| Name: |
Lakey
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| Subject: |
Catherine's
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Date:
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1/4/2009 10:59:13 PM
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What is the COOP $$$ on their receipts. I lost my receipt befoe I could calculate the percentage but it was about equal to the tax on the receipt. Is that money that goes to some fund for RL?
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| Name: |
PC Al
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| Subject: |
Catherine's
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Date:
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1/4/2009 11:10:56 PM
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Good question. We ate there Friday and I do have my receipt. Subtotal = $19.96, stax = $1.00 and coop (whatever it is) = $0.70. Thanks for pointing it out. Did not notice but would like to know. We did enjoy the lunch but I will give Green Valley more of my business than to Catherine's. Both are good though.
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| Name: |
water_watcher
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| Subject: |
Catherine's
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Date:
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1/5/2009 6:52:00 AM
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I saw that as well and asked the cashier ... she said that she did not know and it was for their managements use. My guess it is a deal they cut with RL rather than pay a fixed rent, they are paying a percent of revenue. So when it is slow they do not pay as much as the summer months. Not a bad idea to be sure they do not go under during the slower months. If they were smart they negotiated an annual cap to be paid and can convert to a fixed monthly amount once the business is established .... unless it is a way for RL to always have a piece of the pie since after all they took the risk to build it and take less rent as it starts up.
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| Name: |
water_watcher
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| Subject: |
Catherine's
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Date:
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1/5/2009 6:57:12 AM
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in your example that is 3.5% and would be a very realistic amount for percentage rent from first dollar. Many retail rent deals have a fixed amount and a percentage amount "after a certain dollar level" - typically 5 or 6%. Since they did not know the expected revenue level, then 3.5% on all revenue would be realistic. A bit low actually, but who knows if there are escalators each year or maybe a hhigher level in the summer.
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| Name: |
Hawks Nest
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| Subject: |
Catherine's
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Date:
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1/5/2009 8:19:10 AM
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Please clarify...is that being ADDED to the total bill as a "tax" or just a calculation for their records?
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| Name: |
Catherine
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| Subject: |
Catherine's is not leased.
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Date:
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1/5/2009 8:23:45 AM
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Having spoken to an employee of Russell Lands, I have learned that Russell Lands owns the market. I was told that the Chef is a salaried employee of Russell Lands, and if you recall, it was Russell Lands who did all of the interviewing and hiring for the Market. In fact, several of Catherine's employees were reassigned after being laid off at other Russell Lands ventures (many from the marinas).
If true, that "coop" has nothing to do with lease or profit sharing. It simply is price gouging.
Someone who frequents the market should ask directly about it. It would also be interesting to know the holder of the payroll account. Who signs those checks?
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| Name: |
lamont
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| Subject: |
The Plot Thickens.....
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Date:
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1/5/2009 8:45:32 AM
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Relatively speaking, I am a newbie to the lake, 5 years- weekender and mostly fulltimer the past 4 months. All this Russell Lands talk is very enlightening especially, Catherines latest revelation. I am becoming very suspicious of those folks.
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| Name: |
Bob
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| Subject: |
The Plot Thickens.....
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Date:
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1/5/2009 8:47:07 AM
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Lamont...DO NOT fall for this conspiracy crap...you are too smart for that...
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| Name: |
lamont
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| Subject: |
The Plot Thickens.....
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Date:
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1/5/2009 9:27:30 AM
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Not falling for anything yet. Just trying to get educated.
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| Name: |
PC Al
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| Subject: |
Catherine's
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Date:
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1/5/2009 10:31:25 AM
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The coop is added to your bill. It is added just like the tax. I found another of my receipts. Subtotal = $30.95 + (stax = $1.55) + (coop = $1.08) for a total of $33.58. Something is just not right here. I just don't pay enough attention to my receipts. A friend of ours carried several kids to California Pizza the other day and she left a $20 cash tip. When she got home and was checking over her receipt, she was charged 18% on her bill because she had a party of 6 or more. Her waiter got a pretty good tip that day, 18% of bill plus $20 cash.
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| Name: |
Catherine
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| Subject: |
That is VERY interesting.
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Date:
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1/5/2009 10:36:16 AM
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Does anyone know if there are any signs indicating this, PROMINENTLY DISPLAYED at Catherine's?
Very interesting.
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| Name: |
8hcap
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| Subject: |
Catherine's
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Date:
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1/5/2009 11:20:12 AM
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This is getting rediculous. Go to BASS in Prattville and you will pay the normal state, city and county sales taxes plus a 1.5% "BASS tax". This last item is the income used to repay the bond issue Prattville used to fund the BASS store ($17 million+).
Many states (including Alabama) allow the use of a CDD (Community Development District). This district is treated as a governmental entity and is much like the Lake City Catherine is railing about. I only have direct experience in Florida, but such CDD's there do not have the authority to raise taxes after the bonds are issued to pay for the infrastructure. Down there, the taxing vehicle is usually property taxes, but Alabama could allow the use of a quasi-sales tax charge to fund the bonds for the infrastructure (and boy with that awful cobble parking lot they spent a lot on infrastructure). This could explain the coop fee added to the final tally, but that is speculation on my part as I have no direct knowledge of their set up.
But I do know one thing, if retailers could pass their rent along as a "coop fee" added to everyone's checks, EVERYONE would be doing it.
And Catherine, BASS was simply playing Alex City in their site selection process - there was never any real intent to open a store here - there simply is not enough traffic.
8
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| Name: |
Lakey
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| Subject: |
Catherine's
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Date:
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1/5/2009 5:47:10 PM
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Any word on the COOP or is it al still speculation? I wonder how much money that is on estimated gross receipts. I am thinking it is only about $10-15000/yr?
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