DATE: Tuesday, December 12, 2006
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS
On November 21, 2006, the Board authorized staff to appraise and negotiate for a permanent residential/office site in Tallahassee for use by the District Government Relations Program. Staff has identified a condominium site within a convenient walking distance from the capitol buildings. The condominium has appraised at $164,000 and the owner requires a sales price of $171,800. The appraised value does not include furniture, additional appliances, kitchenware and linens, which are a part of this transaction.
The sales price of this unit is 4.7% above appraised value, but the value of the property has appreciated in excess of 5% per year for several years. The lack of available sites and fast sales market of desirable condominiuims in this location also would attribute to increased value of the property. In this respect, the District would own an appreciating asset and realize savings of approximately $13,000 per year because the District would eliminate yearly apartment rentals.
ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)
Goal 6 - All schools in the District will be assigned a state grade of A, B, or C.
FINANCIAL IMPACT (Budgeted: Yes)
Funds in the amount of $171,800 plus closing costs will be derived from Non-recurring General Fund Balances reserved for the purpose of paying rentals for the next ten years. Because the sales price exceeds the appraised value, a super majority vote is required. It should be noted that assets with additional value are being transferred and are not a part of the appraised value.
Cathy L. Valdes
Chief Facilities Officer
|Hillsborough County Public Schools (Florida) * Mtg.#20061212_189 * Section E Item# 6.01c|