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VOL. 132 | NO. 131 | Monday, July 3, 2017

Daily Digest

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MATA Offers Abbreviated Bus Service on July 4

The Memphis Area Transit Authority will operate on a Sunday schedule for Tuesday, July 4. That applies to fixed-route bus service and MATAplus service.

The rubber-tired trolleys the transit authority operates Downtown will also run on a Sunday schedule on the Fourth of July with trolley buses not running on Madison Avenue. But there will be fixed-route service at Madison Avenue and Cleveland Street.

– Bill Dries

Cooper-Young Getting New Coffee House

Even though Cooper-Young is hot with new development, there was one significant missing puzzle piece – a tenant in the vacant parcel on popular northwest corner of the two streets.

That will soon change as local coffee house Bluff City Coffee & Bakery will occupy the site of the former Bank of America.

Carson Claybrook, vice president of retail brokerage services with Cushman & Wakefield/Commercial Advisors, represented the owner, Joan Ryan, in the lease.

“I think it’s going to be a great use for the neighborhood to really activate this space,” Claybrook said. “The owner was somewhat selective about who they wanted to lease to and we thought this would be a good use of the building.”

A $85,750 building permit was filed with the city-county Office of Construction Code Enforcement that listed USGC LLC as the contractor and cited tenant improvements, electrical and plumbing reconfiguration, and new paint.

The 2,457-square-foot former bank was built in 1955 and sits on 0.35 acres, according to the Shelby County Assessor. It is located near popular restaurants such as Café Ole, Alchemy and Sweet Grass.

This will be the second location for the espresso-based café, after opening its original store at 505 S. Main St. in 2006.

– Patrick Lantrip

Charter Schools Act Becomes Law July 1

Senate Bill 1197, called the Tennessee High-Quality Charter Schools Act, became law on Saturday, July 1.

The act enhances the relationship between charter authorizers and charter schools, increases accountability and aligns charter practices in Tennessee with national best practices, according to the bill’s co-sponsor, Sen. Brian Kelsey, R-Germantown.

It authorizes a 3 percent per-pupil increase in the funding authorizer fee, which is capped at $35,000 per school. The act also creates a $6 billion non-recurring facilities funding program available to charter schools to offset the costs many charter schools face by not having access to free buildings as traditional public schools do.

Kelsey said National Assessment of Educational Progress scores show charter schools are contributing to better educational outcomes.

“Tennessee has been the fastest improving state in the nation on our NAEP tests,” Kelsey said in a release. “Part of the reason for this success is the accessibility of charter schools in this state. It is important to not only have charter schools, but to have high-quality charter schools, and to do that we need high-quality charter school laws.”

He said the law was supported by both school districts and charter schools to help them work better together.

“It ensures that future charter schools in Tennessee will only be the highest quality charter schools,” he said. “Utilizing national best practices for authorization and ensuring underperforming schools are promptly closed will make Tennessee a leader in the quality of its charter schools.”

– Daily News staff

IP Donates $200,000 to RISE Foundation

Memphis-based International Paper, a longtime supporter of RISE Foundation, has made a $200,000 donation to support the nonprofit's Goal Card program, specifically designed to encourage academic excellence for students in the inner city.

The check was presented to RISE during its annual volunteer appreciation event, where coaches in the organization's Goal Card program were recognized for their commitment to

teaching students in grades 5-12 how to set and achieve academic, financial and life goals.

The program has 44 coaches from International Paper, which has supported the program since 2003, and 10 from The Partners Financial Group - MassMutual, which became involved in 2014.

"International Paper takes great pride in being a responsible global citizen," said Paul Blanchard, vice president, Supply Chain, Industrial Packaging at International Paper and a RISE Foundation board member. "If our communities do not thrive, our company cannot succeed. Supporting critical community needs, such as encouraging educational success through the Goal Card program, is important."

RISE helps transform the lives of low-income youth, adults and senior citizens in Memphis through financial literacy education and teaching them how to manage income, establish bank accounts, save money, monitor credit and more. Programs are built on the idea that families can achieve financial self-sufficiency when given the right tools and resources.

"This financial support means a great deal to RISE, funding the basics of our youth program," said RISE president and CEO Linda Williams. "There's truly not a price tag that can be placed on the volunteer hours and the emotional support that these coaches have dedicated to encouraging the students to display positive behavior inside and outside of the school setting."

– Don Wade

Two Bartlett Buildings Sell for $2.7M

Two flex buildings totaling 30,796 square feet on 3.16 acres of land at 7895 Stage Hills Blvd. in Bartlett were sold for $2.7 million.

Brian Califf, executive vice president with NAI Saig Co., brokered the transaction between the buyer, David Couch, and the seller, Gregory Realty GP.

The new owner plans to hold the property, which was 100 percent occupied at closing, as a long-term investment, according to Califf.

– Patrick Lantrip

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