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VOL. 129 | NO. 250 | Wednesday, December 24, 2014

Daily Digest

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Cordova Hotel Sells for $2.5 Million

A Microtel Inn & Suites in Cordova has sold for $2.5 million.

Shiv Sai Ram LLC purchased the 66-room, three-story hotel at 2423 N. Germantown Parkway from Link-Paras LLC, according to a Dec. 15 warranty deed. The purchase price breaks down to around $37,878 per room.

Link-Paras LLC acquired the property from JM & S LLC in 1998 for $707,415. Nakhil Shah, president of Sure Development and Investment Corp., member of Link-Paras LLC, signed the warranty deed for the seller.

In conjunction with the purchase Shiv Sai Ram LLC filed a $2.1 million loan through Duluth, Ga.-based State Bank & Trust Co., according to a Dec. 15 deed of trust.

Built in 2000, the hotel is located on the east side of Germantown Parkway south of the Interstate 40 interchange near Rockcreek Parkway. The Shelby County Assessor of Property’s 2014 appraisal for the hotel is $1.5 million.

Source: The Daily News Online & Chandler Reports
– Amos Maki

St. Louis Fed Updates Memphis Board

The Federal Reserve Bank of St. Louis has announced some changes to the board of directors of its Memphis branch, effective Jan. 1.

Michael Cary, president and CEO of Carroll Bank and Trust in Huntingdon, Tenn., has been appointed to a three-year term on the board. David Cochran Jr., partner with CoCo Planting Co. and CoCo Manufacturing, both based in Avon, Miss., has also been appointed to a three-year term. And Roy Ford Jr., vice chairman and CEO of Commercial Bank and Trust Co. in Memphis, has been reappointed to a second three-year term.

The chairman of the Memphis branch board of directors for 2015 will be Carolyn Chism Hardy, president and CEO of Chism Hardy Investments LLC and Hardy Logistics Solutions LLC, both based in Memphis.

Also serving on the board are: J. Brice Fletcher, chairman of First National Bank of Eastern Arkansas in Forrest City, Ark.; Lisa McDaniel Hawkins, president of Room to Room Inc. in Tupelo, Miss.; and Charlie E. Thomas III, regional director of external and legislative affairs for AT&T Tennessee in Memphis.

– Andy Meek

Wesley Housing Corp. Names New CEO

The Wesley Housing Corp. of Memphis Inc. board of directors has announced that Jim Nasso, current president and chief operating officer, will become chief executive officer following CEO Larry Kaler’s retirement Dec. 31.

Nasso will assume the role of CEO effective Jan. 1.

Ron Budynas is assuming the role of vice president and chief operating officer. Don Ollio is vice president and chief financial officer.

“I am humbled and honored to be named the next CEO of this great organization following three great leaders in Rev. Paul Eubanks, Rev. Jerry Corlew and Larry Kaler,” Nasso said in a statement. “Wesley’s mission in ministry is to serve the elderly of the Mid-South and I am excited to lead such an experienced and talented group of individuals committed to this purpose.

“The short-term goal is to preserve the current portfolio while enhancing the services and daily lives of every resident and senior being served in their home. Long term, Wesley will expand beyond its current footprint without sacrificing the quality Wesley has provided for over 45 years.”

– Don Wade

Achievement School District Grant Running Out

Tennessee's Achievement School District will have to make do with less money next year unless it finds a new source of funding.

WPLN-FM reports the agency charged with turning around Tennessee's lowest-performing schools was formed in 2010 with grant money from the federal Race to the Top program.

Like other districts, the ASD gets state funding based on enrollment. But until now, the district has also had the grant money, and that is what it has used to run its 30-employee central office.

All that money will be gone next year.

District superintendent Chris Barbic says he plans to use only about 2 or 3 percent of the state money to run the office. But that still means the individual schools will have less.

He said schools operate with autonomy, but still need some administration.

"It does require a central office. But it requires a much smaller district office," Barbic says. "I think if you were talking to any superintendent in the state or country, making this work on the public dollar is a challenge. There's no question about that. What we've tried to do is be as efficient as we possibly can."

– The Associated Press

Natural Gas Prices Down 30 Percent in a Month

The price of natural gas is down 30 percent in just over a month and homeowners could enjoy lower electricity prices and heating bills in the coming months.

A warm December and plentiful supplies are behind the plunge, which comes at a time when natural gas prices usually rise.

Natural gas is used by half of the nation's households for heating and to generate 26 percent of the nation's electricity.

Natural gas prices rose during a frigid November. But December warmed up, and temperatures for the rest of the winter are expected to be close to normal. That could keep prices low through the spring, analysts expect.

On Tuesday, natural gas rose slightly to $3.15 per 1,000 cubic feet, down from nearly $4.50 in late November.

– The Associated Press

PROPERTY SALES 81 201 16,108
MORTGAGES 40 104 10,026
BUILDING PERMITS 130 336 38,272
BANKRUPTCIES 28 56 7,528