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VOL. 131 | NO. 156 | Friday, August 5, 2016

Daily Digest

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Four Cordova Properties Facing Foreclosure

Cordova’s Parkway Place shopping center and three adjacent properties have entered into foreclosure after its owners – 19 North Carolina limited liability companies – defaulted on a $22.5 million loan, according to a first-run foreclosure notice in the Friday, Aug. 5, edition of The Daily News.

The owners paid $29 million for the four properties in February 2007, financing the purchase with the $22.5 million loan through LaSalle Bank. Three months later, the loan was assigned to The Bank of New York Trust Co., which has initiated the current foreclosure proceedings.

The largest of the included properties is the 62,400-square-foot Parkway Place center at 1250 N. Germantown Parkway, anchored by Bonefish Grill, Petco and Party City. The Class A center, built in 2003, is on the east side of Germantown Parkway, spanning the block from Country Village Drive to Cordova Road.

Also included are the 5,682-square-foot Class A restaurant outparcel at 1260 N. Germantown Parkway that’s leased by Chili’s Bar & Grill; a 70,700-square-foot Class B medical office built in 1999 at 8110 Cordova Road; and a 14,443-square-foot Class B medical office built in 2002 at 8115 Country Village Drive.

The Shelby County Assessor’s combined 2016 appraisal of the properties, which together span 17.4 acres, is $13.9 million.

That’s roughly 30 percent less than the $20.3 million combined appraisal when the properties sold in 2007.

Jaime DeRensis and R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC have been named substitute trustees and will hold the foreclosure sale Aug. 26, according to the notice.

Parties involved in the foreclosure could not be contacted by press time; per newspaper policy, calls to those involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

– Daily News staff

Dan Michael Named To National Council Board

Shelby County Juvenile Court Judge Dan Michael has been added to the board of directors of the National Council of Juvenile and Family Court Judges.

Michael was elected Wednesday, Aug. 3, to a three-year term on the board of the national nonprofit.

The group is based in Reno, Nevada, and bills itself as the nation’s oldest judicial membership organization.

The NCJFCJ is affiliated with the University of Nevada Reno.

– Bill Dries

Election Commission Orders More Styluses for November

A stylus for every touchscreen voting machine used in the November elections is the goal for Shelby County Elections Administrator Linda Phillips.

The election commission ordered more after some early voters on the August ballot complained that the touchscreens they used were showing a different choice than the one they made in some races.

Phillips said the problem is that the touchscreen technology on the voting machines is different than the touchscreens many voters are accustomed to using on their phones and tablets.

The voting machines use a “resistive touchscreen,” she said. That means it takes a firmer touch than the sweeping motion or quick touch used on other devices.

The result is that a voter with long fingernails that touch the screen as they vote might see a different choice show up.

For the August elections, which were Phillips’ first since taking the administrator’s job this summer, voters were urged to ask for a stylus at their polling place.

“We are looking at ordering many more prior to the presidential election so one will be available with each machine,” she said.

– Bill Dries

Tenn. Attorneys Donate $76K To Legal Aid Organizations

Tennessee attorneys registering to maintain their law licenses for another year have donated more than $75,000 to legal aid organizations through a fund created by the state Access to Justice Commission.

The fund in its first year collected $76,577 through an amended rule for 2015 that allowed attorneys renewing their licenses to donate to the Access to Justice Fund.

The fund is distributed to organizations across the state providing civil legal aid to low-income clients.

Organizations that receive funding meet the requirements set by the Tennessee Alliance for Legal Services in consultation with the Access to Justice Commission.

The groups getting funding include Memphis Area Legal Services, which received $10,554; Tennessee Justice Center, with $3,193; and West Tennessee Legal Services, which was funded in the amount of $5,150.

– Bill Dries

Tri-State Bank Holding Community Bank-A-Thons

Tri-State Bank of Memphis will host Community Bank-A-Thons Saturdays during August to promote the importance of wealth-building in the African-American community by encouraging residents to open bank accounts.

Bank-A-Thons will be held Aug. 6, 13, and 20 from 10 a.m. to 5 p.m. at Tri-State Bank’s three locations: 180 S. Main St., 2267 Lamar Ave., and 4606 Elvis Presley Blvd.

According to Tri-State Bank chairman Lucy Shaw, the black community has an annual spending power of $1.2 trillion yet still faces a wealth gap and a variety of predatory lending and other related practices. The bank, she said, wants to let the community know “we are here to provide affordable products and services and responsible lending that can be depended upon.”

– Andy Meek

Pop-Up Beer Garden Planned for Downtown

The city of Memphis will host a pop-up beer garden series to invigorate an underutilized public park. As part of the Fourth Bluff Fridays series, the city and its partners will transform Memphis Park next to the University of Memphis Cecil C. Humphreys School of Law at 1 N. Front St. into a family-friendly beer garden.

Mobile beer vendor The Tapbox will sell craft brews, and local food trucks and live music also are planned.

Memphis Park, formerly known as Confederate Park, was one of three Confederate-themed parks to be renamed in 2013.

The series kicks off Friday, Aug. 12, with music from Mighty Souls Brass Band beginning at 5:30 p.m. The event will return on Sept. 9 and Oct. 14.

The Fourth Bluff Fridays series is free and open to the public through partnerships with the Downtown Memphis Commission and the Riverfront Development Corp.

– Madeline Faber

Crye-Leike Buys Brokerage Office in Oak Ridge, Tenn.

Crye-Leike Realtors has acquired Linda Brown Realty in Oak Ridge, Tenn., making it the company’s 12th branch office in northeast Tennessee.

The merger opens additional market regions in Tennessee for Crye-Leike in Anderson and Roane counties, the company said in a release.

Linda Brown Realty opened in 1983. The 4,000-square-foot office building where it is located was also purchased in the acquisition.

Memphis-based Crye-Leike is the sixth largest residential real estate brokerage firm in the country, more than 3,000 sales associates operating in 85 company-owned offices and 29 franchise offices in nine states.

– Daily News staff

Memphis Auto Rates Higher Than State, Region Averages

Car insurance rates are fairly low in Tennessee compared to six other states in the region, but Memphis insurance rates are the highest in the state and well above the regional average.

That’s according to data from ValuePenguin, a New York-based personal finance website that researches insurance, credit cards and other consumer expenses.

ValuePengiun looked at auto insurance costs in 44 cities and towns in Tennessee and found the average Memphis rate of $1,600 was 33 percent higher than the state average of $1,199.

The rates in Bartlett ($1,505), Germantown ($1,471) and Collierville ($1,449) were also well above the state average.

Tennessee had the second lowest average auto insurance rate when compared to North and South Carolina, Kentucky, Georgia, Alabama and Arkansas. The seven-state regional average was $1,384.

The highest average rate was found in Kentucky, at $1,885 per year, and the lowest was in North Carolina at just $807.

– Daily News staff

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426