT dental graduates had to travel out of state to complete specialty endodontic training.

Endodontics is a specialty focusing on the study and treatment of the dental pulp, usually referred to as root canal treatment.

The new clinic includes a digital operatory with custom endodontic carts, digital radiography and endodontic practice management software.

Patients who want to save their teeth will be offered better alternatives to tooth extraction. The clinic also will attract new patients who cannot afford private practice fees.

– Jennifer Johnson Backer

Martin Tate Law Firm Expands to Lawrenceburg

One of the oldest law firms in the Memphis area has opened a new office in Lawrenceburg, Tenn.

The new Martin, Tate, Morrow & Marston PC office there will serve the firm’s growing commercial and transportation client base in the Middle Tennessee and Nashville areas. That new office also represents the first time the firm, which was founded in Memphis in 1904, has expanded into Middle Tennessee.

– Andy Meek

McWherter Not Making Repeat Run for Governor

Former Democratic gubernatorial candidate Mike McWherter says he will not make a repeat run for governor next year.

McWherter, son of former Tennessee Gov. Ned McWherter, lost to then-Republican candidate Bill Haslam in the 2010 gubernatorial election.

McWherter told the Knoxville News Sentinel he is trying to recruit his wife, Mary Jane McWherter, to seek the state Senate seat being vacated by Democratic Caucus Chairman Lowe Finney of Jackson.

It’s one of seven Senate slots now held by Democrats and one of two considered vulnerable to Republican takeover next year. Finney is not seeking re-election.

McWherter says there’s been “a groundswell of people” also recruiting his wife to run.

McWherter is currently a member of the Tennessee Valley Authority board of directors.

– The Associated Press

Economists Keep Rosy View for 3 Percent Growth in 2014

Business forecasters maintained their rosy view of the U.S. economy in 2014, predicting 3 percent growth by the second quarter of next year, low inflation and improving employment.

The top economists surveyed by the National Association of Business Economics between Aug. 8 and Aug. 20 also said there’s an 80 percent likelihood that the pickup in growth will prompt the Federal Reserve to trim its monthly $85 billion purchases of mortgage bonds and Treasury bills next year.

The NABE’s 43 respondents said in a report released Monday that there’s a 45 percent chance the Fed will begin its so-called “tapering” as early as this year.

But economists trimmed their expectations for the second half of 2013 since the last survey, in May.

The economists predicted that real gross domestic product would grow at a 2.3 percent annualized rate in the third quarter through September, down from 2.5 percent seen earlier; and 2.6 percent in the fourth quarter, down from 2.8 percent seen earlier. They were less optimistic about consumer spending, industrial production and private investment in nonresidential structures, equipment and software.

The economists’ slightly more pessimistic views were likely affected by the government initially reporting in July that second-quarter GDP grew 1.7 percent.

On Aug. 29, the Commerce Department revised the figure sharply higher for the April-June quarter, to 2.5 percent.

– The Associated Press

Icahn Ends Takeover Battle for PC Maker Dell

Billionaire investor Carl Icahn is giving up his bitter takeover fight for Dell Inc. a few days before shareholders are scheduled to consider the latest buyout offer from the struggling computer maker’s founder Michael Dell.

Icahn said Monday in a letter to shareholders that he still thinks Michael Dell’s bid to take his company private undervalues the business and freezes shareholders out of any future gains. But Icahn also said it would be “almost impossible” to defeat that offer in a vote scheduled for Thursday.

Icahn and another major Dell shareholder, Southeastern Asset Management, said they won’t pursue additional efforts to defeat it.

– The Associated Press

PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314