Approve Purchase and Sale Agreement and Interlocal Agreement for Land Exchange Between the School Board of Hillsborough County and the Tampa Housing Authority for the Proposed West River Project on Property Located East of Stewart Middle and Just Elementary Schools and South of Spruce Street

The Tampa Housing Authority has proposed a redevelopment of the North Boulevard homes along with additional lands in the immediate area.  The proposed West River Project generally surrounds Just Elementary and Stewart Middle Schools, west of North Boulevard along the Hillsborough River, and would impact approximately 14.7 acres of School Board land adjacent to the waterfront.  The Authority would exchange approximately 9.56 acres of land south of Spruce Street and reconstruct the district's baseball and softball fields and track on the Authority exchange land according to district State Requirements for Educational Facilities (SREF) regulations. 

The Authority will be responsible for the costs of the due diligence testing on the sites, appraisals, up to $15,000 for School Board legal fees, surveys, and real estate closing costs.  Based upon established appraised value for the School Board land, any financial difference will be deemed as additional consideration.

The Purchase and Sale Agreement and Interlocal Agreement for Land Exchange have been reviewed by district real estate legal counsel.

The Tampa Housing Authority will be responsible for the costs associated with the land exchange transaction for the West River Project between the School Board of Hillsborough County and the Authority, including due diligence testing, appraisals, surveys, up to $15,000 of School Board legal fees and real estate closing costs.