California group buys Ledford Apartments
The Ledford Apartments, a 121-unit apartment complex at 1701 N. Concord Road in Chattanooga, has been sold for $8.5 million, or $70,247 per unit.
Marcus Lyons, director of the Chattanooga office of Berkadia Real Estate Advisors LLC, which represented seller Broder Sachse, said the complex was sold to Aerial and Above Holdings of California.
Ledford was built in 1985 and is located a half mile from Hamilton Place mall in East Brainerd.
Cold weather boosts TVA power demand
The weekend cold snap, which dipped down to 14 degrees across the Tennessee Valley, ranked fourth in TVA's highest winter weekend power demand.
TVA's power peak of 28,863 megawatts occurred Sunday and was only about 4 percent off the utility's all-time winter weekend high set on Jan. 9, 2010.
"This past weekend's cold weather was one for the record books," said Patrick Walshe, manager of Resource Operations and Analysis for Transmission Operations and Power Supply. "We experienced record weekend power peaks. And, since the temperatures stayed below freezing all weekend, a lot of energy was used."
TVA said Saturday morning's peak of 27,575 megawatts is the ninth-highest winter weekend peak. TVA spokesman Scott Fiedler also said TVA consumers used 621,364 megawatt hours in a 24-hour period, which is also the utility's fourth highest weekend energy day — or enough electricity to power the city of Las Vegas for 10 days.
Wells Fargo overhauls pay for branch workers
Wells Fargo announced a complete restructuring Tuesday of how it pays tellers and other bank branch employees, with incentives now tied to how often customers use their accounts, as the company tries to right itself after a scandal over its aggressive sales practices.
The long-anticipated plan has been considered a high priority for CEO Tim Sloan and Mary Mack, the head of Wells Fargo's community bank division — both of whom took those jobs after the scandal emerged. Wells Fargo had already announced in September it was getting rid of the sales goals that led employees to open up to 2 million unauthorized accounts.
Wells Fargo's 70,000-plus front-line bank employees will no longer be given incentives for how many new accounts they open or for meeting sales goals. They will instead receive part of their overall salary based on how the products they sell are used, with one component also based on independently measured customer service scores for their branch locations.
IRS delays refunds to millions
The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud.
The delays will affect families claiming the earned income tax credit and the additional child tax credit. These tax breaks are geared to benefit the working poor, and many families claim both.
"For most of these people it's the biggest check they are going to get all year," IRS Commissioner John Koskinen said in an interview with The Associated Press. "We are sensitive to that."
The tax filing season starts Jan. 23. But a new law requires the IRS to delay tax refunds for people claiming these credits until Feb. 15. Processing times will delay most of the refunds until the end of February, Koskinen said.
The delay is designed to give the agency more time to screen the returns for fraud. The IRS estimates it issued $3.1 billion in fraudulent tax refunds to identity thieves in 2014. The year before, the agency said, it paid out $5.8 billion in fraudulent refunds. Over those two years, the IRS said it blocked nearly $47 billion in fraudulent refunds.