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Action Item
DATE: Tuesday, October 2, 2018
TO: School Board Members
FROM: Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS
Approve Purchase and Sale Agreement for 908 West Horatio Street, Tampa, Florida
EXECUTIVE SUMMARY
According to Florida Statute 1013.28, on October 17, 2017, the School Board of Hillsborough County, Florida, authorized the Superintendent to dispose of real property if said property was deemed surplus and unnecessary for educational purposes.  By School Board Resolution, 908 West Horatio Street, Tampa, Florida, is deemed surplus and no longer required for educational purposes.  On September 11, 2018, the School Board also approved Spot Survey 4.09 recommending the disposition of the ancillary facility and property as required by the Florida Department of Education.  This property is a small office space and not in current use by the district.

Two property appraisals were performed, with values of $525,000 and $570,000; an asking price of $570,000 was established.  District staff has received an offer to purchase through the district's real estate broker in the amount of $575,000, which is $5,000 above asking price.  This offer is a cash transaction, 45 day closing date, with no contingencies except property due diligence. 
STRATEGIC OBJECTIVES
• Establish a strong foundation of financial stewardship
FINANCIAL IMPACT (Budgeted:  No)
At final real estate closing for 908 West Horatio Street, Tampa, Florida, the School Board of Hillsborough County will realize $552,000, after real estate brokerage commission of 4%, less normal closing costs and legal fees.  Per Statute, these funds will be restricted to capital outlay expenditures and placed in the capital fund account.
EVALUATION
SUBMITTED BY:  Lorraine Duffy Suarez, General Manager, Growth Management and Planning
Denise A. Taraschi, Property Specialist, Growth Management & Planning
    Christopher Farkas

  Deputy Superintendent, Operations
(813) 272-4004
    C 7.04
Hillsborough County Public Schools (Florida) * Mtg.#20181002_903 (Board Meeting) * Section C Item# 7.04