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June 14, 2022 School Board Meeting
Title
Limited Authorization Regarding Property Acquisition
Meeting Date(s)
Consent w/o Information - 06/14/2022
Consent Type
Without Information
Discussion

The District has engaged a real estate broker to assist the School Board in acquiring and selling property. The broker has recommended that the Board provide the Superintendent, or designee, limited authority for the following actions that will facilitate making offers on property needed for the relocation and consolidation of the transportation facility:

  • Authority to execute, in person or electronically, conditional offers to purchase property subject to a due diligence period and School Board approval to close on the purchase.
  • Authority to fund a good-faith deposit of up to $50,000 per offer to be held in escrow during the due-diligence period, up to a maximum amount of $200,000
  • Authority to cancel a contract / withdraw an offer during the due diligence period (required for refund of deposit)
  • Authority to provide a generic proof of funds (indicating the District has sufficient funding to close the transaction if the offer is accepted by the Seller)

These actions will allow the District to be more responsive to opportunities in a very competitive real estate market. 

The deposit(s) and the acquisition cost will be funded through capital funds budgeted for this purpose. 

 

Recommendation

Authorize the Superintendent or designee to:

  • Execute, in person or electronically, conditional offers to purchase property subject to a due diligence period and School Board approval to close on the purchase
  • Fund a good-faith deposit of up to $50,000 per offer to be held in escrow during the due-diligence period, up to a maximum amount of $200,000
  • Cancel a contract / withdraw an offer during the due diligence period
  • Provide a generic proof of funds (indicating the District has sufficient funding to close the transaction if the offer is accepted by the Seller)
Authority for Action
F.S. 1001.42
Involves Expenditure of Funds Directly in the Classroom
No
Source of Funding

Agenda Item will not Require the Expenditure of Funds
Financial Impact
FY Amount Budgeted Fund Cost Center Project Function Object Program
                 
Legal Counsel Review
Yes - Review Date: 05/18/2022
Contact
Susan Hann, P.E., Assistant Superintendent Facilities Services 633-1000 ext. 11446
Attachments

No attachments available

Agenda Plus