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VOL. 129 | NO. 178 | Friday, September 12, 2014

Daily Digest

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New Owner Files Loan on Dexter Road BP

The new owner of the BP gas station and convenience store at 7469 Dexter Road in unincorporated Northeast Shelby County near Cordova has filed a $1.4 million loan on the property.

Shah Investment LLC – which acquired the property in a Sept. 3 quitclaim deed from SBR Properties LLC – filed the deed of trust the same day through Renasant Bank.

Rahman Shah signed the deed as member of Shah Investment.

Built in 1998, the 2,275-square-foot gas station and convenience store sits on 1.1 acres at the southeast corner of Dexter and Appling roads. The Shelby County Assessor of Property’s 2014 appraisal is $640,800.

Source: The Daily News Online & Chandler Reports

– Daily News staff

CBIZ MHM Memphis Wins Industry Distinction

CBIZ MHM Memphis has been honored with the 2014 When Work Works Award for its use of workplace strategies to increase business and employee success.

The award, part of the national When Work Works project administered by the Families and Work Institute and the Society for Human Resource Management, recognizes employers of all sizes and types in the Memphis area and across the country.

To get the award, worksites must first qualify in the top 20 percent of the country based on a nationally representative sample of employers.

Two-thirds of the evaluation of applicants comes from an employee survey. Applicants are evaluated on six research-based ingredients of an effective workplace: opportunities for learning; a culture of trust; work-life fit; supervisor support for work success; autonomy; and satisfaction with earnings, benefits and opportunities for advancement.

– Andy Meek

New Goodwill Location Opens in Midtown

Memphis Goodwill Inc. has opened its newest Attended Donation Center & Bookstore in Midtown, at 651 N. McLean Blvd. next to Dino’s Grill and Café Eclectic.

Shoppers can browse hardbacks, paperbacks and special editions, CDs and DVDs at the bookstore. Hours are 9 a.m. to 8 p.m. Monday through Saturday, and 11 a.m. to 7 p.m. on Sundays.

Patrons that spend more than $15 will receive a free Goodwill tote bag. Donors can bring clothing, shoes, furniture, domestics, collectibles, books, housewares, electronics, accessories, computers and jewelry during the Attended Donation Center’s regular operating hours.

– Don Wade

Rhodes Adds Director of International Admissions

Rhodes College has hired a director of international admissions to recruit students from outside the U.S.

Steve Thomas comes to the new position from being director of admissions at Colby College in Waterville, Maine, for 16 years.

Thomas will begin his duties this fall with plans for trips to Europe and Asia.

– Bill Dries

Chancery Court Vacancy Down to 3 Finalists

Three Memphis attorneys, including two who ran for other divisions of Shelby County Chancery Court in the August general elections, have been recommended for the Chancery Court judge vacancy.

Oscar Carr, Jim Newsom and Mike Richards are the finalists recommended Wednesday, Sept. 10, to Tennessee Gov. Bill Haslam by the Governor’s Commission on Judicial Appointments. They were among the 15 attorneys who applied for the vacancy and were interviewed by the state commission.

Haslam will choose from among the three or seek another list of three finalists from the commission.

The vacancy is in Part 3 of Shelby County Chancery Court where Chancellor Kenny Armstrong ran unopposed in August for re-election. But Armstrong was appointed to the Tennessee Court of Appeals by Haslam effective Sept. 1 and the appointment came too late to remove Armstrong’s name from the ballot.

Newsom ran for Chancellor Part 2 in August and lost to former state Sen. Jim Kyle. Richards ran for Chancellor Part 1 and lost in his challenge of incumbent Walter Evans.

Carr is a member of the Glankler Brown PLLC law firm who has concentrated his practice in business, construction, environmental and other civil litigation.

– Bill Dries

Memphis, Group Get 2 Federal Crime-Related Grants

Federal officials say the city of Memphis and a safe-neighborhoods organization have received two grants totaling more than $1 million to protect victims of sexual assault and domestic violence, and reduce gang and gun violence.

The U.S. attorney's office for West Tennessee says the city, in collaboration with the Shelby County Rape Crisis Center, will use a $900,000 grant to improve post-testing requirements for victim notifications, investigations and prosecution of sexual assault cases resulting from the processing of backlogged rape kits.

A $148,885 grant will help Project Safe Neighborhoods and the city expand data analysis and tracking capabilities, to provide more efficient and targeted law enforcement efforts against gang and gun violence.

The grants are intended to enhance partnerships between criminal justice agencies, victim services providers and community organizations.

– The Associated Press

Lillard to Be President of State Treasurers Group

Tennessee State Treasurer David H. Lillard Jr. has been elected president of the National Association of State Treasurers.

The association provides advocacy and support for state treasurers and treasury staff throughout the United States and its territories.

Lillard was elected at the group's annual conference this week. When he takes over on Jan. 1, it will be the first time a Tennessean has served as the association's president.

Lillard has said one of his top priorities is preserving the tax-exempt status of municipal bonds. These bonds help pay for schools, libraries, parks and other essential public infrastructure.

In a statement, Lillard said that "increasing the financing costs on those projects does not serve the public good."

Lillard's other priorities include promoting financial literacy education and retirement readiness.

– The Associated Press

30-Year Mortgage Rate Edges Up to 4.12 Percent

Average long-term U.S. mortgage rates rose slightly this week but remained near their lows for the year.

Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year loan edged up to 4.12 percent from 4.10 percent last week, where it had stayed for three straight weeks.

The average for a 15-year mortgage, a popular choice for people who are refinancing, rose to 3.26 percent from 3.24 percent.

At 4.12 percent, the rate on a 30-year mortgage is down from 4.53 percent at the start of the year. Rates have fallen even though the Federal Reserve has been trimming its monthly bond purchases, which are intended to keep long-term borrowing rates low. The purchases are set to end next month.

Mortgage rates often follow the yield on the 10-year Treasury note. The 10-year note traded at 2.54 percent Wednesday, up from 2.41 percent a week earlier. It was trading at 2.53 percent Thursday morning. Bond yields rise when bond prices fall.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

– The Associated Press

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225