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VOL. 129 | NO. 96 | Friday, May 16, 2014

Daily Digest

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Austin Peay Citgo Store Sells After Foreclosure

The Citgo gas station and convenience store at 4861 Austin Peay Highway in unincorporated Northeast Shelby County has sold back to the lender for $1.4 million following a foreclosure.

Decatur Properties IV Inc. of Covington, Ga., an affiliate of Fidelity Bank, bought the 4,080-square-foot store in a May 13 successor trustee’s deed from Erika R. Barnes of the Nashville office of Stites & Harbison PLLC law firm.

The successor trustee filed a first-run foreclosure notice in The Daily News last month when the previous owner, Chattanooga, Tenn.-based Memphis C-Store LLC, defaulted on a $1.7 million loan through Fidelity Bank dated Nov. 12, 2010.

Memphis C-Store paid $1.7 million for the property that same month from Boonie R. Cranford, financing the purchase with the Fidelity loan.

Built in 2006, the store sits on 4.7 acres on the west side of the intersection of Austin Peay Highway and Bolen Huse Road. The Shelby County Assessor of Property’s 2013 appraisal was $713,100.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Airport Budget Includes Terminal Rental Fee Hike

One impact of Delta Airlines ending hub operations at Memphis International Airport is a rise in the terminal rental rates airlines have to pay.

The Memphis and Shelby County Airport Authority’s $124.4 million operations and maintenance budget, which sets the fees and charges that the airlines pay to the Airport Authority, includes a 68 percent increase in the terminal rental rate, from $86.32 per square foot last year to $144.78 per square foot. The budget also include an 11 percent decrease in landing fees, from $1.45 for every 1,000 pounds to $1.29.

Terminal rental fees are determined by dividing the terminal’s operating cost by the total rented space. Since Delta closed its hub, rented terminal spaced has plummeted, resulting in the new rental rate increase. Airport Authority officials said that if rented spaced had remained the same, the terminal rent would have decreased by 13 percent.

The rise in the terminal rental rate should not have a major effect on airfares, according to the Airport Authority, because terminal rent and landing fees make up around 4 percent of airlines’ overall costs.

The Airport Authority said overall expenses were reduced by $3 million compared to last year. Personnel costs dropped by $1.1 million, mainly through attrition; operating costs for the Ground Transportation Center are expected to be down $1.4 million from last year; and maintenance and utility costs were reduced by $790,000.

– Amos Maki

Fairway Manor Development Opens

City of Memphis and Memphis Land Bank officials formally opened Fairway Manor Thursday, May 15, in southwest Memphis.

The three-story, 68-unit development is public housing and subsidized housing for the elderly and is built where the Graves Manor public housing development stood until it was demolished in 2007.

The next phase of the development, the 28-unit Fairway Manor Townhomes, will be built west of the complex on Fairway at South Third Street.

Fairway Manor is the last of Memphis’ six public housing sites to be redeveloped into mixed-use, mixed-income properties that include some public housing tenants as well as tenants paying market rate.

– Bill Dries

Chamber Workshop to Focus on Hiring Veterans

The Greater Memphis Chamber is hosting the second installment of its Workforce Leadership Series.

Called “From the Front Lines to the Front Offices: Leveraging Veteran Hires to Grow Your Business,” the program launches in conjunction with the 2014 Hiring Our Heroes Job Fair.

Workshop participants can learn important information on attracting and hiring veterans and the impact veterans can have on leadership, accountability and revenue. Information about tax credits and other incentives available to companies that hire veterans will be available.

Cliff Yager, founder and managing partner of The Straight Skinny, is the featured speaker, and panelists include Roger Littlejohn from the state Department of Labor and Workforce Development and Ernie Lombardi of the U.S. Chamber of Commerce Foundation

The workshop is scheduled for Wednesday, May 21, from 7:30 a.m. to noon at the Holiday Inn University of Memphis, 3700 Central Ave. Contact the chamber at 543-3500 for registration details.

– Amos Maki

Amro Music Picks Up Industry Distinction

The National Association of Music Merchants is presenting Amro Music Stores Inc. with a Top 100 Dealer Award at the organization’s annual summer music trade show in Nashville in July.

This marks the fourth year in a row that Amro has been given the award. The company also is in the running to get NAMM’s Dealer of the Year Award at the presentation.

NAMM is a not-for-profit association that focuses on strengthening the $17 billion global musical instruments and products industry.

– Andy Meek

Madonna Learning Center Kicks Off $10 Million Campaign

The Madonna Learning Center, a school for children and young adults with special

needs, held a groundbreaking ceremony Wednesday, May 14, celebrating the start to construction and renovation of buildings and facilities on its campus. The ceremony officially launched the public phase of the school’s $10 million capital campaign, called “Transforming Lives. Building a Brighter Future. The Campaign for Madonna Learning Center.”

Board Chairman John Haase also announced the center had secured two challenge grants for the campaign.

The school expects to begin construction in late May, and will wrap up in summer of 2015, in time for the new academic year.

The project will allow the school to double its student population, add a new preschool, and construct both a new Adult Program building and new gymnasium/performing arts building.

– Don Wade

Crossroads Hospice Needs Summer Volunteers

Crossroads Hospice is seeking volunteers to join its team of Ultimate Givers who strive to provide comfort to terminally ill patients and their families throughout the greater Memphis area.

Ultimate Givers visit with patients in their homes, assisted living facilities and nursing facilities, and help with clerical duties at the Crossroads office. They provide emotional support and companionship to patients and family members, assist with errands, and provide respite for those caring for terminally ill loved ones.

Crossroads Hospice welcomes students 16 years or older for volunteer work that may include reading to patients, playing cards, participating in arts and crafts, and providing office help.

Crossroads Hospice is also seeking volunteers, including students, to support its programs inspired by Jim Stovall’s novel “The Ultimate Gift.” The Gift of a Day program asks patients what their perfect day is and staff and volunteers work to make it a reality.

For more information, visit crossroadshospice.com/volunteering or contact Angela White at 382-9292 or angela.white@crossroadshospice.com.

– Don Wade

Bright Joins Evolve Bank Board of Directors

Memphis attorney Al Bright Jr. has joined the board of Evolve Bank & Trust.

Bright is a law partner in the Memphis office of Waller Lansden Dortch & Davis LLP, where he practices business law. He’s also the chairman of the board for the Economic Development Growth Engine for Memphis and Shelby County, and its related entities.

In a statement about the addition, Evolve Bank Chairman Scot Lenoir said Bright will bring a strong legal mind and fresh ideas to the bank’s board.

– Andy Meek

Board to Review Nominations for Historic Register

The State Review Board will meet later this month to review Tennessee's proposed nominations to the National Register of Historic Places, including the Picardy Place Historic District in Shelby County.

The meeting will be held at the Clover Bottom Mansion in Nashville on May 28 and is open to the public.

In addition to Picardy Place, the nominations include: the Norris Dam State Park Rustic Cabins Historic District in Anderson County; the Miller Farmstead in Carter County; and the College Hill Historic District and North Washington Historic District in Haywood County.

– The Associated Press

PROPERTY SALES 74 74 17,458
MORTGAGES 93 93 20,128
BUILDING PERMITS 126 126 36,072
BANKRUPTCIES 63 63 11,227