VOL. 132 | NO. 90 | Friday, May 5, 2017
Trolley Buses Running During Music Festival
The opening weekend of the Memphis in May International Festival in Tom Lee Park will be a swan song of sorts for the use of trolley buses on the Main Street Mall.
The Memphis Area Transit Authority is ending the use of the buses on the mall Monday to make repairs on the mall in preparation for a return of the rail trolleys. The trolley buses will continue to run on Front and Second streets in the transition.
During the Beale Street Music Festival, the Main Street Trolley, Riverfront Trolley and Madison Trolley lines will have buses operating approximately every 15 minutes.
Service on the Main Street line will be extended during the musical festival through 12:30 a.m. on Friday and Saturday and 10:30 p.m. Sunday.
MATA will also have booths for trolley bus tickets on Beale Street Friday and Saturday from 3 p.m. to 9 p.m. and near the Sheraton Hotel at the convention center Friday and Saturday from 1 p.m. to 9 p.m.
– Bill Dries
Real Estate Investor Pleads Guilty to Mortgage Fraud
The owner of Wonderful Properties LLC pleaded guilty Wednesday, May 3, to a federal charge of bank fraud for fraudulently obtaining mortgage loans from a group of four financial institutions.
Thomas L. Boyd was indicted on federal charges in September 2016. Boyd made false statements and presented false documents to Regions Bank, First Tennessee Bank, Bank of America and Oak Tree Funding representing people who were financing the purchases from Boyd and his company.
Boyd specifically made false statements on loan closing documents by failing to tell the lenders that he was kicking back part of the loan proceeds to the borrowers.
The indictment estimates $635,000 in loan proceeds were involved.
Boyd pleaded guilty to a fraud count involving Regions Bank.
He faces a maximum of 30 years in prison on the charge and/or a fine of up to $1 million.
Boyd is to be sentenced Aug. 9 by U.S. District Judge Sheryl H. Lipman.
– Bill Dries
Another Junior College Player Signs with Memphis Tigers
University of Memphis head men's basketball coach Tubby Smith has announced the signing of Mike Parks Jr., a 6-9, 270-pound center from Southwest Mississippi Community College. He joins the top-rated recruiting class in the American Athletic Conference, per 247sports.com.
"When we first saw him play at Missouri State-West Plains, we knew he had the skill set we were looking for," Smith said in a statement. "With him, we fill a need of size in interior play. He is an outstanding young man, and is team-oriented.
"I love his attitude, and he is a great fit for the program," Smith said.
Parks, a native of Cleveland, Ohio, finished fifth in the National Junior College Athletic Association (NJCAA) in field goal percentage and made 70.3 percent (97-138) of his shots during the season.
He averaged 8.9 points and 4.0 rebounds, playing just 19.4 minutes per game with the Bears.
Parks helped lead Southwest Mississippi to an 18-9 overall record, and a 10-4 mark in conference play.
– Don Wade
Redbirds’ Luke Voit Named Minor League Player of Month
The St. Louis Cardinals announced that Memphis Redbirds first baseman Luke Voit has been named the organization’s Minor League Player of the Month for April.
Voit hit .360 in the season’s opening month with five home runs and 16 RBI in 23 games. Overall, the 25-year-old led the Redbirds in average, hits (27), doubles (tie, 7th), home runs, OBP (.448), SLG (.680), and OPS (1.128) in April.
Voit was a 22nd-round pick (665th overall) of the Cardinals in the 2013 First-Year Player Draft out of Missouri State University. As of May 1, he ranked in the Pacific Coast League top 10 in batting (.361, 7th), home runs (6, tie for 5th), total bases (57, 2nd), OBP (.442, 5th), SLG (.687, 4th), and OPS (1.129, 3rd).
He got off to a fast start by hitting a home run in three straight games from April 9-11, including the game-winning shot on April 10 at New Orleans. He also collected a multi-homer game on April 28 vs. Round Rock.
This is the second time that Voit has garnered the award, also doing so in August 2016 when he played for Double-A Springfield.
Right-handed pitcher Jack Flaherty was named the Cardinals’ Minor League Pitcher of the Month after going 4-0 with a 0.56 ERA in five starts with Double-A Springfield.
– Don Wade
Jernigan Capital Has Solid Q1, More Growth Expected
Memphis-based Jernigan Capital Inc. is enjoying a strong start to 2017.
The company – a capital partner for self-storage entrepreneurs – saw net income attributable to common stockholders for the three months ended March 31 increase to $1.2 million, or 14 cents per share, compared to net income of $1.1 million, or 18 cents per share, for the comparable period in 2016.
Among the highlights for the quarter, the company said it increased its investment pipeline to about $825 million.
According to company chairman and CEO Dean Jernigan, the $105.6 million of developments closed in the first quarter was Jernigan Capital’s largest investment quarter to date.
And the company, per president and chief operating officer John Good, is also on pace to “substantially exceed in 2017 the investment volume of 2015 and 2016 combined."
"As of today, we have closed $155.7 million of development investments in 2017 and have executed term sheets for another $212 million of investments,” Good said.
In addition, Good said, another $613 million of “high quality prospective investments is in our underwriting process.”
– Andy Meek
Airbnb Sees $1M Economic Impact During Music Festival
An estimated $1 million of economic activity in Memphis will come from Airbnb guests staying in the city during the Beale Street Music Festival this weekend, according to the accommodations marketplace Airbnb.
Memphis residents who share their homes on Airbnb during the music festival will earn $240,000 in supplemental income.
The hosts will welcome about 1,700 guests to the city.
Based on how much Airbnb guests to Memphis report that they spend per day at restaurants, shops and other local businesses, Airbnb estimates an additional $714,000 in guest spending with local merchants.
The online marketplace reports these statistics for the Memphis market:
• There are currently 300 active Airbnb hosts.
• Memphis welcomed 40,000 Airbnb guest arrivals in 2016, which resulted in 99 percent year-over-year growth.
• Memphis Airbnb hosts earned $3.9 million in supplemental income in 2016.
• The typical Memphis host earns $8,000 annually in supplemental income.
• Among the Memphis Airbnb listings, 46 percent are extra, unused rooms in a host’s residence, such as an empty nester whose children are living on their own, according to Airbnb.
– Daily News staff