Approve Acceptance of the Dedicated 16.795 +/- Acre Elementary School Site at Waterset Subdivision, East of U.S. Highway 41, West of Interstate Highway 75, East Side of Covington Garden Drive, Apollo Beach from NNP-Southbend II, LLC, to the School Board of Hillsborough County, Florida

School district staff has worked through the planning process with NNP-Southbend II, LLC, (Newland Communities) the developer of the Waterset Subdivision, to dedicate an elementary school site to the School Board of Hillsborough County, Florida, a body corporate, for impact fee credits.  The site is 16.795 +/- acres, east of U.S. Highway 41, west of Interstate Highway 75 on the east side of Covington Garden Drive in Apollo Beach, Florida.

All dedicate documentation and developer due diligence site work have been completed and found to be in order for School Board acceptance.  Impact fee credits in the amount of $2,225,650 have been established based on the average of two independent fair market value appraisals prepared on behalf of the School Board.

All dedication documents associated with the School Board's acceptance of the elementary school site have been reviewed and approved by School Board real estate legal counsel.

Acceptance of the 16.795 +/- acre elementary school site at the Waterset Subdivision by the School Board of Hillsborough County from NNP-Southbend II, LLC, (Newland Communities) will have no financial impact to the School Board.