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 Forest Hills Inv., LLC for the purchase of the site commonly referred to as Oakland Park Elementary School Acreage Site (No.003.1).
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 March 19, 2007, the School Board approved the surplus of the 0.44 Oakland Park Elementary School Acreage Site which is located at 997-999 NE 33rd Street in the City of Oakland Park.
In 2007, an appraisal ordered by the District and dated May 15, 2007 valued the property at $260,000. In 2012, the District ordered two (2) full appraisals of the property; and an appraisal dated June 15, 2012 valued the property at $78,000 (the higher of the two (2) appraisals). On July 3, 2012, the Negotiation Parameters Committee (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 early October 2013, the Department received numerous inquiries on the property, of which three (3) entities submitted Letters of Intent (LOI) to purchase the property at the asking price of seventy-eight ($78,000) thousand dollars. However of the submitted LOI's, the conditions contained in the LOI proposed by Forest Hills Inv., LLC were more favorable to the District.
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 $78,000 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 Forest Hills Inv., LLC for the purchase of the site commonly referred to as Oakland Park Elementary School Acreage Site (No.003.1).
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 March 19, 2007, the School Board approved the surplus of the 0.44 Oakland Park Elementary School Acreage Site which is located at 997-999 NE 33rd Street in the City of Oakland Park.
In 2007, an appraisal ordered by the District and dated May 15, 2007 valued the property at $260,000. In 2012, the District ordered two (2) full appraisals of the property; and an appraisal dated June 15, 2012 valued the property at $78,000 (the higher of the two (2) appraisals). On July 3, 2012, the Negotiation Parameters Committee (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 early October 2013, the Department received numerous inquiries on the property, of which three (3) entities submitted Letters of Intent (LOI) to purchase the property at the asking price of seventy-eight ($78,000) thousand dollars. However of the submitted LOI's, the conditions contained in the LOI proposed by Forest Hills Inv., LLC were more favorable to the District.
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 $78,000 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 Oakland Park Elementary School Acreage Site (Files) | |
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ExecutedCompleteCopy (Files) |