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VOL. 128 | NO. 173 | Thursday, September 5, 2013

Daily Digest

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Visible Music College Files $3.2 Million Loan

Visible Music College has filed a $3.2 million loan on its Downtown campus at 200 Madison Ave.

The music and worship arts school filed the Tennessee deed of trust, assignment of leases and rents and security agreement Aug. 30 through Renasant Bank. Ken Dale Steorts signed the trust deed as president of Visible Music College.

Visible Music College bought the building – an iconic, triangular-shaped structure with a glass front – from Memphis Chamber Foundation in December 2009 for $1.1 million.

Built in 1972, the six-story, 45,200-square-foot building is on three-quarters of an acre at the northeast corner of Madison Avenue and the Court Street alley – directly across the street from the AutoZone Park outfield. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.

The school, which moved into the building in August 2011, recently announced it is launching a student work-scholarship program this fall.

The new program will employ 70 students in positions transferrable to the professional, post-collegiate world. Students will work hours weekly in recruitment and advancement, media and marketing, building management, music publishing, hospitality, admissions and more.

The college started its fall semester with a capacity enrollment of 129. Students moved in to campus housing in Memphis on Aug. 10.

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

Congressmen Visiting FedEx World Hub Sept. 9

Two U.S. congressmen are visiting Memphis next week as part of a road tour across the country in an effort to advocate for comprehensive tax reform.

U.S. Rep. Dave Camp – R-Mich., chairman of the House Ways and Means Committee – and U.S. Sen. Max Baucus – D-Mont., chairman of the Senate Finance Committee – will visit the FedEx Express World Hub Monday, Sept. 9. They’ll talk with company leaders and customers about how the tax code affects their respective businesses.

Their first stop Monday will be at a family farm in Oakland for what’s being billed as a “kitchen table conversation.” The tour then moves to the FedEx World Hub.

The two committee chairmen have been traveling the country, collecting feedback about the U.S. tax code. They started in Minnesota’s Twin Cities, meeting with workers and executives at 3M and at a family-owned bakery.

Then they headed to Pennsylvania and New Jersey to visit a few small businesses. Next up was a trip to Silicon Valley for meetings with tech companies Intel and Square.

– Andy Meek

CREW Memphis Hosts State of the Market Report

The Memphis chapter of Commercial Real Estate Women will host a lunch meeting Sept. 19 on the state of the local commercial real estate market.

Experts from CB Richard Ellis Memphis, an affiliate of CBRE Inc., will highlight the market for office, industrial and retail space, as well as investment properties. The State of the Market Report is sponsored by The Daily News and CBRE Memphis.

The event will be held from noon to 1:30 p.m. at Chickasaw Country Club, 3395 Galloway Ave. Tickets can be purchased by Sept. 13 at www.crewmemphis.org.

– Jennifer Johnson Backer

Council OKs Statue Move, Demolition Moratorium

Memphis City Council members approved a four-month moratorium Tuesday, Sept. 3, on any new demolition permits for city properties listed on the National Register of Historic Places.

But the resolution was amended to not apply to any demolition permits already issued, including the one for the Nineteenth Century Club building in Midtown. The planned demolition of the property by its new owners to make way for a restaurant is on hold, pending a Chancery Court decision on whether the club’s sale of the property was legal.

The club was the impetus for the original terms of the moratorium sought by council members Janis Fullilove and Lee Harris.

The council also approved a resolution that sets the stage for relocating the Christopher Columbus statue in Downtown’s Columbus Park to Marquette Park in East Memphis. The resolution spells out that the Italian-American organization UNICO will pay all costs for moving the statue, which it donated to and located in the Downtown park in 1987.

And the council approved the allocation and appropriation of $12 million to the Pyramid Redevelopment Project. That is the city’s portion of changes to The Pyramid in preparation for work by Bass Pro Shops to develop its retail store and other attractions. The $12 million is to “off-set and complete the project’s contract obligations” by the city, according to the resolution.

In other action Tuesday, the council approved a special use permit that permits the historic Lee House, at 690 Adams Ave., to be converted into a five-room bed-and-breakfast.

– Bill Dries

Gary Sinise & Lt. Dan Band to Play Memphis Benefit

Gary Sinise & the Lt. Dan Band will be in Memphis in November.

The Stephen Siller Tunnel to Towers Foundation and the Gary Sinise Foundation are teaming up to host a benefit concert Nov. 1 at 7 p.m. in honor of Marine Cpl. Christian “CB” Brown. The concert featuring Gary Sinise, well-known for his role in “Forrest Gump” as Lt. Dan, and his band will be held at the Memphis Cook Convention Center and will launch “Operation CB,” an effort to raise money to build Brown a “smart home” in Munford.

Brown enlisted in 2009 and was sent to Marjah, Afghanistan, for his first deployment. After returning safely, he volunteered to redeploy to Afghanistan. He led 163 combat missions as squad leader.

In December 2011, Brown stepped on an improvised explosive device and was seriously wounded. His treatment required, among other things, amputations of both legs.

– Andy Meek

Archer-Malmo Grows With Four Hires

Memphis-based marketing communications agency archer-malmo continues to grow its ranks.

The agency has made four new hires, including Lukus Blackford as a search engine optimization and analytics specialist, Cary New as a public relations senior account executive, Casey Lissau as associate creative director and Christina Comas as retail marketing account coordinator.

That growth helps illustrate why the agency recently was named to the Inc. 5000 list, a ranking of the nation’s fastest-growing private companies. The Agency Post also recently put archer-malmo on its Agency 100, a list of the fastest-growing advertising and marketing agencies in the U.S.

Blackford is supporting archer-malmo’s digital team on SEO projects for all agency clients and social media listening and online reputation for Zoetis.

New spent the last 15 years at Viking Range Corp., where she specialized in corporate and B2B media relations. Most recently, she was the media chairman/director for the Viking Classic PGA Tour Golf Tournament.

Lissau previously was a senior art director at Sullivan Branding. Over the last 10 years, he’s also picked up more than 20 regional ADDYs and more than 40 local ADDYs.

Comas will support local marketing activities for all of the Palm Beach Tan corporate markets. She’s held marketing department roles with various local organizations, including St. Jude Children’s Research Hospital, and most recently as a marketing coordinator for the Germantown Performing Arts Center.

– Andy Meek

Dollar General Earnings Top Street, Traffic Up

Dollar General's second-quarter net income rose 15 percent, driven by increased customer traffic as shoppers hunted for bargains.

The discounter earned $245.5 million, or 75 cents per share, for the period ended Aug. 2. That's up from $214.1 million, or 64 cents per share, a year earlier.

Stripping out a lawsuit settlement, earnings were 77 cents per share. Analysts expected earnings of 74 cents per share, according to a FactSet poll.

Revenue increased 11 percent to $4.39 billion from $3.95 billion. Wall Street predicted $4.35 billion in revenue.

Revenue at stores open at least a year, a key indicator of a retailer's health, climbed 5.1 percent. This metric excludes results from stores recently opened or closed.

The Goodlettsville, Tenn., company said that its revenue was helped by improved traffic and shoppers spending more per transaction, on average.

– 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