Approve Real Estate Exchange Agreement Between the School Board of Hillsborough County and the City of Temple Terrace for Lands at Riverhills Elementary School and Riverhills Park

Staff of the School Board of Hillsborough County discussed plans to erect fencing along the western boundary of Riverhills Elementary School, adjacent to Riverhills Park, with staff of the City of Temple Terrace.  Under the 2010 General Cooperative Agreement, the School Board and the City have been sharing use of each other's property and as a result, certain improvements were built on the shared areas by the School Board and the City.  Prior to fencing, all parties agreed it was best to separate the lands and improvements to the appropriate entity and move forward with a land exchange.  Surveys of the land exchange areas were completed to establish the new property boundaries that were equal in size.  The new school boundary will allow School Board staff to move forward with perimeter fence installation.

The areas of land to be exchanged consist of 21,266 square feet of School Board property and 21,664 square feet of City property, each having an estimated value of approximately $20,000.  Formal appraisals were not completed on the properties due to the almost exact land size,  locations and no monetary exchange.  The Exchange Agreement allows for a due diligence period to perform inspections, investigations, tests and analyzes to determine the condition of the lands. 

The Exchange Agreement was presented to the City Council of the City of Temple Terrace on May 20, 2014 and approved by Resolution.  

Costs associated with the approval of the Real Estate Exchange Agreement between the School Board of Hillsborough  County and the City of Temple Terrace will be to perform due diligence work, legal fees, and reimbursement to the City of Temple Terrace for the completion of the boundary surveys.   These funds will be derived from Local Millage.