Tenant Review Procedure

The review process for the TIC candidacy will consist of the following steps:

• The potential applicant meets with the TIC Manager or designee to describe the business idea. At that time, the Manager or designee will make a determination as to whether the potential applicant meets the TIC entrance criteria and, if so, an application will be presented.
  
  
• The candidate prepares a business plan which answers the following questions about the business idea:
  
  
  • What is the idea?
  • Who are the potential customers and where are they located?
  • How will the business reach these customers and close sales?
  • What equipment will be neededand how will the space be laid out?
  • What partners, owners, employees and consultants comprise the management team, and what is their education and experience?
  • What is the source of funding for the projected cash needs?
  • How will occupancy in the TIC benefit the applicant and the local regions’ economy?

The business plan must also include financial projections for three years. The management of the TIC and the SBDC are available to help with this preparation.

• The Manager may execute a lease upon receiving documents in satisfactory form, provided; the start-up firm meets all minimum expectations and is an appropriate client fotr the incubator.

  The candidate should submit the application and the business plan to the TIC Manager or designee as soon as possible. These documentsmayl be distributed to the TIC Advisory Committee for review should the manager feel that broader review is necessary.

• Should a broader review be necessary a meeting may be scheduled between the principal(s) and the TIC Advisory Committee to give a brief presentation on the business and to answer any questions. A vote will be taken within two weeks if practical. The decision of the TIC Steering Committee is final.

Assuming that the desired space is currently available, the approved tenant is able to take occupancy as soon as legal and insurance details can be worked out. Approvals are valid for up to 90 days following the date of written notice from the TIC Manager or designee.

When applicable, the TIC Manager, or designee will visit the facilities of existing businesses or relatively new start-ups that are interested in locating in the TIC. If the existing facility is judged too distant to visit, the appropriate pictures or brochures of existing facilities will be requested. Thus, a detailed effort will be made via on-site orientation, screened business plans, in-depth counseling and advisory interaction to determine suitability of potential tenants.

The TIC cannot consider a tenant that is not financially viable. The TIC has no funding programs of its own and is not able to provide direct funding for prospective or current tenants. Assistance in preparing a presentation for funding and in helping the entrepreneur contact funding sources may be available in the TIC.

If a tenant has a written agreement with another company, where it is performing on a subcontract basis only for that tenant, that may be acceptable. In no event will a subcontractor operate its own business out of the TIC. No subletting of space is permitted.

Competition With Present Employer

Although the TIC Steering Committee desires innovators to seek tenancy in the TIC, we do not want to be perceived as encouraging employees to compete with their employers while still on the payroll. Therefore, we must require that a signed release from the current employer be submitted by an approved applicant if the business plan indicates head-to-head direct competition with the current employer. Only if the business plan clearly demonstrates a dramatic increase in market share for the proposed start-up and/or exports out of the Washington County area where none exists currently for the employer, can this requirement be waived.

Occupancy Requirements/Considerations

The first month’s rent is due and payable upon execution of the lease. Thereafter, rent is due on the first of each month unless another monthly date is specified in the lease as drawn. A security deposit equal to one month’s rent is due upon signing of the lease.

Tenants should expect to be reviewed periodically by incubator management during their tenancy to assess their progress.