Change to 2021 Circle of Excellence Rules

Updates for 2021 Transactions - 'Units' Defined for Leases

For the 2021 400N Circle of Excellence,'Units' shall be defined as a single side of a transaction for a sale and as .25 credit for a lease. The amount of the gross aggregate rental called for in the original term of the lease shall be credited as the volume credit and .25 units will be credited for each lease. The maximum credit allowed for each lease shall be 100% of the total aggregate rental amount and .25 units. At no point shall volume credit exceed 100% or the unit credit exceed .25 units for any single lease transaction.

The change to the rules regarding the calculation of leases was based on some inconsistencies on the applications submitted this year. The rules were silent in regards to the inclusion of credit for both the landlord and tenant side of the lease and the committee reviewed in order to clarify. The approved rules change now allows an applicant to claim up to 100% of the volume for a lease but does not allow an applicant to claim both sides of the lease. Additionally, there was a question as to the calculation of the credit toward the units count and the committee approved a recommendation to count a lease as .25 units rather than allowing a lease transaction to count 100% equal to a sales transaction (which equals 1 full unit).

Applications must be submitted online by Friday, January 21, 2022 by 5:00 pm. Faxed, mailed or emailed applications are not accepted.

Thursday, July 1, 2021
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