Approve Extension of Use of Facilities Agreement with Vaughn Bay Construction for School Board Property at 4310 East Hillsborough Avenue, Tampa

On May 4, 2010 the School Board of Hillsborough County approved a Use of Facilities Agreement with Vaughn Bay Construction to use a portion of the 5 acres of vacant land owned by the School Board at 4310 East Hillsborough Avenue in Tampa as a construction staging area.  The Company is rehabilitating two adjacent apartment complexes and is in the final stages of the project.  The original Agreement began in May 2010, but the Company did not begin to occupy the property until July 2010, therefore they need the additional three months for construction completion.

The terms of the original Agreement are still in force and effect and the monthly rental fee of $2,000 will continue to be received by the School Board.

The monthly rental income of $2,000 for the additional three month term under the Use of Facilities Agreement between the School Board and Vaughn Bay Construction will be receipted to Land Proceeds.