Hillsborough County Public Schools Facilities
Action Item

DATE: Tuesday, August 7, 2007
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

APPROVE COLLATERAL ASSIGNMENT OF SUBLEASE
MOSI / SCHOOL DISTRICT

EXECUTIVE SUMMARY

At the July 17, 2007 Board meeting, the School Board voted to lease an area of the Museum of Science and Industry (MOSI), previously occupied by Terrace Charter School. The use of this space will allow approximately 300 students to be transferred from Shaw Elementary School, a nearby overcapacity elementary school.

In a May 1, 2001 bond issuance, MOSI had assigned the Terrace Charter School lease as collateral for the bonds. To satisfy the requirements of MOSI's bond issuance, the School District is asked to approve the attached document, allowing the assignment of our lease of the space as additional collateral. The assignment will not affect the terms of the District's leasehold rights.

ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)

Provide adequate school facilities for the accomplishment of all District Goals and Critical Success Factors.

FINANCIAL IMPACT (Budgeted: No)

In the opinion of the Board attorney and outside counsel for the Board, the assignment will create no additional financial impact to the school district beyond the impact of the already approved MOSI lease agreement.

EVALUATION

SUBMITTED BY:



Cathy L. Valdes
Chief Facilities Officer
(813) 272-4004
6.01b
Hillsborough County Public Schools (Florida) * Mtg.#20070807_263 * Section E Item# 6.01b