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VOL. 132 | NO. 150 | Monday, July 31, 2017

Daily Digest

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Community LIFT Introducing New Empowerment Fund

Community LIFT is now taking applications for its latest grant opportunity, an empowerment fund designed to provide financial assistance to residents and grassroots organizations involved in community improvement work. Its purpose is to establish a network of resident leaders who are engaged and feel empowered to advocate for neighborhood revitalization that improves quality of life in Memphis’ under-resourced neighborhoods.

Community LIFT is a community development intermediary that facilitates funding and connections that empower residents, grow community development corporations and neighborhood businesses.

Residents, property or business owners, neighborhood associations, and grassroots, place-based groups are eligible to apply. Applicants must show evidence of resident/community support and attend a pre-application information session. Grant recipients will be notified and awards will be announced on Aug. 31.

To learn more about the Community LIFT Empowerment Fund and to apply for a grant, visit communitylift.org.

– Don Wade

BancorpSouth Folds Holding Company Structure

BancorpSouth Inc. is pursuing a corporate entity restructuring, whereby it will be merged with and into its wholly owned bank subsidiary, BancorpSouth Bank.

The bank will continue as the surviving entity following the reorganization, which essentially ends the bank holding entity within the corporation.

BancorpSouth chairman and CEO Dan Rollins said the board and management team believe a holding company structure “is no longer needed to support our business activities.”

The decision, Rollins continued, reflects the bank’s commitment to improve the efficiency of operations and said the reorganization will “eliminate redundant corporate infrastructure and activities and will help alleviate the burden of duplicative regulatory oversight.”

As a Mississippi state-chartered bank that is not a member of the Federal Reserve System, the bank will continue to be regulated and supervised by the FDIC and the Mississippi Department of Banking and Consumer Finance.

The restructuring will have no impact on the board of directors or executive officers of the company.

– Andy Meek

First Horizon Pulls Permit for Ongoing HQ Renovations

First Horizon National Corp. continues its floor-by-floor renovation of the First Tennessee Bank headquarters at 165 Madison Ave.

A $1.2 million building permit application was filed with construction code enforcement officials to renovate the building’s eighth floor. ANF Architects and MEDFAC Engineering were tapped to handle the project’s design work, and Linkous Construction was listed as the contractor.

This is the third string of permits First Horizon has pulled in the past year.

In June, the bank filed two permit applications totaling $4.8 million for renovations to the building’s second and third floors.

And in August 2016, Linkous Construction pulled four building permits totaling $3.9 million for renovations to the sixth, seventh, 11th and 13th floors. First Horizon is listed as the owner and tenant on the permits.

First Tennessee currently leases the first 15 floors and the 23rd floor. Baker Donelson law firm is the next largest tenant in the building.

– Patrick Lantrip

AIA Tennessee Convention Takes on Edge District

More than 300 architects who are attending the American Institute of Architects of Tennessee annual convention in Memphis will take on a project of how to make the Edge District, which lies between the Memphis Medical District and Downtown, more livable.

The conference began Sunday, July 30, and runs through Tuesday, Aug. 1.

“This conference is focusing on transforming communities because architects are problem solvers,” said Ashley E. Cates, AIA Tennessee executive vice president. “By bringing architects from across the state we hope to make an impact on the community in the Edge District through urbanSTITCH, by making the community safer and more livable.”

Each year, AIA Tennessee takes on an architectural community outreach project in the conference host city. This year’s project, urbanSTITCH, is focused on “stitching” together gaps in the urban tissue of the city focusing on the Edge District and the medical district.

AIA Tennessee is collaborating with partners in the districts to continue imagining improvements for the future of both vital Downtown areas. Conference attendees will tour renowned and emerging Memphis architecture, including the medical district’s newest project, the University of Tennessee Health Science Center’s Interprofessional Simulation and Patient Safety Center.

– Daily News staff

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 29 82 1,716
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 33 172 4,155
MARRIAGE LICENSES 20 111 2,290

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