BJ Investments
BJ Investments is a reputable financial services company specializing in investment management, real estate, and asset diversification. Founded in 1995, the company has grown from a small regional firm into a nationally recognized entity known for its innovative strategies and client-centric approach. Over the years, BJ Investments has expanded its portfolio to include commercial and residential properties, as well as mutual funds and private equity. Committed to delivering sustainable growth, the company emphasizes transparency, integrity, and tailored solutions for each client. With a team of experienced professionals, BJ Investments continues to build on its solid foundation, adapting to changing markets and fostering long-term relationships.
News Summary
The Myrtle Beach City Council is set to vote on a $650,000 buyback resolution for land on Jackson Street, previously sold for just $5. The deal, which involves BJ Investments, owned by Mayor Brenda Bethune, has raised ethical concerns regarding financial transparency and potential impacts on a downtown theater project. Community members are closely watching the implications of this decision as it may influence the city’s development vision and long-term plans.
Myrtle Beach – The City of Myrtle Beach is preparing to vote on a controversial resolution regarding a $650,000 buyback deal for land located on Jackson Street from BJ Investments. This vote is scheduled for the city council meeting on June 10, and the implications of the resolution have sparked widespread discussion among residents and officials alike.
Mayor Brenda Bethune owns BJ Investments, which is characterized as a property investment, development, and rental firm. The land in question was sold to BJ Investments for a mere $5 back in February 2017. On that same day, the city of Myrtle Beach purchased another property from the same firm on 9th Avenue N for $5 as well. This original deal has led to scrutiny over the current buyback proposal.
The city plans to use the acquired 1.45-acre Jackson Street property for stormwater retention as part of a future development in the proposed Arts and Innovation District. According to land records, the current taxable value of the property stands at $222,870, which is significantly lower than the buyback price. The financial proposal indicates that at least $500,000 of the proceeds from the transaction will be donated by BJ Investments to support a “qualifying non-profit” organization relating to a downtown theater project, though the identity of this non-profit has not been disclosed in the resolution.
The funding generated from this land deal is crucial for the ambitious project aimed at building a new downtown theater with a seating capacity of 300. The total cost of this theater is projected to exceed $22 million. Coastal Carolina University is set to operate the venue, utilizing it for 150 days each year. Third-party events will occur there for an additional 100 days, and the city is allocated 30 nights for its own events. Key city figures, including Assistant City Manager Brian Tucker and Chief Financial Officer Michelle Shumpert, are actively involved with the Downtown Redevelopment Corporation that facilitated nearly $5 million in tax credits toward this theater project.
As the city council meeting approaches, there has been an effort to connect with former city council members Mike Lowder and Mike Chestnut, who were in office during the initial property transaction in 2017. However, no responses have been received from them, contributing to the ongoing discourse regarding the motivations and future implications of this deal.
Currently, the resolution indicates that the closing of the buyback for the Jackson Street land will occur on or before December 31, 2026. The scheduled vote has raised questions about the ethical ramifications of the mayor’s business ties and the city’s financial decisions. Concerns regarding transparency have also been highlighted as the potential benefits of the theater project and how it ties back to the city’s land acquisition decisions come under review.
As of now, Mayor Bethune has not provided any comments regarding the inquiries about the resolution. When approached for a statement, she cited her involvement in a meeting concerning the matter. The outcome of this upcoming vote will be closely watched by various community stakeholders who are keen to see how this substantial financial resolution aligns with the city’s long-term development vision.
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Additional Resources
- Myrtle Beach Online
- U.S. News – Fastest Growing Places
- Wall Street Journal – Myrtle Beach Home Buyers
- PRWeb – Realtor Award
- Norada Real Estate – Myrtle Beach Market
- Wikipedia: Myrtle Beach
- Google Search: Myrtle Beach real estate
- Google Scholar: Myrtle Beach theater project
- Encyclopedia Britannica: Myrtle Beach
- Google News: Myrtle Beach city council
