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VOL. 129 | NO. 43 | Tuesday, March 4, 2014

Daily Digest

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Collier Village Apartments Sell for $4.4 Million

The 100-unit Collier Village Apartments at 365 Center St. in Collierville has sold for $4.4 million.

Collier Village Apartments Utah LLC – an affiliate of Salt Lake City-based Property Asset Management Inc. – bought the townhouse-style multifamily complex in a Feb. 26 special warranty deed from Collier Village Associates LLC.

The seller bought the Class C property in 2007 for $4.2 million.

Built in 1975, the complex sits on 4.7 acres on the west side of Center Street at its intersection with Keough Road. The Shelby County Assessor of Property’s 2013 appraisal was $2.6 million.

Collier Village, which has an alternate address of 376 Ramport Lane, offers primarily two-bedroom townhomes, with some one-bedroom flats. The average unit size is 852 square feet.

The buyer assumed the seller’s loan, a $3.8 million deed filed in August 2012 through Berkadia Commercial Mortgage LLC. Paul D. Montgomery signed the loan assumption as president of Property Asset Management.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Library Expands Digital Audiobook Selection

Memphis Public Library and Information Center customers now have access to more digital audiobooks through OneClick Digital, one of the library’s newest online resources for customers on the go.

More than 1,000 new e-audiobooks are available thanks to funding from the city of Memphis and a partnership with Recorded Books’ RBdigital. To use them, readers create an account on the library website using their library card number and PIN. Then, they download the OneClick Digital app, which is available for Windows, Mac, iOS, Android, Nook Color and Kindle Fire.

Books are available to download from authors such as John Grisham, Stephen King, Sue Monk Kidd and more.

– Andy Meek

Council Takes Up Streetlight Fee

Memphis City Council members return Tuesday, March 4, to the issue of monthly streetlight fees charged by Memphis Light, Gas and Water Division since the council voted last year to shift the responsibility for streetlights to the utility and out of the city operating budget.

Up for discussion is what amounts to a counteroffer by the utility board to a February council proposal that recommended a flat monthly fee of $3.17 a month for residential customers, $6.67 for small commercial properties and $19.54 for large commercial properties.

In its resolution, the MLGW board said it was concerned that the council’s proposal is “more regressive and would have the effect of shifting cost to those least likely to be able to afford to pay.”

The utility board is recommending the council keep the existing rate of $1.08 for apartments and $4.32 for single-family homes, but go to a single rate of $8.65 for all commercial properties.

The existing commercial rates are $6.48 for small commercial and $19.07 for large commercial.

An ordinance to require individual water meters for units in new apartment complexes is on the agenda Tuesday for third and final reading. But its sponsor, council member Myron Lowery, indicated last month there will probably be a delay in a final vote for amendments to the proposal.

And the council is scheduled to vote Tuesday on an urban renewal plan for the Raleigh Springs Mall that would allow planning to begin for construction of a new Memphis Police traffic precinct on the site.

– Bill Dries

Tigers’ Nichols, Dixon Honored by AAC

The American Athletic Conference named University of Memphis freshman forward Austin Nichols its Rookie of the Week for games through March 2, and also named guard Michael Dixon to its Weekly Honor Roll.

Nichols averaged 13.0 points, 4.5 rebounds, 2.0 assists and 2.0 blocks as the Tigers went 1-1, losing at Houston but rallying to defeat then-No. 7 Louisville at FedExForum. Nichols scored 14 points in the 72-66 victory over the Cardinals.

Dixon, a senior, averaged 18.5 points and 3.0 assists in the two games and had a team-high 18 points vs. Louisville.

– Don Wade

Overton Square Bikram Yoga Hosts Grand Opening

Bikram Yoga Memphis is hosting a grand opening for its Overton Square location Sunday, March 9.

Students are invited to take free classes at 8 a.m., 10 a.m. and 4 p.m., and to attend an open house party from 1:30 p.m. to 6 p.m.

Students can purchase class packages and retail items at 25 percent off, and the studio is also offering a presale of a six-month membership for $500.

The Overton Square Bikram Yoga Memphis, located at suite 205 of the building that formerly housed the ice skating rink and Palm Court Restaurant, will offer 90-minute classes seven days a week.

– Amos Maki

2 Tennessee Veterans Homes Ranked Top in Country

Tennessee State Veterans homes in Knoxville and Murfreesboro have been ranked among the best in the country.

U.S. News and World Report rated more than 16,000 nursing homes using data research on nursing home safety, health inspection and staffing.

The source of the data originates from the Centers for Medicare and Medicaid Services.

In 2013, CMS issued five-star ratings to the Senator Ben Atchley State Veterans Home in Knoxville and the Tennessee State Veterans Home in Murfreesboro.

This is the third year for the distinction for the home in Murfreesboro and the second for the home in Knoxville.

– The Associated Press

Construction Spending Up 0.1 Percent in January

U.S. construction spending showed a tiny increase in January as strength in housing helped to offset declines in nonresidential building and government projects.

Construction spending edged up 0.1 percent in January, significantly slower than an upwardly revised 1.5 percent gain in December, the Commerce Department reported Monday.

Home building was up 1.1 percent in January with single-family construction rising 2.3 percent and apartment building up 1 percent.

However, there was widespread weakness outside of housing. Non-residential construction fell 0.2 percent and office building was flat, with bad weather likely a factor in the weakness.

Total government construction was down 0.8 percent in January compared with December.

Construction spending totaled $943.1 billion in January at a seasonally adjusted annual rate.

The 1.1 percent rise in housing construction was just half of the 2.5 percent gain in December.

Economists had expected the January weakness, believing that construction, like other parts of the economy, would be slowed by the unusually cold weather. However, the expectation is that builders will see better gains once spring and warmer weather arrive.

Most economists are looking for sales of new and existing homes to show further gains in 2014, bolstered by an improving economy and steady job growth.

– The Associated Press

Energy Costs Boosted Consumer Spending in January

Americans spent more in January, but the increase came from a surge in spending on heating bills during the harsh winter. Spending in areas such as autos and clothing declined.

Spending rose 0.4 percent in January after a 0.1 percent gain in December the Commerce Department said Monday. The December figure was revised down from a 0.4 percent increase.

Income grew 0.3 percent in January after no increase in December.

The overall spending increase in January reflected a 0.8 percent jump in spending on services, the effect of higher heating bills. It was the biggest increase in spending on services since October 2001.

Spending on durable goods such as autos fell 0.3 percent. And spending on nondurable goods, covering things like clothing and food, dropped 0.7 percent.

"Spending looks great but is not," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Without an 11.3 percent surge in spending on utility bills, Shepherdson said consumer spending would have been close to flat.

Consumer spending is closely watched because it drives about 70 percent of economic activity. On Friday, the government said the economy grew at a 2.4 percent annual rate in the October-December quarter, down sharply from an initial estimate of a 3.2 percent rate.

– The Associated Press

PROPERTY SALES 79 321 2,586
MORTGAGES 90 426 3,033
BUILDING PERMITS 153 796 6,864
BANKRUPTCIES 37 213 2,000