Created : May 10, 2014 at 10:32 PM
March 04, 2014
Status:
Open Agenda
Approve the First Amendment to Agreement of Sale and Purchase between The School Board of Broward County, Florida (SBBC), and JAG Development Company, LLC for the purchase of the site commonly referred to as Elementary D-1 School Site (No. 352.1).
On December 17, 2013, JAG Development Company, LLC (JAG) entered into an Agreement with The School Board of Broward County, Florida (SBBC) for the purchase of the site commonly referred to as Elementary D-1 School Site (No. 352.1).
The purchase price to be paid by JAG to SBBC for the subject property is $9,750,000.
The Agreement between SBBC and JAG specifies that JAG will have an inspection period of sixty (60) days following the effective date of the contract (January 6, 2014) in which to review, examine, evaluate, or otherwise satisfy itself with respect to the financial or economic viability of the transaction, the soil conditions, environmental condition, or other aspects of the property.
The purpose of this Amendment to the Agreement of Sale and Purchase between SBBC and JAG is to extend the inspection period from sixty (60) days to ninety (90) days. JAG has requested this extension in order to satisfactorily complete its due diligence activities which are currently in progress.
This Agreement has been reviewed and approved as to form and legal content by the Office of the General Counsel.
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 First Amendment to Agreement of Sale and Purchase between The School Board of Broward County, Florida (SBBC), and JAG Development Company, LLC for the purchase of the site commonly referred to as Elementary D-1 School Site (No. 352.1).
Summary
On December 17, 2013, JAG Development Company, LLC (JAG) entered into an Agreement with The School Board of Broward County, Florida (SBBC) for the purchase of the site commonly referred to as Elementary D-1 School Site (No. 352.1).
The purchase price to be paid by JAG to SBBC for the subject property is $9,750,000.
The Agreement between SBBC and JAG specifies that JAG will have an inspection period of sixty (60) days following the effective date of the contract (January 6, 2014) in which to review, examine, evaluate, or otherwise satisfy itself with respect to the financial or economic viability of the transaction, the soil conditions, environmental condition, or other aspects of the property.
The purpose of this Amendment to the Agreement of Sale and Purchase between SBBC and JAG is to extend the inspection period from sixty (60) days to ninety (90) days. JAG has requested this extension in order to satisfactorily complete its due diligence activities which are currently in progress.
This Agreement has been reviewed and approved as to form and legal content by the Office of the General Counsel.
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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First Amendment to Agreement (Files) | |
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Agreement of Sale and Purchase (Files) | |
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ExecutedCompleteCopy (Files) |