March 2, 2009

Brentwood Library soon will be biggest

$5M expansion will include larger children's area and room for recorded arts
THE TENNESSEAN • February 18, 2009
BRENTWOOD — Brentwood will have the largest library in Williamson County once construction on an 11,000-square-foot expansion is completed in the fall.
When all is said and done, the Brentwood Library will measure in at 54,000 square feet, or 4,225 square feet larger than the Williamson County Library in Franklin.
"I think it's great. If you're expanding, it means you're improving," said Lee Vaugn, a frequent computer user at the library.
Vaugn is one of the library's 1,000 daily visitors accessing the library's 145,000-item collection.
Library borrowing is up 56 percent since it opened in 1998, according to Chuck Sherrill, director of Brentwood Library, who said the increase in library traffic sparked the expansion of the 10-year-old building.
"My biggest goal is not to ruin this big, beautiful building. It has served us very well. It has just gotten overcrowded. I hope people will walk in and not notice a change," said Sherrill.
But the $5 million project will bring extensive changes to the facility. Here's a rundown of what library patrons can expect.
Recorded arts room
The newly added recorded arts room, to be located near the reference desk, will feature more than 25,000 movies, audio books and music CDs for patrons to check out. The room will be named in honor of the Friends of the Library, which contributed $50,000 to the expansion.
"The Friends have been saving up money for the past two years, knowing that the library would need our help," said Karen Anderson, treasurer.
"We raised this money selling used books donated by library users and we are happy to give it back in this way."
Children's library
Local artists are preparing to come in and transform the children's area into a creative and interactive haven for kids. A park theme and sculptures of animals are planned for the new area.
An additional kids entrance to the library is being planned — possibly a tree trunk with a hole for the kids to climb through.
The renovation will create a larger area to be used for arts and crafts, creative writing and other projects.
Missy Dillingham, the children's librarian, says the additional space will allow them to expand popular book collections.
"We're really excited about the craft room. The downtown library has something like that, so it would be really cool to have something closer," said Shelley Armstrong. She and her 4-year-old son visit the library three times a week.
Story time room
Parents can also look forward to an expansion of the story time room to three times its current size, according to Dillingham.
"The room we have now has been crowded, but everyone still comes because the program is so popular, but now we won't be like sardines in a can," said Dillingham.
As planned, a muralist will come in and paint the walls from corner to corner with imaginative paintings. Another artist will come in and design a large stained-glass window to serve as the backdrop for the room.
Brentwood Room
Library director Chuck Sherrill says he is keeping quiet the name of the major contributor who is funding the expansion of the famed Brentwood Room, which houses local history and genealogy materials.
The room was closed in October and will open with more space and a new look, according to Sherrill. Rare books and files kept in the room are currently being housed in a storage space. The donor's name will be revealed when work on the project is complete.
More computers, conference space
The addition will add a new computer lab that will seat 15, to be used for special training and classes in addition to the library's current 25 computers being used by patrons.
More study rooms and a conference room that can be used by the public for meetings also are in the works. The 16-seat conference room and the five study rooms will be equipped with large wall-mounted computer screens specifically designed for meetings and instructional programs.
Several organizations and individuals are helping to raise funds for the expansion, including the Friends group, Brentwood Library Foundation and Leadership Brentwood.

February 26, 2009

A quote from Suze Orman

Owning a home is a keystone of wealth... both financial affluence and emotional security.
Suze Orman - 2009

Ready to own your first house? Congress sweetens the deal

The 2009 economic stimulus bill, passed in February, offers first time home buyers a nifty perk: A 10 percent tax credit up to $8,000 for home purchases made in 2009.
The tax credit is limited to buyers who have never purchased a home or those who haven't owned a home in three years.
Last year Congress passed a similar tax credit but there is one significant difference between that one and this new credit: You don't have to pay back the new credit.
In addition this new credit is 'refundable.' That means the credit pays for the taxes you owe and if the credit is more than the taxes owed, you get a check for the difference.
The tax credits make the decision of whether to rent or own a much easier one and it seems buyers are making their move.
The most recent home sales figures (from December 2008) show a 6.5 percent increase in home sales. This surge in home sales, especially in the midwest and south, suggest that tax credits, plus favorable buying conditions have made home ownership very affordable.
Right now interest rates are at 5 percent or lower while home prices are very reasonable. Some experts say the combination has made homes more affordable today than they have been in 20 years. That means you can own a great home sometimes for the same cost as renting.
Homeownership has been called 'The American Dream,' because homeowners take great pride in owning a slice of America. As a homeowner, you can make your home and your lot into exactly what you want, tailoring it to suit your tastes and life style.
What many non-homeowners do not realize is that their home, and the improvements they make on it, increase in value over time. That is one reason why homeowners are worth 35 times more than the average renter. According to David Bach, author of The Automatic Millionaire Homeowner, real estate is the best way to take an ordinary income and expand it.
"As long as you're alive, you have to live somewhere. Why not let where you live make you rich?" Bach writes.

February 25, 2009

In this economy, small is beautiful for banks


Local upstarts grow, maintain lending power
The Tennessean, February 25, 2009
BRENTWOOD — While many large national banks are being bought out or crushed in the nationwide credit crunch, a different scenario is playing out for some locally owned financial institutions that have said "no thanks" to federal bailout money.
Brentwood-based Reliant Bank, only 3 years old, soon will open a 17,000-square-foot Franklin branch off South Royal Oaks Boulevard as well as a 4,900-square-foot branch in Green Hills.
The bank's assets went from $205 million in December 2007 to $317 million in December 2008, "a 54 percent increase year over year in a very challenging year," said Brian Shaw, executive vice president and head of retail banking for Reliant.
Franklin-based Tennessee Commerce Bank grew 30 percent last year and has the largest deposit market share in the county.
And the recession isn't scaring off new kid on the block Franklin Synergy, which has plans to open a new Columbia Avenue branch.
"I would say community banks, as a whole, are faring a little better than regional banks and significantly better than national banks," said Tim Amos, senior vice president and general counsel for the Tennessee Bankers Association. "There's no doubt that, because of their dynamics and geographic orientation, (large banks) are going to have more challenges than if you're in a local market."
Local people, local decisions
Reliant Bank President DeVan Ard attributes the bank's success in part to the fact that the company makes its decisions locally.
The bank has the third largest deposit market share in Brentwood and the eighth largest share in the county, according to the FDIC market share data.
"We empower our people to make common sense decisions," said Shaw. "We try to blend the services and conveniences of larger regional banks with the feel of a small, locally-owned hometown bank."
Franklin Synergy promotes a similar philosophy.
"We're truly a local bank," said Aimee Punessen, senior vice president for marketing, public and investor relations. "Our board is all local. Our shareholders are local. Our deposit base is local."
The bank opened a little more than a year ago with a Cool Springs branch and has $200 million in assets, $170 million in deposits and about 800 customers.
Franklin Synergy hopes to gain a larger deposit market share in the county with its Columbia Avenue branch and an upcoming Brentwood branch but has no plans to expand outside the county.
Niche opportunities
Local banks also have the opportunity to get involved in the local community or zero in on niche interests within the area, and banks here seem to relish the opportunity.
Reliant offers free Internet and printer access to customers and provides space at its Lenox Village branch for a group of seniors who meet weekly for coffee.
Shaw said Reliant has solicited feedback from customers about what they like about the bank.
"They say it feels like home," he said. "They know us, and we know them."
Punessen said Franklin Synergy has a strong emphasis on the local real estate market.
Tennessee Commerce Bank chairman and chief executive officer Art Helf pointed to his bank's business-oriented services and philosophy.
"We have somewhat of a unique footprint," he said. "Our focus is on small and midsize businesses and entrepreneurs."
But whether that personal touch gives local banks an advantage is "sometimes hard to measure," Amos said.
Amos said regional banks also offer niche products and strive to provide the same level of personal service. "It's all part of being competitive in the market."
Credit crunch helps
Most banks were clamoring for a chunk of the federal government's $700 billion bailout plan, but Tennessee Commerce Bank turned the money down.
The eight-year-old bank has grown at a rate of about 50 percent a year. That growth dropped some last year, but the bank met its goals and exceeded everyone's expectations, Helf said.
Reliant also voted not to take part in the bailout.
The economic downturn actually helped boost the bank's loan portfolio, Ard said. While other banks were pulling back, Reliant was able to continue to lend because it was well capitalized.
Franklin Synergy, too, benefited from the banking turmoil, Punessen added.
"If you have money to lend," it's a good time to start a local bank, she said.

February 24, 2009

Nashville Metro Parks draw investors

THE TENNESSEAN • February 19, 2009

From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park.
Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park’s historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
“It’s an exciting process,” said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
“The park is a jewel because it’s large and diverse and sits in the middle of an urban area. It’s very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone’s voice can be heard.”As one of the city’s oldest parks, Shelby Park’s first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville’s oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5. “Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs,” said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring. The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
“The McCabe Community Center would be a great improvement for the neighborhood,” said Rob Robinson, a Sylvan Park resident.
“The plans I’ve seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods.”
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization.
A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
“We want to work to protect and support the park and also represent the constituents who use it,” Creekmore said. “It’s good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard.”
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
“Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro,” said Curt Garrigan, assistant parks director.
“They are mostly important for advocacy and maintaining a sense of ownership on the part of community.”

February 20, 2009

Ask the Expert





Q How can I tap into an IRA at age 55 without penalty
A If you want to retire early, but don't want to pay the 10 percent early withdrawal penalty on your IRA, here's how to do it.
You can apply for 72(t) distributions to avoid the penalty. Under that plan, you agree to make equal periodic withdrawals for five years or until you reach age 59 1/2, whichever comes later.
If your retirement savings are in a 401(k), you would have to roll them over into an IRA in order to take advantage of the 72(t) options.
There are three methods for calculating the monthly distribution amounts that are approved by the Internal Revenue Service. Your tax professional will help you determine which plan to choose. Annual payments are set up for a 29.6 year life expectancy for 55-year-olds.
Prudential Insurance customer service department gives an example of the withdrawal for a 55-year-old who has $250,000 in an IRA and wants to set up a 72(t). Under the Minimum Distribution Method, the monthly check would be about $703, which would be the least you could take. Under the Amortization and Annuitization Methods, it would be about $500 to $600 a month more than that.
Distribution amounts also vary according to the interest rate used in the calculations, which was 4.3 percent in this example.

Neighbors invest in parks

Residents offer suggestions; friends groups raise funds
THE TENNESSEAN • February 20, 2009

From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park. Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park's historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
"It's an exciting process," said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
"The park is a jewel because it's large and diverse and sits in the middle of an urban area. It's very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone's voice can be heard."
Residents' input needed
As one of the city's oldest parks, Shelby Park's first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville's oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5.
"Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs," said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Changes come to West
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring.
The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
"The McCabe Community Center would be a great improvement for the neighborhood," said Rob Robinson, a Sylvan Park resident. "The plans I've seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods."
Friends groups are vital
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization. A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
"We want to work to protect and support the park and also represent the constituents who use it," Creekmore said. "It's good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard."
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
"Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro," said Curt Garrigan, assistant parks director.
"They are mostly important for advocacy and maintaining a sense of ownership on the part of community."
Other news on parks
Belmont University's plans to invest roughly $6 million for the upgrade and use of Edgehill's Rose Park are stalled pending a ruling from the Tennessee Court of Appeals. Neighbors, who contend their concerns have not been heard, have challenged the shared use agreement, which was approved in 2007 by all necessary Metro governmental boards. The university was given approval to build baseball, softball, soccer and track fields to upgrade the worn city park.
In November 2007, some Edgehill residents challenged Metro's approval, but the Chancery Court dismissed the claims and ruled in favor of the city and Belmont.
Belmont officials are continuing to work with architects and contractors so they will be ready to begin once a decision has been reached, said Jason Rogers, vice president of administration at Belmont.
Metro Parks plans to redevelop St. Bernard Park at 21st and Bernard avenues. The park would include walking paths, flowers, shrubs and trees, said Tim Netsch with Metro Parks. A group of neighbors is working to bring temporary sculpture exhibits to the park, he said.
West Nashville neighbors recently told Metro Planning Department officials that they want to see more greenway connections between their neighborhoods and the Warner parks. They also want to extend Richland Greenway alongside Richland Creek.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.

February 17, 2009

Williamson and Rutherford Counties talking Frequently

Planners reach out across county lines
THE TENNESSEAN • February 17, 2009
Planning officials from Williamson and Rutherford counties are making plans to talk a little more often.
The neighboring counties' planning commissions have established a new notification procedure to be used for projects near their border.
The agreement kicks in when zoning actions take place. It is modeled after others between Davidson and Wilson counties and Rutherford and Wilson counties.
"Essentially, the resolution is being considered in direct response to a request made by Rutherford County," said County Planning Director Mike Matteson, who said he's not aware of any developments near the Williamson/Rutherford county line that prompted the request.
Nevertheless, the Williamson County Planning Commission passed the resolution Thursday, setting in place the notification procedure.
The Rutherford County Planning Commission has already passed a similar resolution.
Carothers Crossing and Burkitt Place in the Nolensville area are two examples of developments that cross over into two counties. Burkitt Place is in Davidson and Williamson counties and Carothers Crossing is in Davidson and Rutherford counties.
"It's really a matter of courtesy among the local governments," said Rutherford County Planning Director Doug Demosi. "The impact of zoning matters doesn't stop at the county line."
A development in Wilson County set the ball in motion for the new agreement, Demosi said.
"I think that has highlighted the need (for such agreements)," he said. "I think it's a good idea, regardless of the amount of growth you're seeing."

Mack Hatcher project explained

One road, two projects
Project 1:
What: Widening the Mack Hatcher Parkway between Highway 96 (Murfreesboro Road) and Franklin Road Details: A three-mile section of Mack Hatcher would be widened to a four-lane, median-divided highway with curbs and gutters. A 12-foot pathway will be for bicycle and pedestrian traffic. Startup: UncertainTimeline: Estimated between 18 and 24 monthsPrice: UncertainStart-up: Approval of environmental study and start of right-of-way acquisition could happen later this year with the earliest construction start coming in 2010.

Project 2: Extending the Mack Hatcher Parkway to complete the western half of the bypass Details: The road would begin south of Franklin at Columbia Avenue before running northwest to Carter’s Creek Pike, where it will go north to Old Charlotte Pike and northeast to connect with Hillsboro Road just north of Victoria Drive.Startup: City officials could begin condemnation of right-of-way land in a few months’ time, pending final state and federal approval.Timeline: UncertainPrice: City officials estimate that the project would cost $90.4 million.Start-up: City officials have made Mack Hatcher their No. 1 capital investment priority and are seeking possible federal money for the project through the proposed $790 billion federal stimulus package.
Source: Tennessee Department of Transportation

Mack Hatcher project gets top priority

The Tennessean, February 17, 2009
Extension, widening plans see progress

FRANKLIN — The day Rebel Meadows homeowner Don Cates has alternately hoped for and dreaded is finally drawing near.
Cates, 53, is among more than a dozen homeowners along Hillsboro Road whose homes will be condemned to make way for the westward extension of Mack Hatcher Memorial Parkway.
"Most everyone in the neighborhood has been here for 15 to 30 years," Cates said. "It's going to be a hard move for a lot of us."
An estimated $90.5 million project, the parkway's 7.5-mile extension has been discussed for decades without much progress.
But last week, city officials told state Department of Transportation officials the project was its No. 1 priority to receive state support as part of the federal stimulus money Tennessee will receive.
Meanwhile, state crews could begin work next year to widen a three-mile portion of the parkway between Highway 96 and Franklin Road as part of a separate project.
Process may begin soon
Franklin Mayor John Schroer emerged from a meeting with state road officials in Nashville last week optimistic that Franklin could begin condemning right-of-way land for the project in a few months' time.
"I don't expect there to be hurdles," Schroer said. "We owe it to our taxpayers to do this."
The city has about $300,000 for condemning property for the road's route.
Schroer stressed that large parcels needed for the road's construction still must be acquired.
"Nothing is as important as letting those people get on with their lives," Schroer said.
How quickly work begins after condemnation remains to be determined. To comply with federal guidelines, city officials submitted a list of road and water/wastewater projects they believe they can bid for construction within 180 days.
Since no federal funding is available, state road officials have discussed the option of the city buying land and being reimbursed later, said B.J. Doughty, state Department of Transportation spokeswoman.
Schroer said early indications from state leaders are that Mack Hatcher will not be a toll road. A feasibility study on the matter is being finalized.
"I think everybody is under the impression that it's not going to come back as a possible solution," Schroer said.
Project worries some
While city officials concentrate on the bigger extension of the road, state road planners are moving forward on widening a portion of Mack Hatcher to four lanes between Highway 96 and Franklin Road.
Right-of-way land acquisition for the three-mile portion could begin later this year with an estimated start date of 2010.
Construction on the project would likely take between 18 and 24 months to complete. State officials don't have firm cost estimates for the project.