Title: RE2 Landbank Parcels

Recommendation:

I recommend the School Board approve the Real Estate Sale and Purchase Contract for acquisition of an improved property and vacant property of approximately 28.92 acres, more or less, located on the West side of 120^th Avenue and 50^th Street South, Wellington, which property shall be designated for Landbank as herein described; approve a Resolution declaring structure (s) located on the property to be acquired by the School Board to be unnecessary for Educational purposes, surplus and without commercial value; and authorize the Superintendent and Chairman to sign all necessary documents.

Description:

• The lack of availability of property and the continuous population growth in Palm Beach County highlights the need for Landbanking.

• Negotiations with the Seller have resulted in a Real Estate Sale and Purchase Contract being executed by the Seller.

• The contract price is $8,718,000.00. The averaged value of the two (2) appraisals is $8,537,500.00.

• A Phase I Environmental Audit has been conducted on the site.  There are no environmental concerns regarding this property.

• An Asbestos Analysis will be performed upon acquisition of the properties.

Financial Impact:
The financial impact to the Project’s Budget is $8,723,000.00

For Additional Information, contact:

Joseph M. Moore (moorej@Mail.palmbeach.k12.fl.us)

Attachments (list):
RE2 Rivercorp. Checklist Board Report 031506.pdf
RE2 Exhibit A.pdf
RE2 Beneficial Interest.pdf
RE2 Landbank Resolution.pdf