Posted on May - 08 - 2010
Coffee Break: Cohen files bill to fund aerotropolis
A bill to make more federal funding available to aerotropolis cities like Memphis was introduced in the House Thursday by U.S. Rep. Steve Cohen, D-Tenn.
An aerotropolis is a city whose industry is closely linked to an airport and transportation hub.
The bill, the Aerotropolis Act of 2010 (H.R. 5236), would allow projects that enhance the transportation efficiency of multimodal cities like Memphis to be eligible for federal transportation funding through the Projects of National and Regional Significance Program.
Because Memphis has the busiest cargo airport in the world, is the crossroads of major interstate highways, is served by major railroad networks and is a Delta hub, it would stand to benefit by access to the additional funding source.
Mid-America earnings
A Memphis-based company that owns 43,605 apartments in the Sunbelt reported Thursday first-quarter net income available to common shareholders of $6.2 million, or 21 cents a share.
Mid-America Apartment Communities, a real estate investment trust, generated $31 million, or 99 cents per share, in funds from operations for the quarter ending March 31.
The company’s net income in the first quarter last year was $7.9 million, and its funds from operation for the same period last year was $30.7 million.
“We are encouraged by the strong start to 2010, and clear signs are emerging that the leasing environment in our markets is improving,” Eric Bolton, chairman and CEO, said in prepared statements.
Housing prices drop
Memphis continues to lead the nation among major markets in the decline of house prices, a company that crunches data for real estate asset valuations reported Thursday.
Prices of houses sold in Memphis fell 15.5 percent during the four months of January through April, compared to the last three months of 2009, according to Clear Capital.
The other lowest-performing metro areas were Dayton, Ohio, where prices fell 15.1 percent, Detroit, a 14.4 percent decline, Birmingham, a 14.2 percent fall, and St. Louis, a 12.8 percent decline.
Houses in Honolulu led the nation in value gain at 3.3 percent. Houston, up 2.6 percent, and San Diego, up 1.5 percent, were second and third, respectively.
Lenders owned 43.3 percent of the Memphis houses sold during the period.
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