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VOL. 133 | NO. 37 | Tuesday, February 20, 2018

Daily Digest

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New Restaurant Opening In Saddle Creek March 10

North Carolina-based Rise Biscuits, Donuts & Righteous Chicken is bringing its concept featuring both sweet and savory breakfast and lunch options to the Shops at Saddle Creek in Germantown on March 10.

To celebrate the opening of its first Tennessee location at 7535 Poplar Ave., Rise Germantown will donate 10 percent of opening day sales to Riverdale Elementary School PTO. Rise Germantown also is offering Facebook followers the opportunity to try free biscuits and donuts in a special preview event at the store. For details, go to facebook.com/RiseSaddleCreek.

Rise Germantown will have a soft opening on March 7.

– Andy Meek

Turner Construction Co. Expands Memphis Office

Turner Construction Co. has added three new managers in its Memphis office.

Jeremy Harville has joined the company as a project manager, Mary Bright will serve as community & citizenship manager and Elly Olmstead has been named environmental health & safety manager.

As project manager, Harville will guide new Turner Construction jobs to completion. Bright will oversee company partnerships with minority and women-owned businesses as well as promote employee involvement in Turner programs that work to make a difference in the community.

And Olmstead will oversee environmental health and safety standards for new projects and coordinate the L.I.F.E. program, Turner’s training effort to minimize safety risk on the job.

– Andy Meek

Airport Adds Online Process For Business Contracts

The Memphis-Shelby County Airport Authority has launched a new online certification process for businesses to apply for and renew Disadvantaged Business Enterprise certification.

The new electronic system is more convenient and effective, the airport says, for completing such applications by both new applicants and those renewing their certification. The automated system will also send renewal reminders 90 days before the due date.

The new online process is one of several options available at the MSCAA Online Vendor Resource Center.

“Our new online DBE certification process is part of MSCAA’s ongoing effort to increase opportunities for minority-owned, woman-owned, and local small businesses,” Scott Brockman, MSCAA president and CEO, said in a release.

The MSCAA Business Diversity Development Department assists businesses by providing certification, education, training and outreach services.

The department also establishes goals for minority participation for MSCAA contracts.

Visit flymemphis.com/disadvantaged-business-enterprise-program or email certification@flymemphis.com for more information about the airport’s DBE program.

The diversity development department’s annual report for 2017 can be found at the same site.

– Daily News staff

Graceland LawsuitAgainst Grizz Dismissed

Graceland’s legal challenge of the noncompete agreement between the city and the Memphis Grizzlies was dismissed Thursday, Feb. 15, by Chancellor Jim Kyle.

Kyle ruled that Graceland, in effect, didn’t have a case because the noncompete agreement doesn’t involve Graceland directly. It is an agreement between city and county governments and Memphis Basketball LLC, the ownership group of the Grizzlies, which also runs FedExForum.

The agreement is that Memphis Basketball runs FedExForum, including absorbing any red ink in the operation in exchange for what is effectively veto power over any local government-financed indoor venue of more than 5,000 seats.

Graceland announced in August that it intended to build a $50 million, 5,000- to 6,000-seat venue on its Whitehaven campus to open in 2019.

Joel Weinshanker, the managing partner of Graceland Holdings LLC, said the event center was not meant to compete with FedExForum and he was talking with city officials about taking an application for a tax abatement to the Economic Development Growth Engine in September.

All of that stopped when Graceland withdrew the project at the EDGE board meeting, citing opposition from the Grizzlies.

Graceland’s attorneys said their own legal opinion was that the project didn’t violate the noncompete. But they still put the project on hold hoping some kind of agreement could be reached, including changes to the event center plans.

The lawsuit, filed by EPE in November, alleged that city and county governments stopped talks with Graceland on the project as well. The lawsuit named the city, the county and Memphis Basketball as defendants.

The argument was that the noncompete was interfering with Graceland’s project. Graceland’s position is that it can’t pursue tax breaks from EDGE without some kind of declaration on the noncompete in their favor.

The city’s position initially was that there was nothing to stop Graceland from going ahead with the event center without local government funding.

That was the position Kyle took in denying the declaratory judgment Graceland sought to proceed with the project.

Elvis Presley Enterprises could appeal Thursday’s ruling.

– Bill Dries

First Horizon National Corp. Announces Employee Raises

A little more than a month after the parent company of First Tennessee Bank distributed one-time $1,000 bonuses to employees, the company is rolling out another employee perk.

Memphis-based First Horizon National Corp. is bumping up the minimum pay level of employees to $15 an hour, part of its continued re-investment of savings stemming from the recent federal tax legislation.

The total cost to the company is about $6 million, which is in addition to the $1,000 bonuses and a recent $16.5 million contribution to the First Tennessee Foundation.

The company late in 2017 announced the one-time cash bonuses to 70 percent of its workforce, which stands at nearly 6,000 following its recent merger with Capital Bank.

The company employs more than 4,100 across Tennessee.

The pay increases were for employees who were not already at or above the $15-an-hour level.

That includes a little less than 200 employees in Memphis.

“First Horizon’s continued strong results are driven by the individual and collective efforts of all our employees,” Bryan Jordan, First Horizon’s chairman and CEO, said in a statement about the raises. “As a result of the recent tax reform, First Tennessee invested a portion of the tax savings back into our people and our communities to strengthen our business.”

The reinvestment also follows First Horizon’s merger with Capital Bank, which closed on Nov. 30.

The merger created the fourth largest regional bank in the Southeast, with about $41 billion in assets, $31 billion in deposits, $28 billion in loans and nearly 350 branches in Tennessee, North Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia.

– Andy Meek

LEO Events Preparing For New Headquarters

LEO Events has filled a building permit application with the Office of Construction Code Enforcement to begin work on its new Medical District headquarters.

The $1.7 million tenant buildout application lists Metro Construction as the general contractor.

In January, LEO Events was given approval by the Center City Revenue Finance Corp. to purchase two parcels of the Bakery Development, located at 407 and 411 Monroe Ave., from the project’s developers, PKG Properties.

Since the CCRFC approved a 20-year tax incentive to help offset construction costs for PKG Properties in August, LEO had to seek a partial assignment from the board, an affiliate entity of the Downtown Memphis Commission.

In total, the $73 million mixed-used Bakery Development project will consist of 86 upscale multifamily units, a 480-space parking garage and 150,000 square feet of office and retail space spread out across five parcels centered on the former Wonder Bread factory on Monroe Avenue.

Memphis-based LEO Events manages large corporate meetings and events across the country.

– Patrick Lantrip

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047