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Title: RE-5 Approve Amendment No. 4 Purchase/Sale and Exchange-G.L. Homes Recommendation:
I recommend the School Board approve the Fourth Amendment to the Agreement for Purchase, Sale, and Exchange between GL Homes of Florida II Corporation and the School Board of Palm Beach County involving the existing Hagen Road Elementary School site; and authorize the Chairman and the Superintendent to sign all necessary documents.
Description:
- On January 25, 2006, the School Board approved the Third Amendment to Agreement for Purchase, Sale and Exchange. The Agreement involves the conveyance to the School Board of approximately a 13-acre site for a new Elementary School, plus cash considerations, in exchange for the conveyance to GL Homes of Florida II Corporation of land that consists of the approximate 14-acre existing Hagen Road Elementary School site, and approximately 26 acres of vacant land adjacent to and west of the existing school site. (See Attached “Third Amendment”)
- The Original Agreement requires the Seller (School Board) to commence construction of the New School no later than March 31, 2007 and to have poured the slab for the New School within 5 months after the date on which Seller sends a Notice to Proceed to the School Contractor authorizing the School Contractor to commence construction of the New School.
- The Seller has requested and Purchaser has agreed to extend the date by which Seller is required to have commenced construction on the New School from March 31, 2007 to April 30, 2007.
- The Third Amendment required Purchaser to remove the Tanks and Pipes from the Purchaser Property and use its good faith efforts to obtain a No Further Action Letter in connection with such removal, failure of which gave Seller certain rights and remedies.
- The Purchaser has removed all of the Tanks and Pipes from the Purchaser Property and has delivered to Seller the Underground Pipeline Closure and Interim Source Removal Report dated August 18, 2006 prepared by Arcadis G&M, Inc.
- The Seller has accepted the Report in lieu of the No Further Action Letter and is no longer requiring Purchaser to obtain the No Further Action Letter.
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Financial Impact:
N/A
For Additional Information, contact:
Joseph M. Moore (moorej@palmbeach.k12.fl.us)
Joseph M. Sanches
Attachments (list):
RE-5 Third Amendment.pdf
RE-5. Fourth Amendment to Agreement for Purchase, Sale & Exchange.pdf
RE-5 Beneficial Interest.pdf
RE-5 Checklist.pdf
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