May 16, 2010

Locally Speaking

Shallotte Picks Up Biker Business

Ray Herro says Shallotte, N.C., could own a big piece of the Harley-Davidson Cruisin' the Coast spring motorcycle rally if it wanted to.

It has proved to be biker-friendly with the reception given vendors and bikers now in their second year at the Beach House Harley-Davidson just outside town, a venue that Herro set up. Bikers spend money, Herro said, and restaurants and other businesses in Shallotte would profit if the town accommodated them with more reasons to stop and shop.

The new location and new business would be welcome by bikers and the Brunswick County Chamber of Commerce. Bikers at Beach House Sunday unanimously said they would be happy to move north to visit vendors. They are angry with the city of Myrtle Beach and won't voluntarily ride in the city anymore.

But Shallotte Mayor Buddy Kelly said he's not sure the town would be interested in having vendors strung along Main Street.

In the first place, he said, the town bans street vending for all but nonprofit groups, and he's not sure if the Board of Aldermen would want to change that for one week in the spring. He thinks town residents would object to the crowds and worries that the increased traffic on vehicle-choked Main Street would be hazardous. -Sun News

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Foreclosure Filed On The Market Common

JPMorgan Chase Bank filed foreclosure against The Market Common Tuesday, but business will continue as usual.

LUK-MB1 LLC, the company that owns and developed The Market Common, owes its lenders more than $105 million.

Sue Bonin, the general manager of The Market Common said the court appointed a receiver to operate the property, and the current management team will remain in place.
Bonin said there will be no impact to businesses or residents who can continue to live and work at The Market Common.

"We feel badly for the original investors, like [developer Dan] McCaffrey, but as far as we and the merchants concerned, we don't really see anything changing," said Myrtle Beach city manager Tom Leath. "The receiver took over yesterday and rehired many of the people who worked for McCaffrey Interests, so we and the merchants will deal with a lot of the same people."

Myrtle Beach helped finance building The Market Common and has been focused for a while on enhancing the Grand Park area with sports fields, exercise facilities and other amenities.

Leath said the property taxes will be paid on The Market Common regardless of who owns the property, and that's what covers the city's bond debt for its investment.

"The general taxpayer is not on the hook for this debt at all," Leath said. –Sun News

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