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VOL. 129 | NO. 33 | Tuesday, February 18, 2014

Daily Digest

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Loeb Files $2 Million Loan on Park Place

The Loeb Properties affiliate that owns Park Place Centre at Park Avenue and Ridgeway Road has filed a $2 million loan on the property.

Park Place Memphis LLC filed the deed of trust and security agreement and fixture filing statement (second priority) Feb. 13 through Thrivent Financial for Lutherans. Loeb vice president Earl Williams signed the trust deed on behalf of the borrower.

Park Place Memphis bought Park Place Centre from Belz Enterprises Inc. for $10.3 million in December 2010.

The center encompasses 1225 Ridgeway Road, 1181 Ridgeway Road, 1171 Ridgeway Road and 1250 Park Place Center. Tenants include Jason’s Deli, P.F. Chang’s, Stash Inc., I.O. Metro, Gould’s Salon & Spa and Hallmark.

The 175,000-square-foot center, which is at the southwest corner of Park Avenue and Ridgeway Road, was financed at the time of purchase for $7.5 million through First Tennessee Bank.

The Shelby County Assessor’s 2013 appraisals of the parcels were as follows: 1225 Ridgeway: $9.3 million; 1181 Ridgeway: $1.2 million; 1171 Ridgeway: $473,900; and 1250 Park Place Center: $551,800.

Source: The Daily News Online & Chandler Reports

– Daily News staff

New Memphis Institute Unveils Executive Committee

The New Memphis Institute has announced Baptist Memorial Health Care Corp. CEO Jason Little as its board of trustees chair for 2014.

The organization’s 2014 executive committee also includes a broad cross-section of leaders from the private sector in Memphis. They include Universal Commercial president Darrell Cobbins; Dunavant Enterprises president and CEO Bill Dunavant; Southeastern Asset Management chief financial officer Steve Fracchia; FedEx vice president Neil Gibson; Chism Hardy Investments LLC owner and CEO Carolyn Hardy; KIPP Memphis executive director Jamal McCall; Independent Bank co-chair and president Susan Stephenson; and Duncan-Williams Inc. president Duncan Williams.

– Andy Meek

Shelby County Schools Opens Schools Transfer Process

Shelby County Schools officials open the general choice transfer process Tuesday, Feb. 18, for the parents of all students in the school system.

It allows parents to apply for a transfer to any school in the district that has space available as an alternative to the school a child is assigned to through attendance zones.

The application process runs through March 7.

This year’s process takes place as the six suburban towns and cities in Shelby County prepare to form their own school districts.

Because of that, Shelby County Schools will not renew general choice transfers to students who currently attend schools that will be in the suburban school districts and who also live within the borders of one of the six suburban towns and cities.

– Bill Dries

EPA Recognizes Medtronic For Green Power Use

The Medtronic Spine/Pyramid Campus appears at No. 52 on the U.S. Environmental Protection Agency’s Fortune 500 list of the largest green power users.

Medtronic Spine/Pyramid Campus is using 8 million kilowatt-hours (kWh) of green power annually, which is enough green power to meet 49 percent of the organization’s electricity use.

“This is a huge honor and we are proud to be recognized by the U.S. Environmental Protection Agency,” said Julia Kniesly, principal environmental health and safety engineer at Medtronic Spine. “Using green power helps our organization become more sustainable, while also is sending a message to others across the U.S. that supporting clean sources of electricity is a sound business decision and an important choice in reducing climate risk.”

– Don Wade

UTHSC to Offer Online Nursing Degree Programs

The Tennessee Board of Nursing has approved a proposal from the University of Tennessee Health Science Center to offer a new degree program all online – the Registered Nurse to Bachelor of Science in Nursing Degree Program.

Starting immediately, the UTHSC College of Nursing will begin to accept applications for its fall 2014 online class of RN to BSN students. The online RN to BSN class has a capacity of 30 students per cohort. The current on-campus RN to BSN program at UTHSC accepts 30 students every year.

RNs can select full-time and part-time options, which would entail roughly 12 months or 17 months of study to earn the BSN, respectively. Registered Nurses who live in Mississippi and Arkansas but who work in Tennessee are eligible for in-state tuition at the UTHSC College of Nursing, if they enroll in the part-time RN to BSN program.

Students can choose between online or hybrid classes. The RN to BSN application submission deadline is April 15 for the class that starts in fall 2014. The application deadline is Sept. 15 for the class that begins in January 2015.

To learn more about the program, contact Jamie Overton in the Office of Student Affairs, UTHSC College of Nursing at 448-6125 or JOverton@uthsc.edu. Or visit www.uthsc.edu/nursing.

– Don Wade

Wedding Services Bill Sparks Opposition

Two Tennessee lawmakers have proposed a bill that would protect wedding-related businesses from lawsuits if they refuse to provide services based on religious beliefs.

Republican Sen. Mike Bell of Riceville and Knoxville Rep. Bill Dunn are sponsoring the proposal.

The Knoxville News Sentinel reports it is expected to be reviewed by the Senate on Tuesday in the wake of recent court rulings in other states striking down bans on same-sex marriage.

Bell says he thinks Tennessee’s ban will be overturned eventually and the bill would protect the religious beliefs of business owners.

American Civil Liberties Union of Tennessee Executive Director Hedy Weinberg said the bill “is clearly written” to target gay, lesbian and transgender couples and is discriminatory.

Bell disagreed.

“I think it’s happening, but it’s happening the other way, by the government, through the courts,” Bell said. “The courts are discriminating against people of faith who have deeply held convictions.”

Weinberg said the ACLU is lobbying against the proposal.

Bell said shop owners in other states have been sued for refusing to do business.

“It’s been the proponents of same-sex marriage who have brought this to court in other states,” he said, adding that the proposal’s purpose is “protecting the religious beliefs of the business owners.”

– The Associated Press

Oil Price Above $100 On Heating Fuel Demand

The price of oil extended gains above $100 a barrel Monday as the cold weather in the United States increased demand for heating fuels and solid Chinese credit numbers eased concerns over the world’s number 2 economy.

By early afternoon in Europe, benchmark U.S. crude for March delivery was up 49 cents to $100.79 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract fell 5 cents to close at $100.30.

“The ongoing cold weather in the U.S. is continuing to lend support to energy prices,” analysts at Commerzbank in Frankfurt said in a note to clients.

They added that prices are likely to correct, possibly as much as several dollars, once the cold weather abates, as happened at the start of last year.

For now, though, oil prices have been supported by favorable credit growth numbers from China, which suggested the Chinese economy is not suffering a dramatic slowdown.

Lending by Chinese banks and in the largely unregulated underground market rebounded to 2.6 trillion yuan ($430 billion) in January from December’s 1.2 billion yuan, according to the central bank. Lending usually surges at the start of a new year but January’s rise exceeded forecasts and might help to ease worries about cooling retail sales, manufacturing and other activity.

Brent crude, which is used to set prices for international varieties of crude, was down 5 cents to $109.03 on the ICE Futures exchange in London.

– The Associated Press

PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115