Agenda Item Cover

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, the property located on the north side of Lithia Pinecrest Road, southeast of Fishhawk Trails Drive, Lithia, Florida, 15.33 +/- acres, (folio 88106.0200) has been deemed surplus, and is no longer required for educational purposes.


DATE:	Tuesday, October 16, 2018
TO:	School Board Members
FROM:	Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS
Approve Purchase and Sale Agreement for Property Located on the North Side of Lithia Pinecrest Road, Southeast of Fishhawk Trails Drive, Lithia, 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, the property located on the north side of Lithia Pinecrest Road, southeast of Fishhawk Trails Drive, Lithia, Florida, 15.33 +/- acres, (folio 88106.0200) has been deemed surplus, and is no longer required for educational purposes. Two property appraisals were performed with values of $998,000 and $1,050,000; an asking price of $1,050,000 was established. District staff has received an offer to purchase through the district’s real estate broker in excess of the full asking price, in the amount of $1,075,000. This offer is a cash transaction, with a closing date of December 18, 2018, 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 the property (folio 88106,0200) the School Board of Hillsborough County will realize $1,032,000 after real estate brokerage commissions of 4%, less normal closing costs and legal fees.
EVALUATION

SUBMITTED BY: Lorraine Duffy Suarez, Geneneral Manager, Growth Mgmt & Planning, Operations

		Christopher Farkas
		Deputy Superintendent, Operations (813) 272-4004
		C 7.09
Hillsborough County Public Schools (Florida) * Mtg.#20181016_909 (Board Meeting) * Section C Item# 7.09