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VOL. 129 | NO. 39 | Wednesday, February 26, 2014

Daily Digest

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Midtown Apartment Building Sells for $840,000

The 20-unit multifamily building at 199 S. McLean Blvd. in Midtown has sold for $840,000.

Zaki Holdings LLC, whose address is in care of Germantown real estate company MTC Management, bought the 21,624-square-foot apartment complex in a Feb. 21 warranty deed from Colonial House LP.

The seller had acquired the property in a 1996 quitclaim deed from Romona J. Funk.

Built in 1964, the Class C multifamily property sits on 0.7 acres along the west side of McLean Boulevard south of Union Avenue and north of Linden Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $642,000.

In conjunction with the purchase, the buyer filed a $140,000 deed of trust through the seller, Colonial House. Amin Zaki signed the trust deed as managing member of Zaki Holdings.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Stax Presents Soulful Musical at Minglewood

The Stax Music Academy is bringing an original musical, “Peace, Love and Soulsville,” to Minglewood Hall Wednesday in celebration of Black History Month.

The musical, which includes live music, dancing and retro costumes, is based on the television show “Soul Train” and inspired by the book, “Love, Peace and Soul! The Behind the Scenes Story of America’s Favorite Dance Show: Soul Train.”

The show happens at 10 a.m., 1 p.m. and 7:30 p.m. at Minglewood, 1555 Madison Ave.

The sponsors for this year’s Stax Music Academy Black History Month musical are Laurelwood Shopping Center and ArtsFirst First Tennessee Foundation.

– Andy Meek

Commission Defeats Residency Referendum

A proposed August referendum for dropping residency requirements for county government jobs and Shelby County Schools jobs was voted down by the Shelby County Commission Monday, Feb. 24, on the first of three readings.

The proposal by Commissioner Terry Roland would put to voters the idea of dropping any residency requirement in the county charter. The requirement covers not only Shelby County government employees but Shelby County Schools employees. It became an issue during last year’s schools merger because Memphis City Schools did not have a similar residency requirement.

Under recent commission rules, if an ordinance fails on first and/or second reading it still advances to third reading.

In other action Monday, the commission approved a resolution urging the Shelby County Schools board to re-evaluate any school closings plan that includes Westhaven Elementary in Southwest Memphis.

– Bill Dries

Clothes Mentor Sets Opening Date

Clothes Mentor will open a Cordova location at the Commons at Dexter Lake March 20.

The women’s resale store chain based in Minnesota, which also has stores in Nashville and Clarksville, is leasing 5,000 square feet at 1717 N. Germantown Parkway, suite 101.

Clothes Mentor offers women’s apparel, shoes, purses and accessories for as much as 70 percent below store prices. The store began buying women’s gently used and new clothes Jan. 20.

Clothes Mentor will be open from 10 a.m. to 8 p.m. Monday through Saturday, and from noon to 5 p.m. on Sunday.

– Amos Maki

Consumer Confidence Dips Slightly in February

U.S. consumer confidence fell in February over concerns about the near-term outlook for business conditions and jobs.

The Conference Board said Tuesday that its confidence index dipped to 78.1 this month, down from 79.4 in January.

“Consumers believe the economy has improved, but they do not foresee it gaining considerable momentum in the months ahead,” said Lynn Franco, director of economic indicators at the Conference Board.

Consumer sentiment is closely watched for indications about how it will impact consumer spending, which accounts for 70 percent of economic activity.

Views about current conditions increased for the fourth consecutive month and now stand at the highest level in almost six years. But the index that tracks consumer expectations dipped slightly, pulling the overall reading down.

Amna Asaf, an economist at Capital Economics, said the small decline in February likely reflected the bad weather that much of the country has had to endure this winter. She said it also could have been a delayed reaction to the tumble the stock market took in January. But with the stock market now rebounding, she predicted confidence will rise as well.

“The improving fundamentals suggest that a rebound (in confidence) is just around the corner,” she said.

– The Associated Press

Tenn. House Votes to Condemn UT Sex Week Organizers

The House has voted to condemn the student organizers of a weeklong program about sex at the University of Tennessee in Knoxville.

The resolution sponsored by Republican Rep. Richard Floyd of Chattanooga was approved on a 69-17 vote on Monday.

Opponents of the university’s Sex Week said they object to student fees being used to pay for the event. After state lawmakers objected to last year’s event, the university withdrew more than $11,000 in direct funding.

The resolution is non-binding, but House Republican Caucus Chairman Glen Casada of Franklin said if the event continues on campus, “there may be stronger actions that come from this body.”

– The Associated Press

Former House Speaker Pays $100 To Replace Microphone

Former House Speaker Kent Williams said Tuesday he paid $100 to replace a microphone that he tossed aside when his comments were cut off last week.

An offer to prepay another $100 to cover any future damage was turned down, he said.

Williams, an independent from Elizabethton, threw the microphone in anger when he wasn’t allowed to explain his reasons for opposing a bill to allow supermarket wine sales in Tennessee after the chamber passed the bill Thursday.

House Clerk Joe McCord announced at the end of Monday night’s floor session that the chamber’s policies require members to replace or repair any damaged property. For example, former Rep. Julia Hurley was required to pay for her desk to be refinished in 2011 after she carved her initials into it.

Williams was House speaker from 2009 to 2011. He is retiring from the Legislature this year and running for Carter County mayor.

He said Tuesday that he was surprised the microphone broke. The House said there were several options for replacing the microphone, ranging from $89 to $135.

“I said, ‘Let me pay you for two,’ and they wouldn’t let me,” he said.

– The Associated Press

PROPERTY SALES 85 205 21,165
MORTGAGES 76 206 24,338
BUILDING PERMITS 183 321 43,755
BANKRUPTCIES 48 92 13,560