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ICBO - International Conference of Building Officials, a nonprofit organization that publishes the Uniform Building Code. ( http://www.iccsafe.org/ )

ILLEGAL SIGN – A sign that exists without the approval of or not in compliance with local sign ordinances (See SNIPE SIGN).

IMPACT – The effect of a new store, or similar use, opening in close proximity (whether by competition or a tenant’s own expansion) to an existing one. Also referred to as Cannibalization (Which See).

IMPROVEMENTS - Any physical changes to a property (whether inside or out) meant to improve its value.

IINCENTIVE ZONING - A strategy by which zoning incentives are provided to developers on the condition that specific physical, social, or cultural benefits are provided to the community.

INDEMNIFY -An agreement between parties that states that in event any loss or damages occur, the injured party would be compensated. (See: Hold Harmless).

INDENTURE - The agreement that spells out the terms of a loan that includes the principal, interest rate, maturity date and the rights and any duties of the buyers.

INDIRECT COSTS - Also known as "Soft Costs" these are typically expenses such as administrative, financing or property taxes, as opposed to "Hard Costs" such as materials and labor.

INDORSEMENT (Endorsement) - The act of signing one's name, with or without further qualifications.

INFILTRATION - Unintentional flow of air of water that migrates into a space, usually through cracks, leaks or porous materials.

INFRASTRUCTURE - The network of public-use improvements such as roads, bridges, schools, water lines, etc., that contribute to the safe and proper functioning of an area.

INGRESS - The point or right to enter a tract of land. Often used interchangeably with "access" or “entrance”.

INITIAL STUDY - Pursuant to CEQA, analysis of a project's potential environmental effects to determine whether an EIR (Environmental Impact Report) is required.

INJUNCTION - A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust or which may cause irreparable harm to the rights of some other party or parties in the suit or proceeding.

IN-LINE STORE – A retail storefront that lays between the end caps of a shopping center or retail block of stores

 

(Typical In-Line Stores in a Shopping Center)

 

IN LIEU OF - Meaning; In place of, or instead of.

INSIDE LOCATION – A portion of a building located at the joining of a right angle. Because of its decreased visibility, it is usually the least desirable location within a center and not really suitable for most retail uses. It can be acceptable for some services that do not rely on impulse business (i.e. ; learning centers, daycare facilities, etc) where visibility is not a prime concern.

(Typical Inside or "Crotch" Location)

 

INSULATION (Thermal) - Any construction materials that offers resistance to noise, heat, fire, etc.

INSURANCE OF TITLE - An insurance policy that protects an owner against loss of their real property due to claims by others for such things as as unpaid taxes, easements, prior encumbrances or reservations of rights by others.

INSTRUCTION TO BIDDERS - The rules that all bidders are expected to adhere to when presenting their bids (i.e., the date and time in which bids are due, the bid form that they are to use, the delivery method, etc).

INTER ALIA - From Latin, meaning "among other things".

INTEREST - The charge, represented in either a percentage or dollar amount, for the use of money over a period of time. In a sense, it is the "rent" you pay for using someone else's money.

INTEREST RATE - The rate that a lender charges their borrowers for the privilege of borrowing money.

INTEREST RATE CAP – An upper limit that provides protection for borrowers so that their interest rates cannot exceed the stated limits.

INTERIM LOAN - A short-term loan until long-term financing is available.

INTERNALLY ILLUMINATED SIGN – A sign that has its characters, letters, figures or designs that are illuminated from the inside of its structure or housing.

INTERRIOR ELEVATION - A horizontal view of the interior walls of a building.

INTERRIOR LOCATION (aka: MID-BLOCK LOCATION) - A parcel of property that has direct access to only one roadway due to the existence of adjacent parcels of land. Whether the property is one parcel off of an intersection or several, it is still considered
Mid-Block and is usually restricted to right-in-right-out access. Always check for U-Turn opportunities both "upstream" and "downstream" of the site's traffic flow to best understand and identify any potential impediments to any and all directional changes.


(A Typical Interior Location)

 

INTESTATE - A person who dies leaving no will, or one which is deemed defective.

INTERSTATE - A highway that passes between two or more states (OK...why Hawaii has one is beyond us).

INVENTORY –
In real estate terms; it refers to the amount of space that is available in a given market.

INVITATION TO BID - A letter inviting potential interested parties to consider bidding on a project.

INVOLUNTARY LIEN - A lien against a property that is done without the consent of an owner. (Examples: failure to pay taxes, special assessments, federal income tax liens, judgments, and mechanics liens).

IRREVOCABLE - Incapable of being recalled or revoked; unchangeable.

 

 

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