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Lease - Phase 1
Initial lease allows tenant to seek entitlements, permitting and licensing and any required improvements and build out to begin operating and prepare for expansion through subdivision. Phase 2 contingent upon issuance of county permit and state license required to begin cultivation on single existing parcel of up to 10,000 sf. -
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Lease - Phase 2
Second phase of lease begins when permit and license of tenant become active. Tenant may operate to cultivate up to 10,000 sf while continuing to seek entitles, permits and licensing for subdivision and expansion of operations. -
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Lease - Phase 3
Third phase of lease begins when subdivision is complete and additional permits and licenses become active, allowing expansion of operations to a total of six 10k sf licenses, 60,000 sf, 1.37 acres, total licensed canopy. Additional sf licensed increases lease amount based on "discount for development" rate, a reduced rate given by landlord to offset tenant investments for entitlements and build out until planned development costs are compensated by accrued savings vs market rate. -
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Lease - Phase 4
The fourth and final phase of the lease begins when discount rate has compensated tenant for improvement and entitlement investments through development after completion of build out and expansion to 60,000 sf at 90% of market rate.