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VOL. 130 | NO. 214 | Tuesday, November 3, 2015

Daily Digest

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Memphis City Council To Vote on Pinch Hotel

Memphis City Council members vote Tuesday, Nov. 3, on plans for a hotel with retail development on the northeast corner of Jackson Avenue and North Front Street.

The council delayed a September vote on the development by Front Street Group LLC because of some opposition cited by councilman Berlin Boyd, who represents the area.

The site is directly across Front Street from Bass Pro Shops at The Pyramid.

The council also votes Tuesday on Vista Lamar Hospitality LLC’s plans for a 40-room hotel with a conference room at 2876 Lamar Ave., on the southeast corner of Lamar and Dunn Alley.

And the 3:30 p.m. council session at City Hall, 125 N. Main St., also includes a vote on a motorcycle and ATV retail shop at 5715 Mt. Moriah Road by Barton GST Trust.

– Bill Dries

Former NSA Leader Joins FedEx’s Board of Directors

FedEx Corp. announced Monday, Nov. 2, a new board member with deep ties to the National Security Agency.

Chris Inglis retired in 2014 as the deputy director and senior civilian leader of the NSA. He acted as COO of the agency and was responsible for guiding and directing strategies, operations and policy.

He began his 28-year NSA career as a computer scientist. Prior to that, Inglis had nine years of active duty service as an officer and pilot in the U.S. Air Force. He also served 21 years with the Air National Guard, retiring as a Brigadier General.

In addition to his role on the board, Inglis also will join FedEx’s information technology oversight and nominating and governance committees.

He is a 1976 graduate of the U.S. Air Force Academy and holds advanced engineering and computer science degrees from Columbia University, Johns Hopkins University and The George Washington University.

– Daily News staff

AutoZone Announces Four Promotions

AutoZone has made a handful of promotions among the ranks of its senior leadership team.

The Memphis-based auto parts retailer has promoted four to the title of senior vice president, overseeing different aspects of the business:

• Phil Daniele, vice president, commercial support, has been promoted to senior vice president, commercial

Bill Hackney, vice president, merchandise pricing and analysis, has been promoted to senior vice president, merchandising

Jim Griffith, vice president, store development, has been promoted to senior vice president, store operations

• And Rod Halsell, vice president, distribution, has been promoted to senior vice president, supply chain.

In a statement about the promotions, AutoZone chairman, president and CEO Bill Rhodes said each of the executives has worked in multiple areas across the company, providing them with “a wealth of knowledge.”

“They each have a minimum of 22 years of AutoZone experience, so they have a deep understanding of our culture, customers and businesses,” Rhodes said.

– Andy Meek

Methodist Begins Remodel of Shelby Oaks Office

Methodist Le Bonheur Healthcare has started work on its new Shelby Oaks office building. On Oct. 30, Liberty Electrical LLC filed a $1,959 electrical permit for a “complete remodel” of the existing three-story building.

In June, the healthcare provider purchased the property at 5865 Shelby Oaks Circle from Belz Investco and Gico Associates for $4 million.

The 64,294-square-foot, Class B office building was built in 1988. The assessor’s 2014 appraisal is $2 million. The building is located inside Belz’s Shelby Oaks corporate park near Interstate 40 and Sycamore View.

– Madeline Faber

EdR Announces Sale Of 6.5 Million Shares

Memphis-based collegiate housing developer EdR announced Monday, Nov. 2, it plans to sell 6.5 million shares of common stock in a public offering.

The public offering is to pay off unsecured revolving credit agreements as well as possible funding of what the company described as its “development pipeline” or to buy more housing.

The offering comes with a 30-day option for underwriters to buy up to 975,000 additional shares of common stock.

Meanwhile, EdR executives reported its funds from operations in the third quarter of 2015 declined 2 percent from a year ago, going from $14.8 million in third quarter 2014 to $14.5 million in the quarter that ended Sept. 30.

The company also projects the rate of new student housing supply in the markets EdR is in will decline by 20 percent in 2016.

Highlights of the third quarter for EdR included closing on plans at Boise State University to build a $39.7 million, 658-bed development that will open on the Idaho campus in 2017.

– Bill Dries

FedEx, TNT Express Extend Merger Acceptance Period

The acceptance period for FedEx Corp.’s scheduled acquisition of TNT Express has been extended to Jan. 8.

In a joint statement Friday, Oct. 30, the two companies said they were extending the acceptance period because an offer condition relating to competition clearances had not been fulfilled. The previous acceptance period was scheduled to expire today.

FedEx and TNT still expect the deal to close in the first half of 2016. Antitrust authorities in the European Union, Brazil, China and, where applicable, the U.S. must greenlight the acquisition before it can close.

The companies issued an Oct. 20 statement that said they had not received objections from the European Commission and have been informed that no objections are forthcoming. The Ministry of Commerce in China and the Conselho Administrativo de Defesa Economica in Brazil also are reviewing the acquisition.

FedEx and TNT Express, in the joint statement Friday, said combining forces “presents a highly pro-competitive proposition for the provision of small package delivery services within and outside Europe. The networks of TNT Express and FedEx are largely complementary, given that FedEx’s strength is providing US domestic and extra-EEA international services, while TNT Express’ focus is on providing intra-European services.

“The Combination would allow the parties to sell a more competitive e-commerce offering in the market, which should benefit consumers and SMEs in Europe and beyond.”

– Daily News staff

PROPERTY SALES 128 234 13,285
MORTGAGES 80 152 8,323
BANKRUPTCIES 42 79 6,299