Business and Corporate Law (1 viewing) (1) Guest
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Topic History of: letter of intent
Max. showing the last posts - (Last post first)
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abr41
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normally the larger anchors want their parcel ID numbers in order to appeal their tax assessment. and the land onwer is often agreeable because they don't want the rest of their land depreciating if the anchor's property depreciates. that's actually one of the few things both sides will agree on.
the anchor will usually option additional acres for future expansion. the rent is obviously negotiated accordingly. another consideration is the convenant to open. is the anchor required to open for 6 months (the landlord's preference), or 1 day (the anchor's preference)? this can often kill the deal b/c anchors would normally never agree to a covenant to open for more than 1 day.
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cam.it
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That is exactly the way all the big box retailer want it. Its the right way too. If the anchor doesn't want the LL to build on the additional land, then they should pay additional rent while the land remains undeveloped.
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Lex
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the anchor wants it own tax statement and utility meters. That is just the way they want it otherwise they wont sign a lease. They dont want to be responsible for anyone else's cost. Also, its setup as a land lease.
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Sumo
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Why would you want to subdivide the parcel? I am not sure what the logic behind that is?
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Lex
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The SC is not build yet. We want a supermarket anchor. We have extra land and the supermkt wants us to hold it for them. The problem is that the LL wants to develop it an charge rent. Want to keep the supermrk happy, but its not feasible to just hold land for them in the future.
Segregating the utilities is a great idea. I think you need to subdivide the parcel? Is that right.
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Sumo
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You should have in the letter, if at all possible, a proposed lease term, proposed monthly rental amount, proposed terms such as triple net, the square footage to be leased, proposed option to renew. The letter of intent should just about be the lease in an abrigded format.
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