03-10-2015 Regular School Board Meeting
Agenda Item #31


Title
Release of Revisionary Interest on Melbourne Property

Discussion

Based on discussion at the School Board Meeting on February 10, 2015, the City of Melbourne and the Brevard Regional Arts Group (BRAG) have clarified and formalized their offers to compensate the School Board for releasing its reversionary interest on portions of land formerly owned by the School Board for (old) Melbourne Elementary and High Schools, now owned by the City of Melbourne and BRAG.

Staff  recommends a total of $400,000 as fair and reasonable compensation, subject to School Board consensus that a combined offer of $150,000 in cash plus a $500,000 endowment for Children's Theater Educational Programs will result in a greater benefit to the students of Brevard Public Schools. 

Attachments:
    BRAG Offer
    City of Melbourne Offer

 

 



Recommendation

Review the offers by the City of Melbourne and BRAG to compensate the School Board for releasing its reversionary interest on portions of land formerly owned by the School Board for (old) Melbourne Elementary and High Schools, now owned by the City of Melbourne and BRAG.

Authorize the School Board Attorney to develop an agreement to release the School Board's reversionary interest on said property in return for compensation acceptable to the School Board.



Meeting Date(s)
Information - 2/10/2015
Consent after Information3/10/2015

Authority for Action
1001.42

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program

Contact
Dane Theodore, Assistant Superintendent / Facilities Services 633-1000 x450


Attachment:  BRAG Offer.pdf
Attachment:  City of Melbourne Offer.pdf