Approve Purchase and Sale Agreement for Property Located on North Armenia Avenue Adjacent to Oak Grove Elementary School

School Board staff was approached by the owner of property located at 6205 North Armenia Avenue in Tampa with an offer to sell this site to the School Board. The property is surrounded by Oak Grove Elementary School and with this acquisition, the campus would be one contiguous parcel. Staff retained an independent appraiser to establish fair market value for the property at $387,000 and a negotiated purchase price of $375,000 was accepted by the Seller.

Seller requested permission to remove items from the premises such as windows, doors, appliances, cabinetry, hardware, etc. for donation to local housing rehabilitation organizations. This removal process will be done prior to the final closing with the School Board and Seller will have all appropriate permits and abide by any and all applicable laws and regulations.

The School Board will have from the effective date of the approved Agreement until April 1, 2010 for performance of due diligence and a closing date no later than May 1, 2010. As part of the due diligence, environmental testing, survey and current title investigation will be performed to establish acquisition viability.

The purchase price of $375,000 and closing costs for the property located at 6205 North Armenia Avenue in Tampa will be funded by Local Millage.