By Drew Likness, Director of Sales
1. What local funding incentives are available?
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The city, state, and local organizations offer a multitude of funding incentives available for businesses. Some incentives include the ND Child Care Loan Program, the North Dakota Development Fund, and Renaissance Zone tax incentives. It’s important to check with local economic development professionals, whether you are purchasing or leasing commercial property.
2. What is CAM?
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CAM (Common Area Maintenance) is an additional fee on top of the base rent that covers routine charges to maintain the common areas shared with other tenants. It also includes the tenant’s pro rata share of maintenance items such as lawn care, snow removal, building insurance, and real estate taxes.
3. What is a commercial fit-up and a TIA?
EagleRidge Plaza – Fargo, ND
Commercial fit-up is the process of designing and constructing a commercial space, and a tenant is typically given an allowance by the landlord—which is called a Tenant Improvement Allowance (TIA). This allowance is agreed upon by the tenant and landlord as an amount that the landlord is willing to contribute to the space. The TIA is usually set per square foot or as a set total. If the improvements go above the agreed-upon sum, the tenant is responsible for covering the remaining cost.
4. How do I pick the right location for my business?
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Location can make or break a business, so finding the right space for your business is essential. Luckily, EagleRidge Development puts a lot of research into choosing where they build their properties and has several great options for a variety of businesses. A few of them include the Northern Lights, The Standard on 32nd, EagleRidge Plaza, and Commerce at The Grand. Give us a call and we can help you find the perfect spot to grow your business!
5. What is an LOI?
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A letter of intent (LOI) is an agreement between the landlord and tenant, or seller and buyer. The agreement is considered preliminary and outlines the proposed terms of a deal.
Have additional questions about commercial real estate? Contact EagleRidge Development for more information.
EagleRidge
3280 Veterans Blvd Ste 300, Fargo, ND
701-540-7159
info@eagleridgecompanies.com
eagleridgedevelopment.com