CALL FOR ACTION
REALTORS® Request Delay to Improve Commercial Advanced Notice of Sale
The Minneapolis City Council has proposed a new commercial property sale ordinance. It requires a commercial property owner to notify the city 60 days prior to commercial property being listed for sale, delaying transactions. The owner is also required to notify each commercial tenant of the intent to list the property, which is not always possible in some transaction types. The owner is required provide contact information for each business operated from the commercial property, a potentially burdensome and unnecessary procedure. The new owner would be required to provide notice to the City and tenants that the property is under new ownership, contact information, rent increase notice, plans for existing tenants to be rescreened, or plans to terminate the lease or not renew lease agreements without cause. These facts are collected despite the fact that commercial leaseholders already protected by Minnesota law and without existing city policies on rent increases or re-screening.
- Violates private property rights
- Interferes with existing contractual relationships
- Unfairly affords city and its partners a market advantage received by no other party
- Requires impractical compliance
- Collects proprietary facts
- Existing site review and approval process already sufficient
The ordinance was heard in the Business, Inspections Housing & Zoning Committee on September 22 and was passed without recommendation. No input was sought from stakeholders including MAR or MNCAR. The ordinance moves on to the full City Council and will be heard Friday, October 16, 2020 at 9:30 AM for final passage. REALTORS® should email or call their city councilmembers include the talking points in their communication and urge them to delay the vote and improve the ordinance!
Contact the Minneapolis City Council – Delay Vote on Commercial Advance Notice of Sale https://www.minneapolismn.gov/government/city-council/
Commercial Property Sale Ordinance
REALTORS Raise Serious Concerns–Commercial Advance Notice of Sale 10.12.2020