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. On October 2, 2018, by Resolution, the School Board declared 908 West Horatio Street, Tampa, FL, surplus and approved a purchase and sale agreement, but under due diligence terms, the proposed buyer exercised its right to terminate the contract.

The School Board's real estate broker has submitted a second offer for $575,000, which is the same offering price as previously accepted by the School Board. This is a cash offer with a closing date of 30 days after the end of the due diligence period, on or before February 4, 2019.


DATE:	Tuesday, December 4, 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. On October 2, 2018, by Resolution, the School Board declared 908 West Horatio Street, Tampa, FL, surplus and approved a purchase and sale agreement, but under due diligence terms, the proposed buyer exercised its right to terminate the contract. The School Board's real estate broker has submitted a second offer for $575,000, which is the same offering price as previously accepted by the School Board. This is a cash offer with a closing date of 30 days after the end of the due diligence period, on or before February 4, 2019.
STRATEGIC OBJECTIVES
• Establish a strong foundation of financial stewardship
FINANCIAL IMPACT (Budgeted: No)
At final real estate closing for 908 West Horatio Street, Tampa, FL, the School Board of Hillsborough County will realize $552,000, after real estate brokerage commission of 4% less normal closing costs and legal fees.
EVALUATION

SUBMITTED BY: Denise A. Taraschi, Property Specialist, Growth Management & Planning Lorraine Duffy Suarez, General Manager, Growth Management & Planning

		Christopher Farkas
		Deputy Superintendent, Operations (813) 272-4004
		C 7.17
Hillsborough County Public Schools (Florida) * Mtg.#20181204_911 (Board Meeting followed by Public Hearing) * Section C Item# 7.17