City and state officials are working to turn run-down, low-income sections of downtown Louisville into thriving business districts. They want to encourage long-term investment in these areas. This involves creating "opportunity zones." By designating areas as opportunity zones, those who invest in property there are eligible for significant tax breaks.
Whenever you consider leasing or buying a property, it is always important to understand any easements that another party may hold. In simple terms, an affirmative easement is a right to use a piece of property in a certain way, and a negative easement is a restriction against using property in a certain way.
Searching for the ideal location for your next commercial venture can be both exciting and infuriating, depending on your needs and the properties available in your area. Unfortunately, commercial property is often located in areas with specific restrictions on what types of businesses may operate. These are known as zoning restrictions.
Leasing a space for a commercial venture is only one aspect of an enormously complex process -- one where many things can go wrong before you even open the door for business. One of the most common complications that businesses run into with commercial leases is the matter of zoning restrictions. Failing to understand how zoning impacts your business may mean the difference between the perfect location and a total lemon.
When it comes to commercial leases, the good news is that most of the terms are negotiable. However, the more difficult news is that certain issues require careful negotiation if you hope to avoid fines or legal repercussions. This is particularly true when it comes to making changes to a property that you lease.