Title: RE2 Request For Additional Funds - Purchase Property - Tradewinds MS

Recommendation:

I recommend the School Board approve the expenditure of additional funds for the acquisition of 47.06 acres of real property, which is located on Haverhill Road Extension and Canal 14 Road, Lake Worth, Florida, to satisfy the jury verdict in the case School Board of Palm Beach County, Florida vs C & H Landscape Contractors et al. and is the site of the new Tradewinds Middle School (98II); and authorize the Superintendent and Chairman to sign all necessary documents.

Description:

• On March 13, 2002, the School Board approved the acquisition of the subject property through eminent domain proceedings with a financial impact of $6,300,000 and on June 23, 2004, additional funds in the amount of $830,000.  (See Board Reports, Exhibit “A” and “B”)
• Land values have escalated due to the demand for new residential development and the decrease in the supply of available, development sites.
• Eminent domain proceedings were filed; the court case has been completed for the last two (2) landowners, but there are not adequate sums in the project budget to comply with the amount the Jury awarded, statutory interest, attorney fees and associated costs.
• The appraisals from the School District’s experts show land values of $135,000 per acre.  The landowners’ experts claim that the value is $160,000 per acre.  The jury awarded $142,000 per acre.  (See Memo, Exhibit “C”)
• The additional financial impact to the Capital Projects Funds Budget is $700,000.

Financial Impact:
The additional financial impact to the Capital Projects Funds Budget is $700,000.

For Additional Information, contact:
       

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

Attachments (list):
ExhibitA.pdf
ExhibitB.pdf
ExhibitC.pdf
RE2 Dr Robinson Q & A 021605 meeting.doc
RE2 Dr Richmond Q & A 021605 meeting.doc
RE2 Q & A 021605 meeting.pdf