October 2011 A proposed sales tax on improvements to leased property would have a major negative impact on Florida business and discourage many from leasing office, industrial and retail space in the State, according to Bob Zegota, Chairman of Government Affairs, Florida Gulf Commercial Association of Realtors (FGCAR).
Zegota characterized the proposal as “double taxation” since there’s already a sales tax on leases.
“Double taxing commercial real estate is a new picture of an old practice that has been occurring in Florida for years with common area maintenance fees,” Zegota said. “Now the Department of Revenue wants to impose a sales tax on the tenant while the tenant is already paying tax on the improvements through a lease. That is double taxation.” Full story at Maddux Report
Goodness gracious. What is the Florida Department of Revenue THINKING!? A tax on tenant improvements? This year, the Florida Legislature cut, cut and cut some more and that was before Gov. Scott unilaterally decided to increase those cuts. Apparently, they are beginning to feel like they cut bone, so there is a perceived need to generate more revenue. I get that. But, why tax tenant improvements? It makes no sense if your goal is to increase the job pool. Tenant Improvements are spent largely on tenants that are moving in to a new or different space than they currently occupy. Growing companies expand and with each new lease, there are costs associated with arranging the property in a way that is best suited for their business. These “improvements” could be as simple as paint or carpet….or they could be a massive build out that could cost as much or more than the original building shell.
This action is blatantly anti-business expansion….anti-job creation. So, why consider it? The answer is simple. Its an easy target. That is why. Doing my best Yogi Berra imitation… Tenants that haven’t moved in, don’t know what they don’t know. New commercial tenants are not an organized industry group, they don’t hire lobbyists, and they won’t march to “Occupy Tallahassee.” They probably won’t even know they are hit with this tax until they start considering moving. At that point, it is too late for them to do anything about it.
As a tenant rep, I deal with expanding businesses every day. They are a skittish group. One day they are full of confidence. The next day they aren’t. If “WE the People” make them comfortable, we increase the chances that they make that leap of faith, sign that new lease for more space AND?….Voila’ ADD MORE JOBS! Adding an additional tax to the Go/No-Go decision could be the proverbial straw that breaks the camel’s back in favor of No-Go. Do not place additional barriers on companies that are considering expanding…not right now.
This is a bad bill. It is harmful to growth. It is harmful to job creation. It is bad for the people of the State of Florida. Please contact your legislators and tell them to “KILL THIS!”
I won’t detail the many distortions in this most recent article, but as an example I checked out the room rates at the Roosevelt in New York …there are no rooms available for $239. The least expensive I could find on a night that was actually available was $400 with tax. While that may seem trivial, it was the shameless imbalance of this article that struck me. It does not appear to be an objective piece of journalism . Former airport director Louis Miller was used extensively as a comparison to Mr Lopano. And while the comparisons focused on expenses, it made no effort to form a connection to revenue.
Let’s go back to business school for a moment. If Johnny offered to give Sally a nice bike for $5, would Sally make that deal? Of course she would. Now, if Sally goes home and tells her family that Johnny took $5 from her, leaving out the part about how Johnny reciprocated by giving her a bike, one can understand why most listening to Sally would think that Johnny is a real cad. In this example, Sally’s story is much the same as Mr Huettel’s..
Since Lou Miller left his post, TIA has initiated flights to Puerto Rico, an additional flight to the UK and brand new routes to Cuba. Certainly the additional revenue generated from this traffic more than pays for a couple of hundred dollars of dinners for aviation executives.
Why does this upset me? Well, I will go on record saying I am a big fan of Joe Lopano, at least what I have seen so far. I like that he is a salesman for the Bay Area. I like that he had a record of success at one of the largest airports in the world. I like that he has made efforts to cooperate with the local economic development professionals, the Chamber of Commerce and fellow transportation entities (i.e. HART).
For too long our area has been afflicted by what I call “fiefdom-ism,” the symptoms of which can be seen in the animosity between the myriad of townships, extremely disjointed economic development efforts, cannibalism in the Arts Community and downright nastiness between various factions separated by the chasm created by a body of water and three bridges. Lopano doesn’t seem to know or care about any of these things. He has been out knocking on doors of the Chamber and various Economic Development interests and sitting down and trying to figure out how to sell this area and our airport.
If Lopano is successful, we all benefit from the efforts. TIA is one of the main economic pillars of this community and increased traffic at TIA means more jobs and more opportunities for businesses in our region. Bring in more passengers and Tampa benefits. It’s a simple formula.
I am transparent. I want the Salesman Lopano to have confidence to do his thing….work his magic….recreate what he already did for another city. I don’t want the “fiefdom-ism” to chew him up and spit him out before he has a chance to make it or at least have a fair shot at doing so. And if you don’t agree with me, that is your prerogative. But, if you agree with me and are influenced by my opinion, at least I offered you the courtesy of explaining my bias.
And Mr. Huettel? It’s OK. You are a big fan of Louis Miller, a friend actually. Apparently you feel that he was unfairly let go. You can say it. Go ahead. It can be cathartic. Friendships, however, should be disclosed in objective journalism.
In the meantime, Joe Lopano should be given a chance. He is different from your friend Lou, who was a good bean counter; however, numbers had sagged in the waning years of his tenure. Maybe it was time for a change. But, that is not for us to decide. What is past is in the past and Mr. Lopano is our Chief now. Mr. Lopano wants to invest in new relationships in hope of a return…a return that will benefit many of us in this community. His style and strategy is different, but we need all of our leaders out selling right now…out investing right now. Airline executives who are investing hundreds of thousands of dollars in each new route need to know that they have aligned themselves with a partner they can trust not to hang them out to dry. That trust is built with more than just a couple of phone calls and a get-together at the local Applebee’s. In a couple of years, if Lopano’s way is not working, then let’s re-evaluate, but at least give the guy a chance and some room to operate his way.
Lastly, Mr. Huettel, if you feel compelled in the future to run more slam pieces on the man, at least give your readers the courtesy of disclosing your bias.
Anyone interested in contacting Steve Huettel, he can be reached at huettel@sptimes.com. Or Graham Brink, the business editor, at brink@sptimes.com
It has been more almost 2 years since the Baltimore based company purchased land in Pasco County to build a sprawling 75 acre campus off of State Road 54 (link to post from 2009). There has been discussion on the street that the company’s leaders had either changed their minds about the location or had run in to a snag with their long term planning. Most of us had expected the company to have broken ground already, if in fact the project had been given the go ahead.
The Tampa Tribune confirmed Friday what many of us had suspected….that the project’s timeline has been extended, perhaps indefinitely. The news comes as a blow to those in Pasco County and the area at large that believed the Company would quickly add more than 1,500 jobs. Pasco and the surrounding area has one of the highest unemployment rates in the State.
We asked our readers for help with some questions the first of the month. If any of you contributed a question along with our Linkedin Group on Economic Development, we thank you for participating.
Each candidate was provided 5 days to ponder the compiled questions and respond by February 23, 2011. The posts are presented in the order in which they responded. In other words, Ed Turanchik was the first to respond and hence his poll is listed first.
It is a critical time for Tampa and the surrounding area. I am sure everyone has plenty of questions about what plans the future Mayor has for helping our city advance economically in the next 4 years.
We plan on asking the Tampa mayoral candidates a list of questions. Hopefully, they respond and we will post the results here. If you want to participate please ask your question by clicking on the link below:
Attendees: Eric Odum & Bob McDonough, City of Tampa Urban Development Manager
Date: December 29, 2010
EO: My name is Eric Odum, I’m the principal broker at Net Lease Commercial Advisory, and welcome to the Market Minute. Today we have with us, Bob McDonough, who is the Urban Development Manager for the City of Tampa, correct?
BM: Correct, Downtown & Channel District.
EO: Downtown & the Channel District. Well, thanks so much for doing this today, Bob.
BM: Certainly.
EO: I want to talk a little bit today about some of the changes that are going on downtown….how they affect business, the commercial real estate market downtown and how all these things are coming together to help move us in a different direction or hopefully to advance us. Most noticeably, when people come downtown I hear, because I lease property all over the area, there are three things that have always been an obstacle for people coming down, one is the traffic and the traffic flow seems to be very confusing. Two, is the ticketing situation, seems to be a pretty aggressive. People are afraid they are going to get a fine, and then three, the coin meters have been a challenge. People don’t, ….this is 2010, and people don’t walk around with pockets of coin anymore, so it’s been more of deterrence for people who really want to come downtown. Noticeably, there’s been some changes that have been going on with regards to, …well, let’s focus first on the parking. What are some of the changes are in regards to that.
BM: Yeah, we’ve taken a quantum leap into the modern age, the city studied it for several years. We did requests for quotations, requests for information. We went out and spoke to other cities all across the United States about what was successful and was not successful, and we settled on a standard parking electronic meter which accepts coins as well as credit and debit cards. We had a bad model, again, we were using 1930’s …1940’s technology in our downtown which required lots of coins, and if you didn’t have the coins you got a traffic ticket. When I first moved to Tampa it was $1.00. Currently a parking ticket is $35.00.
EO: It ruins your day.
BM: It ruins your day. You know, the parking division at one time was 25 to 30 percent of the Parking Division’s revenue stream. It’s a bad model. We want to encourage people to come to downtown, not discourage them.
EO: And get sales tax out of it as opposed to…
BM: Well, you know what? Actually electronic meters generate more income for you. People are saying ‘I only had 75 cents so I put .75 in the meter. When I’m using a debit card, I can go ahead and put in 2 hours, 3 hours, and not have to worry about it. And so, that was one of the benefits. It also gets rid of some of the visual clutter of all those heads that were there. It’s environmentally friendly. We have solar collectors on it, it does not necessarily – and it’s interesting because, one of the technologies out there prints the little paper ticket. You put it on your dash board….Well, it does two things: one it creates more waste in the waste stream, so it’s not really environmentally friendly, and two, you have to go back to your car. So, you parked at one end of the block. The machine is on the other end. You get your ticket. You have to go all the way back to your car, which if you have a lot of time that’s fine, but on a rainy day, people don’t want to do that. So, that was one of the reasons we picked the machine we did. And one of the nice benefits is, that if you park in space number 62 and you go someplace else for your meetings, …. You decide to have lunch but you really know that the time is going to run out…
EO: And you’re three blocks away…
BM: 4 blocks, 10 blocks, anywhere downtown, ….You can go to another one of the machines and add time to that space, from anywhere downtown.
EO: That’s terrific. Normally you just leave
BM: They say, “The heck with it! I’m not going to stay downtown. I’m not going to stay for lunch. I don’t have any more coins. I’m going to leave!” It makes it user friendly. We have…. the downtown today is not what it was 20 years ago. At 5 o’clock, the carpet was rolled up and we closed down. We have people who live here now, and because of that, to make it more attractive to live downtown, we want some more merchants and more retailers. You have to have curbside friendly parking for those folks. That was another driver…..trying to make downtown more user friendly for the people who live here, for the people who do business here and the people who visit here.
EO: Now, for those folks that might be technologically challenged, I understand that there is going to be some sort of holiday provided (with no ticket)….. A warning system that’s given, and some instruction that’s given too, in terms of helping them through the process. So it’s not a situation where they’re going to be intimidated by the technology. …..”I’m not going to come downtown because they have those newfangled machines and I’m going to get a ticket. I just know I am!”…..So why don’t we talk a little bit about that?
BM: Well, we’ve taken a couple of steps to address that. There were handouts and flyers people put on people’s cars with simplified instructions. There are a series of guides that are walking about during this installation period. We started installing the meters around the middle of December. We’ll finish around the middle of January. And, during that time, there will be two things going on. We will have a series of guides where they’ll be located near these Parking machines. If people have a question or concern, the Guide can give them a quick tutorial on how to use the equipment, and secondly, if, they just say, “You know what!? I couldn’t figure it out,”… They get a ticket. But, the first time will be a warning ticket.
EO: So no more of those $35.00 fines, the first time.
BM: Well, the first time…The first time they get a warning and so, it behooves you then to say, “Ok, I have to pay the meter next time. I will.” That was not the case before. The meter would click to zero and magically a meter maid would appear. You would have a $35.00 ticket. So, we’re changing the model. Right now, about 30% of the use of those meters is through coin, …..Excuse me…. through credit cards. 65% is coin, and about 35% is credit card usage. About 52% of the income generated right now is through credit cards. So it’s gaining acceptance, and again, I only have 75 cents in my pocket. That’s all I can put in the machine, but I like to hang around and stick around downtown. I’ve got a debit card. I’ve got a credit card. I’ll put it in the machine. Put 2 or 3 hours on it and enjoy myself.
EO: I’m sure it’s going to be a transitional period anyway. I know a lot of my older clients that have been living in Tampa for their entire lives. When they come downtown, they raid the piggybank, and the first time they came down it was a little confusing. So I spoke with one of my clients, and now she’s fine. She’s says “Oh this is terrific! I don’t have to raid the piggybank anymore!” So, I think that there’s just going to be a transitional period where that debit ATM card, credit card user will probably just continue to pay.
BM: It’s a learning curve. And something that we’re going to roll out, not this year, but next year or the year after, is actually adding time to the meters using your cell phone. Instead of having to go to the machine – you’re in a meeting. The meeting is running long – you just go ahead and punch it in the cell. The reason we didn’t initially do that is that the target audience we want to help right now for the occasional visitors to downtown, and to do a cell phone, you have to set up an account. You have to give a deposit. You have to put a credit card number, which unless you’re going to use a lot of times, is somewhat cumbersome. But for the folks that are going to come downtown all the time, we’ll offer that as an opportunity later on. So it’s another leap in technology that will make it a little more user friendly for folks.
EO: Well terrific! I can assure you that the retailers that I spoke with are very happy about the situation, and I know you consulted a lot of retailers in the area trying to get the meters.
BM: They were the unhappiest about the existing situation, and I think they were probably the happiest about what’s going on. We have about 999 parking spaces downtown and they are being accommodated with this equipment. By the end of January virtually all these parking spaces will be electronically monitored and fed through ATM.
EO: That’s awesome!
BM: Well something else, like another decision we had to make – do you take the ticket? Do you not take the ticket? Another one we looked at was using bills. Do we or do we not? There are some locales where that are very effective, but in Florida where it’s warm, and moist, the bill holds a lot of humidity and they tend to jam the machines. We didn’t want a lot of down time. We wanted something that was going to be easy to use and efficient, and so we opted out of having the bills.
EO: Well, in terms of parking, that’s not the only thing going on downtown. That’s going to be a big, and has been a big boost to the businesses down here. I know for example the Park just opened up. People have come to see the park, and what a phenomenal resource that is.
BM: We had 10,000 people there for Santa Fest.
EO: That is crazy!
BM: The ice skating rink set up in the park that about two weeks ago, the count was 8200 people use it, and it’s a big draw people are having a lot of fun with it. (Note: The season has since ended for the Rink. The first year was a phenomenal success!)
EO: And all those people are coming and eating at the local establishments….coming in and getting more comfortable in dealing with downtown environment.
BM: Well, one of the things that we’ve done in the last three to four years is, we’ve begun to “two-way” a lot of the streets that were one-way. Now, some of these North-South, which are main arterials which feed the interstate will probably remain one way, but the East-West, which were one way, we’ve converted to two-way again. Visitors to downtown find it less confusing, making our downtown a friendlier place. We are right now going out with just – I think we’re going to rehire a construction manager – to begin to improve Zack Street, because that really is a main artery, pedestrian wise, for connecting the parks and the two museums to our downtown. So, we will be widening sidewalks, narrowing traffic lanes, adding more shade structures and pieces of art, again, to make downtown a little friendlier to visitors.
EO: That’s terrific!. So, the three things we talked about,… just to summarize, we’ve talked about people – their reservations about coming downtown with the traffic situation. You guys are addressing that. The parking situation, in terms of the meters, the coin meters, you guys have addressed that. And then the aggressive nature of getting ticketed…..That’s been addressed at least in near term to get people ramped up on the new system. Not to mention the park, the art, the new Art Museum,…. things are going downtown. For people that haven’t been downtown, they really need to come down and check it out. Curtis Hixon Park is one of the most beautiful parks I’ve seen anywhere in the state of Florida.
BM: We get a lot of compliments. What’s interesting is that you know we’re in a down economy right now, but in the near future, we’ll actually have two construction cranes. We have Metro 510, which is 120 unit work force housing project on the north end of downtown, and on the south end of downtown, the University of South Florida Health is building the CAMLS project, which is a high tech surgery training program. They are building a 90,000 foot building and they’ll have the ground breaking on that on January 11. So into downtown…
EO: You also have the ENCORE! Project which is going in the East side of downtown
BM: We have a lot of things going on and all good news in particularly bad times.
EO: Well Bob, I really appreciate you coming out and talking to us today. And as always, if someone needs to figure out more about the parking situation, they would contact the City of Tampa parking, or what?
BM: City website. City of Tampa website (http://www.tampagov.net/). There is an instructional on there, and if they wanted, they can print that off and bring it downtown with them. Or, call somebody from the city parking. They’ll be happy to speak with them.
EO: Perfect, well again, we appreciate you coming out today, Bob.
Attendees: Eric Odum and Brian Willis, Esq. Becker & Poliakoff
Date: September 27, 2010
Subject: Hillsborough County Transit Referendum: Additional One Cent Tax. What’s its Purpose? What does it mean to YOU!
EO: Good afternoon and welcome to the Market Minute. This is Eric Odum, I’m the broker for Net Lease Commercial Advisory. Today we have with us Brian Willis who is the attorney with Becker and Poliakoff, and also a member of the Citizens Advisory Board for TBARTA. Welcome Brian.
BW: Thanks for having me, Eric.
EO: Absolutely. This video is going to be the first of two parts. The first part of our discussion is going to be based primarily on the initiative…..what it entails, where the routes are and what-not. The second part, there’s obviously a penny sales tax that’s involved and some controversy behind the penny tax, …..So what we’re going to try to do in the second part, is talk about some of those issues with the penny tax and also the transportation initiative to help explore how much this makes sense for our area. The penny tax is a sales tax, correct?
BW: Yes, it’s a sales tax. It would be one cent additional, right now we’re paying 7%, it would bring it up to 8%, but it’s really an investment that goes to fund improvements and rail is what everybody really associates this with. But a large portion of the funds are also going to go to fund improvements to the bus system through out the county, as well as road improvements and places that aren’t necessarily in middle of the city, but also the outside regions of the county.
EO: Now, when is this vote coming up?
BW: Vote is going to take place on the ballot in November. I think it’s November 2nd or November 3rd, right around there. Of course now there is early voting, so vote on it a couple weeks before hand.
EO: Ok, so let’s talk a little bit about light rail versus high speed rail. Light rail is part of this initiative, is high speed also? How does the high speed rail…
BW: Yes, it’s a frequent question that I get. High speed rail is NOT part of this initiative. It’s not part of what the one cent would go to. High speed rail is a done deal. It’s being funded by stimulus dollars. The Federal Government is coming in (to help fund it) and that’s going to connect Tampa to Orlando at speeds over 160 mph. Light rail which is what a portion of the one cent investment would go to is going to be local. It’s going to connect…..the initial stages at least, will connect the airport, West Shore to downtown, and downtown North up to USF, beyond to the Cross Creek area, and eventually be part of this regional system that is going to be operated by TBARTA in the long run.
EO: So the high speed rail is coming, it has nothing to do with the penny tax, its coming regardless of the outcome of the penny tax vote in November. The penny tax vote in November is going to include rubber on road transportation initiatives as well as the light rail. Is that a good description?
BW: Yeah, yeah, that is absolutely correct.
EO: Ok.
BW: And it’s important to clarify how they work together. The one cent will not go to the high speed rail. They all work together because the high speed rail is going to come in and we’re going to have a transit center in downtown Tampa…..so the idea is that the downtown station for light rail will be part of this multi-modal transit station. There’s high speed rail, there’s light rail, and it’s going to be right across the street from where the Marion bus station is, so you’re going to have an integrated transit platform in North downtown. It’s going to let people come in from Orlando, from across the region, and connect.
EO: SO its going to be in-between the Marion, so its right around the old jail site, correct?….. The Northeast part downtown.
BW: Yeah, the Northeast part of downtown.
EO: By the ENCORE! Project.
BW: Just a little bit ways from the ENCORE! Project, so they’re taking advantage of that and they’re doing a mixed use walk able neighborhood that buys into these transit oriented development principles. So, that’s going to be a big part of this.
EO: Now, you’ve talked about TBARTA, you’ve talked about Hart, and I hear this name tossed around “Moving Hillsborough Forward,” what is that?
BW: ‘Moving Hillsborough Forward’ is a group that was formed by the Tampa Bay Partnership, and they are essentially, a political group that’s helping run the campaign for this one cent investment tax and I think the Tampa Bay Partnership is really important to the initiative because it shows that business recognizes the importance of this one cent investment. What we’ve seen is that we’re losing our competitive edge to people around the country when their looking at where to locate their businesses. People at the Tampa Bay Partnership are putting the dollars to invest in this campaign so that we have this modern transit system.
EO: So, I’m hoping that there are a number of people involved in the process here that there’s some sort of greater initiatives, that there’s cooperation. Frequently when you see a government agency, sometimes they don’t always play nice in the sandbox together, so hopefully there’s some sort of greater plan here, right?
BW: Yeah, there is. You’ve got TBARTA’s master plan that you can find on the TBARTA website, which is TBARTA.com, and that involves both this regional system which is made up of HART’s alternatives analysis study that’s going to take place and be funded by the one cent. You’ve also got a Sarasota/Bradenton rail link that’s part of the TBARTA system. Pinellas County is undergoing their own alternatives analysis study to look at how they could connect Clearwater to the Gateway area, to downtown St. Pete, as well as going over the bridge to link up and create an integrated system with Hillsborough County. And there are similar projects underway in Pasco with the rail line around the State Road 54/56 corridor and going North up to Citrus/Hernando counties. What we see is that there’s a lot of demand for getting people in and out of Hillsborough County, and we’re here, talking about this Hillsborough project, we’re focused on it because we’re in Hillsborough, it is a part of a greater regional system, and not just TBARTA. It’s going to tie in the high speed rail, and then you have Sun rail in Orlando.
EO: How’s Pinellas doing?
BW: Pinellas is a couple years behind us. Hillsborough is ahead. They’ve got the funding in place to start what’s called their alternative analysis study, which is a process that Hillsborough started two years ago and is just about to complete, and that looks at the different possible rail alignments. They set the corridor; the corridor is Clearwater, Gateway and St. Pete. Then they look at what specific roads and what pathways within that corridor would be the most economically efficient pathways to go through. And that’s the process that’s being wrapped up in Hillsborough right now.
EO: Now, let’s talk a little bit about the real estate side of it, because most of the people watching this are going to be real estate folks or real estate investors, and they’re going to want to know ‘what’s in it for me’ and how can they take advantage of some of the opportunities that might be coming down the pipeline. You talked a little bit with me before we had this interview about a quarter of a mile ring, and half a mile ring, what is all that about?
BW: At TBARTA we’re spending a lot of our time on land use issues, because what we’ve shown time and time again, is that transit initiatives like what we’ve got going on in Hillsborough County don’t succeed without land use changes to support the transit. And those land use changes help preserve single family(residences), the existing structure of the community, but you have changes within a quarter mile of the station, which is your core area. Then you have a ring that’s a quarter to a half mile out from the stop. The core area within a quarter mile is your core walking distance to the station. It’s designed to be high density mixed use development, so, shops, Starbucks, CVS, restaurants…
EO: Condos
BW: Condos… absolutely…. in a dense development….. So places you can stay 24 hours and live, work and play.
EO: Typically, what does this do to property values that’s in around this inner dense core?
BW: There have been numerous studies on this and most of them find that you’re finding anywhere between four upwards of 15% increase in property values around the core. There’s a lot of demand for this type of living. It saves people money on their overall transit bill because they don’t necessarily have to have a two car household, and so people are willing to pay more to get into these areas, and businesses are willing to pay more to be there because of the presence of people and the ability to get workers to your shops.
EO: Ok. These rail lines – there’s been some discussion about the first line running up to USF and then there was some outcry that we need to be out to the airport first. Where are we now? What is the general consensus about where the first line is going to be laid?
BW: With the initial plans everybody was thinking it was just going to go from West Shore to Downtown. There was some great public feedback, and it did a great thing because it got HART to reconsider, and now the first line includes Tampa Airport, West Shore. In fact, the airport has devoted land over that is going to allow them to accelerate their build up process. So, high speed rail we talked about earlier is going to be complete in around 2015, and they’re now looking at a time frame in 2015 to complete the Tampa Airport to Downtown leg of the transit project if the one cent passes.
EO: If the one cent passes…So, it sounds like its pretty much set then, that seems to be the most logical route and then later we’re going to continue up to USF.
BW: The idea is that you build them pretty consistently, it wouldn’t be that much later, but the idea is you do one phase at a time, first phase being the airport, second phase connecting Downtown, USF on to the Bruce B. Downs area.
EO: Terrific. Thank you again, Brian, I really appreciate your time in coming down and explaining some of this to us, it’s important that not just the folks that area associated with Net Lease Advisory know what’s going on, but also the general citizenry knows what’s happening so that we make the right decisions.
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EastGroup Properties acquires 16 industrial buildings from Prologis through Cushman & Wakefield Modern Silicone Technologies purchases old Expo Centre property from Frito-Lay Edward Indvik gives reasons for Lee & Associates’ expansion in to South West Florida commercial real estate market Marcus & Millichap, TD Ameritrade and Industrial Property […]
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Commercial Real Estate deals completed in Tampa Wellcare Health Plans and Kirk Pinkleton sign new Commercial Real Estate Leases due to job growth Tampa Mayor keen to redevelop Historic Properties on Prime Real Estate Florida Department of Revenue suspends Sales Tax on Tenant Improvements to Commercial Property Saber Real Estate Advisors of Aventura confident […]
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Goodness gracious. What is the Florida Department of Revenue THINKING!? A tax on tenant improvements? This year, the Florida Legislature cut, cut and cut some more and that was before Gov. Scott unilaterally decided to increase those cuts. Apparently, they are beginning to feel like they cut bone, so there is a perceived need to generate more revenue. I get that. But, why tax tenant improvements? It makes no sense if your goal is to increase the job pool. Tenant Improvements are spent largely on tenants that are moving in to a new or different space than they currently occupy. Growing companies expand and with each new lease, there are costs associated with arranging the property in a way that is best suited for their business. These “improvements” could be as simple as paint or carpet….or they could be a massive build out that could cost as much or more than the original building shell.
I thought my head was going to pop on Wednesday morning when I picked up the St Pete Times and 
It has been more almost 2 years since the Baltimore based company purchased land in Pasco County to build a sprawling 75 acre campus off of State Road 54 (
