February 01, 2011
Status:
Approve the Agreement of Purchase and Sale between The School Board of Broward County, Florida and Nova Southeastern University for a 4.95 Acre Parcel of Davie Elementary School.
On May 6, 2009, the Town of Davie gave written notice of terminating their forty (40) year lease agreement with the School Board for the use of a 4.95-acre ball fields and recreation area. The effective date of termination was September 3, 2009. The recreational grounds were no longer required for school purposes and identified as underutilized. On April 20, 2010, the Board authorized staff to file an amendment to the State Educational Plant Five Year Survey Report (2009-2014) to reflect this excess and adopted Resolution 10-92 declaring the excess acreage as surplus.
Nova Southeastern University (NSU) has expressed interest in purchasing the property for their intramural sports program. The average appraised value of the property was $1,806,700. On September 30, 2010, the Negotiation Parameters Committee approved the valuation as the offering price. The NSU President is recommending to their board the purchase of the property at the offering price.
This Agreement has been reviewed and approved as to form and legal content by the School Board Attorney.
There is a positive financial impact to the School District in the amount of $1,806,700 less the sellers share of closing costs.
Requested Action
Approve the Agreement of Purchase and Sale between The School Board of Broward County, Florida and Nova Southeastern University for a 4.95 Acre Parcel of Davie Elementary School.
Summary
On May 6, 2009, the Town of Davie gave written notice of terminating their forty (40) year lease agreement with the School Board for the use of a 4.95-acre ball fields and recreation area. The effective date of termination was September 3, 2009. The recreational grounds were no longer required for school purposes and identified as underutilized. On April 20, 2010, the Board authorized staff to file an amendment to the State Educational Plant Five Year Survey Report (2009-2014) to reflect this excess and adopted Resolution 10-92 declaring the excess acreage as surplus.
Nova Southeastern University (NSU) has expressed interest in purchasing the property for their intramural sports program. The average appraised value of the property was $1,806,700. On September 30, 2010, the Negotiation Parameters Committee approved the valuation as the offering price. The NSU President is recommending to their board the purchase of the property at the offering price.
This Agreement has been reviewed and approved as to form and legal content by the School Board Attorney.
School Board Goals
| Goal Six: Parents, Business and Community Partnerships (2008-2011) |
Financial Impact
There is a positive financial impact to the School District in the amount of $1,806,700 less the sellers share of closing costs.
Source of Additional Information
Chris Akagbosu 754 321-2162
Associated File Attachments
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Agreement of Purchase and Sale (Files) | |
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Letter from the Town of Davie (Files) | |
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ExecutedCompleteCopy (Files) |