Approve the Purchase and Sale Agreement Between The School Board of Hillsborough County and Brenda L. Wilkins-Roper for Warehouse Property at 2202 North 38th Street, Tampa, Florida

Hillsborough County Public Schools' staff has been apprised of a 4.63 +/- acre warehouse property with an extensive paved parking area currently for sale that abuts the north boundary of the School Board's Furniture Refinishing and Repair site in Ybor City. This warehouse location will have three uses for the School Board. One, expansion of the furniture refinishing and repair operation ; two, furniture warehousing, which is currently located at the School Board's Green Street property; and three, utilization of the paved parking area for year-round bus compounding. The property is currently being appraised by two independent appraisers to establish highest and best use value, but the Hillsborough County Property Appraiser's office has established the market value to be $1,260,401.

In order for the School Board to meet year-end closing terms, staff will be moving simultaneously along with the due diligence process and contract approval phase. As per contract terms, if the average highest and best use value established by independent appraisers does not support the purchase price, terms will be renegotiated with the seller and resubmitted for final Board approval or the contract will be terminated and any earnest deposit monies will be returned to the Board.

This purchase and sale agreement has been reviewed and approved by the School Board Attorney.

The funds for the purchase price of $1,950,000 plus closing costs will be derived from Land Proceeds. Staff is having the Green Street Warehouse property independently appraised to establish highest and best use value as a basis to move forward in the declaration of surplus process for the Green Street property. After completion of the sale of Green Street, proceeds will be receipted to Land proceeds.