The Supreme Court of Ohio recently decided that absent an express reservation, the right to receive rents runs with the land and follows the transfer of legal title.  See LRC Realty, Inc. v. B.E.B. Properties, 2020-Ohio-319.  The Supreme Court of Ohio’s decision in LRC overturned a lower court’s decision regarding a dispute involving whether the buyer or the seller was entitled to receive rental payments from the owner of a cell tower that was located on leased land that had been transferred to the buyer.

There are a lot of myths and misperceptions flying around about Opportunity Zones.  See for yourself, some of the most important details about Ohio Opportunity Zones with Sikora Law’s Fact or Fiction summary below:

Almost $30M of the $50M allocation was awarded after Ohio’s Opportunity Zone Program was effective for only 10 weeks.
That’s true.  Ohio’s Opportunity Zone Program had been effective for only 10 weeks in 2019.  That Program has been extremely successful thus far.

Everyone who applies for Ohio Opportunity Zone Tax Credits receives them.
That’s false.  The Ohio Development Services Agency received nearly $35M in applications for Ohio Opportunity Zone tax credits, and approximately $30M in tax credits were awarded. The main reasons certain applicants did not receive tax credits was generally due to their structure, flow of funds, and/or non-compliant  documentation – they did not do what they needed to do in order to receive the credits.

Some developers received tax credits for work performed or money invested in Opportunity Zones even before Ohio’s Opportunity Zone law became effective.
That’s true. Our firm was advising Clients about what they needed to do to comply with the law even before it became effective. When it became apparent that the Bill was likely to pass, we closely advised our Clients on how to take the necessary steps to ensure compliance with the requirements of the new law.

Click here to learn how Sikora Law helps Developers & Owners of Commercial Real Estate streamline their legal needs.

Mike Sikora presented to the Ohio State Bar Association Council of Delegates Screening Committee on several improvements to Ohio’s Judgment Lien Statute.  The Screening Committee voted unanimously to move forward with the initiative, which now heads to the full OSBA Council of Delegates next month for a vote.

Sikora Law is excited to announce the launch of our new Ohio Opportunity Zone website, which summarizes the latest information about Ohio Opportunity Zone law and its interplay with federal Opportunity Zone law and highlights certain projects that we’ve helped utilize those laws.

Sikora Law’s Managing Partner Mike Sikora quoted in Crain’s Cleveland Business article about Ohio’s Opportunity Zone Program.

Sikora Law’s Clients (40 successful applicants) were awarded approximately 20% of the $30,000,000 Ohio Opportunity Zone tax credits issued for 2019 investments in Ohio Opportunity Zones, a figure that we believe exceeds any firm in the state.

In 2019 Mike worked closely with the Senator who sponsored the Bill that became Ohio’s Opportunity Zone law as well as provided expert testimony on behalf of NAIOP to the Ohio General Assembly in support of the passage of that Bill.  These efforts have resulted in one of the most beneficial Opportunity Zone tax credit programs in the country.

Sikora Law utilized its expertise and unique perspective on this new law to maximize the financial benefits of this fantastic new program for our Clients.  If you are considering an Opportunity Zone investment, or if you have questions about how you can make the most of Ohio’s Opportunity Zone program, contact the Sikora Law Team.

Executive Order signed today by Governor Mike DeWine requests that lenders provide commercial real estate borrowers with an opportunity for forbearance for a term of at least 90 days and that commercial real estate owners suspend rent payments for at least 90 days for small business tenants that are facing hardship due to COVID-19.

As COVID-19 continues to send shockwaves throughout our country, we have had a number of Clients this past week alone ask us essentially the same questions.  For the benefit of all of our Clients, here are a few of those questions and our answers.

Sikora Law recently obtained a successful trial verdict in favor of a mortgage holder.  At trial, we presented expert testimony supporting the validity of the signature at issue compared to known valid signatures, and also presented testimony from a witness to the execution of the Mortgage.  This Decision demonstrates the effectiveness of the use of expert testimony and the value of tracking down witnesses, steps that other firms may not take in developing a case, but which can pay dividends when it comes to obtaining favorable results.

Click here to learn how Sikora Law can help Title Insurance Companies streamline their legal needs.

Mike Sikora presented to the Ohio State Bar Association Real Property Section Council (that he will chair in two years) on the newly introduced House Bill 449 that would require reporting and taxation of entity transfers involving real estate.  Mike studied and synthesized the laws of every state in the country addressing this subject before making that presentation.

To check out House Bill 449 for yourself, click here.

Click here to learn how Sikora Law helps Developers & Owners of Commercial Real Estate streamline their legal needs.