Created : March 02, 2014 at 06:40 PM
December 17, 2013
Status:
Open Agenda
Approve the Agreement of Sale and Purchase between The School Board of Broward County, Florida and JAG Development Company, LLC for the purchase of the site commonly referred to as Elementary D-1 School Site (No. 352.1).
Section 1013.28, Florida Statutes (FS) allows a school board to dispose of any land or real property that is by resolution of the board, determined to be unnecessary for educational purposes. On April 20, 2010, the School Board approved the surplus of the 12-acre gross Elementary D-1 School Site which is located at the southeast corner of Broward Boulevard and Hiatus Road in the City of Plantation.
In 2010, two appraisals were conducted to determine the value of the Site, and in August 2010, the higher of the two appraisals valued the property at $6,700,000. Subsequently, consistent with the provisions of School Board Policy 7002-B, the Negotiation Parameters Committee (NPC) met on September 30, 2010 and voted to value the property at the higher appraised value. Thereafter on March 10, 2011, the property was marketed for sale via Request for Proposal (RFP) 11-033T. However, the property did not sell.
In 2012, the District ordered three (3) updated appraisals of the property; and an appraisal dated June 6, 2012 valued the property at $7,239,000 (the highest of the three (3) appraisals). On July 3, 2012, the NPC met and voted to value the property at the higher appraised value.
Thereafter, the Facility Planning & Real Estate Department commenced efforts to sell the property. Commencing in September 2013, the Department received over forty (40) inquiries on the property, of which six (6) entities submitted a Letters of Intent (LOI) to purchase the property. Of the submitted LOI's, JAG Development Company, LLC (JAG) offered the highest price of $9,750,000 (which is $2,511,000 above the asking price) to purchase the property.
This Agreement has been reviewed and approved as to form and legal content by the Office of the General Counsel, and upon its approval by the School Board, due diligence processes towards purchase and closing on the property will commence.
There is a positive $9,750,000 financial impact to the District; therefore, this item does not require a Collaboration Form from the Capital Budget Department.
Requested Action
Approve the Agreement of Sale and Purchase between The School Board of Broward County, Florida and JAG Development Company, LLC for the purchase of the site commonly referred to as Elementary D-1 School Site (No. 352.1).
Summary
Section 1013.28, Florida Statutes (FS) allows a school board to dispose of any land or real property that is by resolution of the board, determined to be unnecessary for educational purposes. On April 20, 2010, the School Board approved the surplus of the 12-acre gross Elementary D-1 School Site which is located at the southeast corner of Broward Boulevard and Hiatus Road in the City of Plantation.
In 2010, two appraisals were conducted to determine the value of the Site, and in August 2010, the higher of the two appraisals valued the property at $6,700,000. Subsequently, consistent with the provisions of School Board Policy 7002-B, the Negotiation Parameters Committee (NPC) met on September 30, 2010 and voted to value the property at the higher appraised value. Thereafter on March 10, 2011, the property was marketed for sale via Request for Proposal (RFP) 11-033T. However, the property did not sell.
In 2012, the District ordered three (3) updated appraisals of the property; and an appraisal dated June 6, 2012 valued the property at $7,239,000 (the highest of the three (3) appraisals). On July 3, 2012, the NPC met and voted to value the property at the higher appraised value.
Thereafter, the Facility Planning & Real Estate Department commenced efforts to sell the property. Commencing in September 2013, the Department received over forty (40) inquiries on the property, of which six (6) entities submitted a Letters of Intent (LOI) to purchase the property. Of the submitted LOI's, JAG Development Company, LLC (JAG) offered the highest price of $9,750,000 (which is $2,511,000 above the asking price) to purchase the property.
This Agreement has been reviewed and approved as to form and legal content by the Office of the General Counsel, and upon its approval by the School Board, due diligence processes towards purchase and closing on the property will commence.
School Board Goals
| Goal 2: Continuous Improvement |
Financial Impact
There is a positive $9,750,000 financial impact to the District; therefore, this item does not require a Collaboration Form from the Capital Budget Department.
Source of Additional Information
Chris Akagbosu 754-321-2162
Associated File Attachments
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Executive Summary (Files) | |
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Agreement of Sale and Purchase (Files) | |
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Aerial Photo - Elementary D-1 School Site (Files) | |
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ExecutedCompleteCopy (Files) |