Approve First Amendment to Exchange Agreement Between the City of Temple Terrace and the School Board of Hillsborough County at Riverhills Elementary School and Riverhills Park

On June 10, 2014, the School Board of Hillsborough County approved a Real Estate Exchange Agreement with the City of Temple Terrace for property at Riverhills Elementary School and Riverhills Park.  This was completed in order for the School Board to erect security fencing along the western boundary of the school.  Under Paragraph 9, "Due Diligence Period", both parties had 45 days from the approval of the Agreement to perform an in depth title review and new boundary survey.  Upon receipt of the title commitment, it was discovered that a "reverter clause" exists on both exchange areas.  The reverter was placed on the deed from Hillsborough County in 1962 and states that if either party ceased to use the property for a school or park, it would revert back to the County.  School District staff is working with Hillsborough County Real Estate to have the legal descriptions of the reverter clauses reflect the new boundaries of the school and park.  The process to accomplish the corrections will pass the due diligence period under the Agreement and both Temple Terrace and the School Board will need additional time for completion.  The new Due Diligence Period will be extended to September 23, 2014. 

The School Board was the initiator of the property exchange and, therefore, the First Amendment to the Exchange Agreement is being presented to the School Board for review and approval prior to the City of Temple Terrace.

Approval of the First Amendment to the Exchange Agreement between the School Board of Hillsborough County and the City of Temple Terrace for property at Riverhills Elementary School and Riverhills Park will have no financial impact to the School Board.