The 901: City potentially on hook for part of the debt for private One Beale development

Good morning, Memphis, where the weekend is here, the Grizzlies keep winning and we're starting with a chill in the air but spring returns later today.

But, first, the city of Memphis taxpayers could be on the hook for some of the debt related to the private One Beale development Downtown.

The Memphis City Council's committee agenda includes a resolution to approve an "Economic Development Initiative," for the private One Beale development, according to city council documents released Thursday. Carlisle Corporation is developing the project at Beale Street and Riverside Drive Downtown. The development includes three hotels, including a planned 350-room Grand Hyatt, our Samuel Hardiman and Corinne Kennedy report.

The news of taxpayer dollars potentially being on the hook for the project comes a day after an announcement related to the Grand Hyatt was canceled due to weather. Chance Carlisle, the project's principal developer, had previously said they had planned to break ground in the spring of 2022.

Thomas Garrott, the father of supermarket banking, is remembered

Thomas McMurry Garrott, a business-and-finance innovator who expanded the Memphis-based National Bank of Commerce into a major institution and earned recognition as the "father of supermarket banking," died Wednesday at the age of 84, our John Beifuss reports.

Garrott, whose health had received numerous setbacks in recent years, died at Baptist Memorial Hospital of pneumonia, according to his wife, Allison Garrott. The couple had been married 60 years.

"He was a real business leader, no doubt about it," said Larry Jensen, chairman of Cushman & Wakefield/Commercial Advisors.

Jensen labeled Garrott a "mentor."

"Tom was not a passive manager," Jensen said. "He was an innovator and a creative and demanding leader."

At the end of 1982, Garrott was named president of what was then known as the National Bank of Commerce.

Who is Ford's partner in Blue Oval City?

Ford Motor Co. and SK Innovation’s decision to invest $5.6 billion for electric battery and truck plants in Tennessee was the culmination of a decade-long partnership, our Omer Yusuf reports in this story for subscribers.

It's a partnership between the instantly recognizable American automotive company and a newly created company that is part of a large South Korean conglomerate.

The F-150 Lightning program, where SK Innovation supplied Ford’s signature all-electric vehicle truck with American-made battery cells, was a key partnership milestone that began in 2012.

SK Innovation credits that program with cementing its U.S. presence.

(Not a subscriber? Get a digital subscriber today and never miss another day of coverage of Blue Oval City reserved for subscribers. You can get the best deals here.)

A Midwest creole mashup in Walls, Mississippi

Seven years ago, when the Webb family moved to North Mississippi, Leneil Webb didn't know what to do. He had recently been diagnosed with a muscle disease and was on disability because of it. One day, he woke up and thought of opening a restaurant, our Gina Butkovich reports in this Assignment Memphis story for subscribers.

He had 20 years of experience in management, and when he took the idea to his wife, Marion Webb, she was on board.

"He said, ‘A restaurant,’ and I was like, ‘Hm, OK, let's get it. What are you gonna do, put your management skills to work?'" Marion Webb said. "He was like, ‘Yup.’ OK then, let's do it.”

Marion and Leneil spent some time talking about what the menu might look like, and then Leneil went out and started looking at Memphis-area food trucks.

"And then we just took a wild shot and gambled at it," Leneil said. "She was willing to help get things together as long as I managed the paperwork part of it, and here we are.”

Tyus Jones, the Grizzlies' super backup point guard, is about to get paid

The Memphis Grizzlies have a lot of depth, and that's what you call a good problem.

The thing about depth in sports with salary caps is that, at some point, the price will go up on those bargain contracts, and it will be time to pay, our Grizzlies beat writer, Damichael Cole, reports.

That time is this summer for Tyus Jones. He's filled in for injured Ja Morant as the starting point guard with a 19-2 record, and he's leading the NBA in assist to turnover ratio for the fourth consecutive season.

Passing and taking care of the ball were strengths for Jones since he entered the NBA. This season, he has elevated his game as a scorer, which puts him near the top of the upcoming free agent point guards.

If anyone can survive an NCAA probe, it's Penny Hardaway

The Tigers are under the harsh spotlight with the NCAA probe, but Coach Penny Hardaway seems uniquely positioned to come out of the probe intact, columnist Mark Giannotto reports in this column for subscribers.

Here's an excerpt: The initial burst of Memphis basketball transfers came out one after the other this week, just like after last season. None was particularly surprising.

In another era, before more than 1,000 college players transferred each offseason, this would feel disastrous. In light of this weekend’s news – Memphis is facing a notice of allegations that includes four Level I violations – maybe losing four scholarship players less than two weeks into the offseason still does.

But if anyone can survive, it’s Penny Hardaway.

That’s the best way, and perhaps the only way, to digest how quickly the narrative flipped from the encouraging end to the program's NCAA Tournament drought right back to the potential ramifications of its Independent Accountability Resolution Process case.

Have a good weekend everyone.

Mark Russell is executive editor of The Commercial Appeal. He can be reached at mark.russell@commercialappeal.com or 901/288-4509. He can also be followed on Twitter: @MarkRussell44

This article originally appeared on Memphis Commercial Appeal: Memphis on hook for debt private One Beale Downtown