About Commercial Properties
37. How can I acquire a commercial property from the PLB? [Section 6.01]
An interested buyer must be eligible as a Qualified End User and submit a development plan for the property for consideration by the PLB.
38. Can the PLB do anything to a commercial property before formally acquiring it? [Section 6.01 B]
Yes, the PLB may do a condition assessment, secure, and market a property before obtaining title to it.
39. Which commercial properties will the PLB acquire? [Section 6.01 C]
The PLB will acquire neighborhood-scale commercial properties if an end use/r has been identified or it will serve another neighborhood purpose. It will only acquire a Major Commercial Property (a gross building area of 10,000 square feet or more, or one that occupies one (1) acre of land or more) if the City and the URA determine the PLB is the best entity to do so. If the PLB is the designated acquiring and temporary holding entity, it must receive approval from the URA Board and have a transfer agreement in place prior to acquiring the property.
40. How will the PLB prioritize plans for commercial property? [Section 6.02]
The PLB will prioritize plans that stabilize the neighborhood, increase the marketability of nearby residential properties, incentivize additional business and/or employment opportunities, preserve historic properties, or increase walkability or access to public transit.
41. Does the community have any protections with regard to how the PLB disposes of commercial property? [Section 6.02]
The PLB will avoid acquiring or selling a Commercial Property in a manner that may negatively affect a neighborhood or adjacent property.
42. What does a commercial property purchase agreement have to include? [Section 6.03]
A purchase agreement must include the consideration amount, a development plan, end use plan, and a project timeline.
43. What should a complete development plan include?[Section 6.03 B]
A development plan should include a description of: the intended use and project, the development partners, the sources of financing for the project, and any public approvals that will be necessary to build the project. In addition, the PLB may ask for prior project experience and/or an expression of community input.