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VOL. 129 | NO. 91 | Friday, May 9, 2014

Daily Digest

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Life Church Buys Victory Campus for $4.4 Million

The Life Church of Memphis has paid $4.4 million for the former Victory University campus at 255 N. Highland St.

The Life Church of Memphis Inc. bought the 6.7-acre college campus – which became available when Victory declared for bankruptcy in March – in a May 2 warranty deed from SignificantPsychology LLC, the California company that bought Crichton College in 2009 and rebranded it as Victory.

Victory University’s last day of the spring semester, May 2, also was the end of the 73-year-old institution that began as Mid-South Bible College and later became Crichton. University officials announced abruptly in March that the university would close because of financial problems.

The Life Church will open its fourth Memphis location at the facility this fall following “extensive renovations and upgrades,” according to a press release. The church will have a 1,000-seat auditorium and “spacious environments” for its Next Generation ministries.

Built in 1961, the 105,142-square-foot building sits on the west side of Highland Street just north of Waynoka Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $5.7 million.

In conjunction with the purchase and to facilitate the renovations, The Life Church of Memphis filed a $3.8 million construction loan through Triumph Bank. Reymundo Meneses signed the trust deed as executive pastor.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Racquet Club Bought by Local Group

A local ownership group led by Racquet Club of Memphis General Manager Steve Valentine and Dabney Collier has purchased the club from Sharks Sports & Entertainment, based in San Jose, Calif. Sharks Sports & Entertainment owns the NHL’s San Jose Sharks.

The Racquet Club has been home to a yearly professional tennis tournament since 1976, with tournament winners ranging from John McEnroe and Jimmy Connors to Pete Sampras and Andy Roddick.

This year, the club acted as host for the U.S. National Indoor Tennis Championships, a 250-level event on the ATP World Tour. Sharks Sports also owns the rights to the pro tour stop, and the local ownership group is in the process of negotiating to purchase the tournament.

– Don Wade

Methodist South Hospital Completes Renovations

Methodist South Hospital will host a ribbon-cutting and consecration ceremony to celebrate the completion of its lobby and first floor renovations Friday, May 9, from 12:30 p.m. to 2 p.m.

The 10-month renovation project includes an expansion of the lobby area and a newly renovated ICU waiting room, ICU break/sleep room, gift shop, chapel and physician break room. Other renovations include expanded credit union and outpatient registration areas and new tile throughout the first floor. The 9,500-square-foot renovation project cost approximately $2 million.

In addition to the ribbon cutting, the hospital will unveil a mural by local artists Terry and Jerry Lynn, also known as TWIN. The artists will paint the last strokes and sign the 10-by-20-foot mural, titled “Collaboration,” during the event.

– Don Wade

Belly Dancing to Benefit Family Safety Center

In collaboration with World Belly Dance Day, belly dancers from around the Mid-South will come together at Overton Square Saturday, May 10, from 4 to 6 p.m. for a “Shimmy Mob” to raise awareness and funds for Family Safety Center of Memphis and Shelby County. The event is free, but tip buckets will be set up during the performance for donations to FSC.

Similar performances will happen in more than 160 other cities around the world by more than 2,300 dancers, with raised funds going toward women’s and children’s shelters and charities within those local communities.

Following the performance at Overton Square, the Shimmy Mob dancers will convene with other local dancers at The Rumba Room, 303 S. Main St., for the Bluff City Bellydance Showcase, at 6:30 p.m. This is a ticketed event, with all of the proceeds benefitting FSC. Tickets are $18 at the door or $12 if purchased in advance at memphisbellydance.com.

– Don Wade

First Horizon Names Corporate Treasurer

Memphis-based First Horizon National Corp. has promoted Dane Smith to executive vice president and corporate treasurer, replacing Thomas Adams Jr., who’s retiring.

Smith joined First Horizon in 2004 in the corporate strategy group. As assistant treasurer, he’s supported various capital, liquidity, investment and balance sheet activities in addition to managing the company's $3 billion investment securities portfolio.

Smith is a chartered financial analyst and graduate of Tulane University, and he’ll report to company CFO William “BJ” Losch.

– Andy Meek

City Council Approves Music Hall of Fame Funding

Memphis City Council members have approved $250,000 in funding for a Memphis Music Hall of Fame at Hard Rock Cafe’s new location at Beale and Second streets.

The funding from the federal money turned over to the city when federal officials abandoned plans for Interstate 40 through Overton Park is the first of two funding requests organizers of the Hall of Fame plan to make of the city for the $1.2 million project, which will also include private funding.

The museum would be operated by the Memphis Rock ‘n’ Soul Museum, which will remain at FedExForum.

In other action Tuesday, May 6, the council approved Belz Investco GP’s Appling Farms Business Park planned development on Appling Farms Parkway west of Appling Road.

And a neighborhood group dropped an appeal on a single family residential planned development at Spottswood Avenue and Buck Street.

The council approved a special use permit for a Penske Automotive Group car rental location at 4466 Elvis Presley Blvd., north of Shelby Drive.

Among the Memphis Light, Gas and Water Division items on the council’s agenda, the council approved a $229,840 “after the fact” contract between the utility and NRG Technologies for a software system in several parts.

When council member Myron Lowery asked about the “after the fact” notation on the agenda, utility president Jerry Collins said some employees had awarded the contract without going through the proper bid and purchasing procedures. Collins said the employees have been “disciplined” for the actions.

Lowery requested a meeting with Collins to discuss what the disciplinary action was.

– Bill Dries

Tiger Paws Cleaning Owner Decides to Sell

Mark Beatty has sold Tiger Paws Carpet & Upholstery Cleaning, but it wasn’t an easy decision for the small business owner.

Beatty wanted to ensure the business remained family-owned and the new owner would be as committed as he was to the company.

But Beatty, who still owns Tiger Paws Heating & Air Conditioning, said he found the perfect buyer in Jeri Jeffries from Bartlett, who brought her son, A.J. Soares, back from Texas to help run the business.

“That made my decision easier because existing clients know that she has a vested interest in keeping it running well,” said Beatty. “It was a tough decision to sell it, but it was necessary because it was the only way to grow both businesses.”

Jeffries, who previously worked in sales, said she had become tired of growing businesses for other people and “wanted to own a business that would be fairly easy to run and that I could grow for my family.”

Jeffries said she was aided in the purchase of Tiger Paws Carpet & Upholstery by Nita Black, who helped Jeffries acquire a loan through Jobs Hatchery and provided strategic consulting advice.

– Amos Maki

Unemployment Aid Applications Drop to 319,000

The number of Americans seeking unemployment benefits fell 26,000 last week to 319,000, the latest sign that the job market is slowly improving.

The drop follows two weeks of increases that reflected mostly temporary layoffs around the Easter holiday. The holiday can cause an uptick in layoffs of bus drivers, cafeteria workers and other school workers during spring break. Those earlier increases caused the four-week average of applications, a less volatile number, to rise 4,500 to a seasonally adjusted 324,750.

– The Associated Press

PROPERTY SALES 63 441 6,018
MORTGAGES 72 450 6,721
BANKRUPTCIES 0 1,045 4,093