Announcements and Updates
May 4, 2016
In order to better meet the changing needs of leaseholders, lenders, and downtown planning, the lease committee is making some changes to our processes. We appreciate your cooperation.
The lease committee normally meets monthly; routine matters may be approved between meetings by the superintendent of leases. The lease committee may conduct its business through electronic means, including email, in lieu of holding a meeting. Previously scheduled meetings may be rescheduled at the lease office’s discretion.
Beginning in June, all proposed agenda items, including requests to transfer leases, must be submitted to the lease office by the 5th of each month. If the 5th falls on a weekend, agenda items are due in the lease office the following Monday. Items submitted after the 5th of the month will be placed on the next agenda. If your lease is located within the downtown planning zone, it is possible that the review process, which includes review by the planner, could take two months to process.
Also beginning with the June Lease Committee meeting, those requesting a lease transfer must allow at least four (4) weeks after lease committee approval to close the transaction in order for the Lease Office to have sufficient time to order surveys, allow time for documents to be reviewed by the lender, etc. The four (4) weeks does not include the day of the Lease Committee meeting. The committee will not approve a contract with a shorter closing date.