Property Leasing and Rental Rates
If the vote to supporting development is “Yes” the Crown enters into a 99 year lease with the Bekanon Limited Partnership over the entire lands for $10 per year. The Partnership will in turn enter into leases with tenants. The tenant rental and leasing rates for these leases will be subject to Fair Market Value (FMV) appraisals and the leasing policies established by the Partnership.
Most of the net profits will be drawn into the Band's General Revenues each year.
The length of each sub-lease will be less than 99 years and each lease term can be different depending on the circumstances. Some First Nations limit lease terms to 20 years with terms for renewal, others use a 99 year term.