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VOL. 130 | NO. 127 | Wednesday, July 1, 2015

Daily Digest

By Amos Maki

Print | Front Page | Email this story | Email reporter | Comments ()

Volvo Group Unveils $70 Million Byhalia Distribution Center

Volvo Group inaugurated its new 1 million-square-foot distribution center in Byhalia, Miss.

The $70 million facility – located at 100 Global Gateway Drive inside Panattoni Development Co.’s Gateway Global Logistics Center – supports the company’s Mack and Volvo truck brands, as well as Volvo Construction Equipment and Volvo Penta.

Located 25 miles southeast of Memphis, the new distribution center employs 250 people. The facility is based near major transportation hubs and infrastructure, providing easy and efficient delivery for dealers and customers. The new distribution center resulted in the closure of a Volvo distribution center in Southeast Memphis.

“The (distribution center) will enable us to more efficiently handle an increased volume of parts distribution, while also significantly improving customer service,” said Christer Svärd, senior vice president of Volvo Group Logistics Services, in a statement.

The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Volvo Group employs about 100,000 people and has production facilities in 19 countries.

In 2014, the Volvo Group’s sales amounted to about $38.2 billion.

St. Jude Receives $4.3 Million in Federal Grants

St. Jude Children’s Research Hospital has been awarded two federal grants totaling $4.3 million.

Of the $4.3 million from the federal Department of Health and Human Services and the National Institutes of Health, $3.1 million will go to creating a new Center for Precision Medicine in Leukemia.

Precision medicine is a treatment created for a specific patient based on that patient’s unique genetic makeup. Patients in precision medicine often have their molecular make up tested and defined to determine the best course of treatment.

St. Jude is specifically working in the areas of next generation genome sequencing, pharmacogenomics and cancer predisposition.

The hospital also works with the Washington University Pediatric Cancer Genome Project in St. Louis and is developing other clinical genomics programs.

The remaining $1.2 million is for a related Clinical Pharmacogenetics Implementation Commission.

The funding was announced Tuesday, June 30, by U.S. Rep. Steve Cohen of Memphis, who is co chairman of the Congressional Biomedical Research Caucus.

– Bill Dries

Senior Living Community in Frayser Files $6.5 Million Permit

Wesley Highland Meadows senior housing community located at 3517 Andy Way in Frayser filed a $6.5 million building permit on June 24.

The permit is for a complete interior and exterior renovation of the 200-unit, rental-assisted property that sits on 18 acres between Highland Road and Walnut Road.

Wesley Housing Corporation of Memphis purchased the facility in January 1990 for $4.6 million. The 2015 tax appraisal value of the property is $7.1 million, according to the Shelby County Assessor of Property.

Wesley Housing Corporation of Memphis is a nonprofit organization that offers senior housing, assisted living and home services to more than 2,200 residents in two assisted living communities and 28 senior housing communities in West Tennessee, Western Kentucky and Arkansas.

– Chandler Reports & Daily News Online

Nineteenth Century Club Owners Secure Loan

The owners of the Nineteenth Century Club in Midtown have secured a $2.35 million construction loan to begin transforming the historic home at 1433 Union Ave. in Midtown into a restaurant.

Shon and Dana Lin secured the construction loan from Bank of Bartlett, according to a June 26 deed of trust.

According to a story in The Commercial Appeal, the Lins hope the French and Japanese restaurant “will become a destination for Memphis and beyond, promising a magnificent meal” in a preserved landmark.

– Amos Maki

New Tennessee Laws Include 48-Hour Waiting Period for Abortion

A mandate for a 48-hour waiting period before an abortion is one of many new Tennessee laws taking effect on Wednesday, July 1.

The abortion measure affects all seven of the state’s abortion clinics. Another law will require abortion facilities performing more than 50 abortions a year be held to the same health and safety standards as other outpatient surgical facilities.

The 48-hour requirement would be waived if there’s a medical emergency. Both measures aim to restore abortion laws that were struck down by a state Supreme Court decision in 2000.

Another new law boosts the state’s efforts to combat human trafficking. The Legislature has approved multiple bills over the past several years addressing the problem after a 2011 Tennessee Bureau of Investigation report showed 73 of the state’s 95 counties have reported the crime within their borders.

The new law gives authorities more training to identify, investigate and prosecute human trafficking. The TBI has hired four new agents to help train local law enforcement on how to recognize human trafficking.

Two other new laws pushed by Gov. Bill Haslam aim to encourage Tennesseans to get a postsecondary education.

Tennessee Promise and Tennessee Reconnect were launched as part of Haslam’s “Drive to 55” initiative, which aims to increase the percentage of Tennesseans with a degree or certificate beyond high school, help improve overall job qualifications and attract employers to the state.

Of the state’s 74,000 high school graduates, as many as 18,000 are expected to utilize Tennessee Promise in the fall, according to Mike Krause, who oversees Tennessee Promise. The program offers free tuition at any of the state’s 13 community colleges and 27 colleges of applied technology.

Tennessee Reconnect allows adults to attend one of the state’s 27 colleges of applied technology for free by paying tuition and fees not covered by existing grants and scholarships.

So far, nearly 11,000 Tennesseans have applied to the program.

– The Associated Press

CBIZ MHM Adds Tax Practice Leader in Memphis

CBIZ MHM LLC has added Lloyd Grissinger as tax practice leader in the firm’s Memphis office.

He’ll be responsible for practice growth, financial management, quality control, risk management, and operational matters as well as personnel development. He’ll also maintain active client service and engagement management responsibilities.

In a statement about his appointment, CBIZ senior managing director Eustis Corrigan said, “The role of tax practice leader is critical to our overall success in growing our people and meeting the needs of our clients. We continue to drive our focus on areas of specialization for growth and tax services is a high priority service line.”

Grissinger is taking over the role from Corrigan, who served in that capacity since January 2014. Corrigan will continue as senior managing director for the Memphis office.

CBIZ provides professional business services that help clients better manage their finances and employees.

– Andy Meek

88 of 95 Tennessee Counties Complying With Same-Sex Ruling

Seven of Tennessee’s 95 counties were not issuing same-sex marriage licenses on Monday, but officials say technical hurdles, rather than political objections, were to blame for the majority of the delays.

The Tennessean reports that the state’s 88 other counties were complying with the Supreme Court’s Friday ruling that overturned gay marriage bans.

Chris Sanders, executive director of the Tennessee Equality Project, says he is glad officials in the state are not trying to block the licenses like some in Texas and Mississippi are.

Sanders said of the seven counties that have not issued licenses, many are not doing so because they are having technical issues with paperwork or software upgrades. He says one exception is Smith County, where officials have stopped issuing all marriage licenses.

– The Associated Press

PROPERTY SALES 51 180 16,377
MORTGAGES 21 57 10,144
BUILDING PERMITS 103 665 39,209
BANKRUPTCIES 31 107 7,704