One of the types of real estate transactions that can sometimes come up in connection to businesses are commercial leases. Sometimes, a business will lease a piece of land so that it can set up business operations on the property. Many important and complicated issues can arise in connection to commercial leases.
One of the types of land businesses sometimes lease is government-held land (such as land that is owned by a city). Recently, three leases were approved for some city-owned commercial land in Orlando. The land in question is by the Orlando Executive Airport.
The land reportedly has been vacant for a fair amount of time. Reportedly, the organizations that the three leases are for plan to build businesses on the leased sites. Specifically, a hotel will be built on one of the sites, a food store will be built on another and a convenience store will be built on the third. Reportedly, it is hoped that having these three businesses in the Orlando Executive Airport area will help spur economic growth in the area.
The payment terms of the three leases range from $37,144 a year per acre to $56,628 a year per acre.
The three leases recently went before a board for approval. The board in question oversees the Orlando Executive Airport and the above-mentioned city-owned land. Last Wednesday, the board voted on the three leases. According to an article on the Orlando Sentinel's website, the board voted in favor of approving the leases.
Reportedly, it is not yet known when construction will begin on the three leased sites.
Sources:
Orlando Sentinel, "Two stores, one hotel approved for land near Orlando Executive Airport," Dan Tracy, Oct. 17, 2012
Orlando Sentinel, "Vacant commercial strip on Colonial Drive by Orlando Executive Airport to get Wawa, hotel and food store," Sara K. Clarke, Oct. 16, 2012
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