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VOL. 129 | NO. 89 | Wednesday, May 7, 2014

Daily Digest

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Heritage Place Retirement Community Sells for $1 Million

An affiliate of Orlando, Fla.-based Elevation Financial Group has paid $1 million for the 161-unit Heritage Place retirement center at 2990 Hickory Hill Road in Hickory Hill.

Serenity Apartments at Hickory Hill LLC bought the Class C facility in a May 2 special warranty deed from NHP SH Tennessee LLC, which had acquired the property, along with two others, in 2007 for nearly $30 million.

Built in 1985, Heritage Place contains 161,900 square feet in multiple buildings on 13.1 acres along the east side of Hickory Hill Road south of its intersection with Mount Moriah Road Extended.

The Shelby County Assessor of Property’s 2013 appraisal was $2 million.

In conjunction with the purchase, Serenity Apartments at Hickory Hill LLC filed a $2.5 million loan through The Glenda G. Morgan Charitable Foundation Inc. T. Chris King signed the trust deed as manager of Elevation Financial Group.

Elevation Financial Group in 2010 bought the Highland Towers retirement community at 400 S. Highland St. for $1.8 million and renamed it Serenity Towers at Midtown Memphis.

Source: The Daily News Online & Chandler Reports

– Daily News staff

The Memphis News Claims Five Green Eyeshades

The Memphis News was awarded three first-place honors in the 64th Annual Green Eyeshade Awards for its coverage of stories in 2013. The awards are given by the Society of Professional Journalists’ Southeastern region, which covers 11 states.

The Memphis News won first place among non-dailies for its public affairs coverage, including stories by reporter Bill Dries on Memphis City Schools superintendent Kriner Cash’s resignation, teacher residency programs, the Shelby County Schools merger and friction at City Hall, as well as a story by Dries and reporter Don Wade on the AutoZone Park and Memphis Redbirds sale.

Wade won first place among non-dailies for sports commentary and third place for sports reporting. It is Wade’s second year to pick up Green Eyeshades in both categories.

The Memphis News also won first place in the editorials category.

The paper picked up a second-place Green Eyeshade for its political coverage, including Dries’ stories on the city and county budgets and friction at City Hall, and a story by Dries and reporter Andy Meek that analyzed the recent choices of Memphians to lead several local institutions.

– Staff

Airport Authority, University of Memphis Establish Scholarship

The Memphis-Shelby County Airport Authority and University of Memphis have established an endowed scholarship at the Fogelman College of Business and Economics as a tribute to Larry Cox, former president and CEO of the Airport Authority.

The Larry D. Cox Scholarship Fund will invest in the academic and economic future of public school students in the greater Memphis and Shelby County area starting in 2015.

“Education is very important to me, and I hope that this will help local students fulfill their dreams of earning a college degree,” said Cox.

Cox was a long-time fixture at the Airport Authority, spending 41 years there after earning bachelor’s and master’s degrees from the University of Memphis and serving three years in the U.S. Air Force.

Contributions to the scholarship fund can be made at memphis.edu/giving by designating the donations for the Larry D. Cox Scholarship.

– Amos Maki

University of Memphis Men’s Golf Earns Postseason Spot

The University of Memphis men’s golf team earned an invitation to the NCAA Regionals that will be played May 15-17.

This is the fourth straight postseason trip for the Tigers. They will be the No. 10 seed at the Raleigh (North Carolina) Regional. The NCAA Regional is a 54-hold competition. Georgia Tech is the top seed in Raleigh.

The five teams shooting the lowest scores at each of the six regionals advance to the NCAA Finals, to be held May 23-28 in Hutchison, Kansas. The five players not on those teams who shoot the lowest scores also advance to the finals.

– Don Wade

Morris Promoted at Commercial Bank and Trust

Greg Morris has been promoted to assistant vice president at Commercial Bank and Trust Co.

He’s worked for the bank for seven years. During that time, he’s held positions that include account executive, loan assistant, credit analyst and loan officer.

He specializes in working with both personal and small-business clients.

Commercial Bank and Trust provides full-service banking services, including a mix of checking, savings and retirement programs, money market accounts, mortgages, home equity loans, and commercial and business loans, among others.

– Andy Meek

Tennessee Program to Help Prisoners Re-Enter Society

State prison officials are hoping that a new program that connects offenders with faith-based organizations and other nonprofits can help prisoners successfully re-enter society after they've served their time.

The Tennessee Department of Correction kicked off its new Take One Program this week during a prayer breakfast at the Christ United Methodist Church in Nashville. It was the beginning of a statewide launch.

Take One is a collaboration between the prison system and churches, faith-based organizations and other nonprofits to help offenders transition back into society. The program encourages each organization to mentor one offender for one year.

The TDOC says that an estimated 90 percent of prisoners will eventually be released, and the new program will encourage offenders to lead productive, crime-free lives when they get out.

– The Associated Press

TVA to Cut More Than 10 Percent of Jobs

The Tennessee Valley Authority says 750 employees have retired or resigned through a voluntary incentive program, another 1,000 vacant positions are being eliminated and more cuts are on the way.

The Chattanooga Times Free Press reports it will be the largest staff reduction at the federal utility in more than 20 years.

Cuts also are planned in TVA's nuclear program and involuntary layoffs are expected later this year.

The cuts are being made so staffing levels and electric rates will be more in line with other utilities as power consumption growth slows.

TVA President Bill Johnson says he wants a $500 million reduction in annual expenses by next year.

"We have had higher operating costs than some of our neighbors, so we're looking at ways to bring our costs down and operate more efficiently," TVA spokesman Duncan Mansfield said. "It's all driven toward trying to keep our rates low."

– The Associated Press

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PROPERTY SALES 105 105 9,674
MORTGAGES 82 82 11,396
BUILDING PERMITS 134 134 20,444
BANKRUPTCIES 58 58 6,495

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