04-14-15 Regular School Board Meeting
Agenda Item #37


Title
Release of Reversionary Interest on Melbourne Property

Discussion

The City of Melbourne and the Brevard Regional Arts Group (BRAG) have revised 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 approval of the combined offer of $400,000: $50,000 from the City of Melbourne and $350,000 from BRAG.

Attachments:
   BRAG Offer
   City of Melbourne Offer



Recommendation

Approve the agreement between the City of Melbourne and the School Board. 

  • The School Board will release its reversionary interest on a portion of land currently owned by the City of Melbourne upon receipt of $50,000 from the City of Melbourne.
  • The release of the School Board’s reversionary interest will occur concurrently with the release of its reversionary interest on the land currently owned by BRAG per the agreement referenced below.

Note: The School Board Attorney has reviewed and approved the form of the agreement with the City of Melbourne.

Approve the offer of $350,000 from BRAG as compensation to the School Board for releasing its reversionary interest on a portion of land currently owned by BRAG.  Authorize the School Board Attorney to finalize an agreement with BRAG to release the School Board's reversionary interest on said property.

  • The School Board will release its reversionary interest on a portion of land currently owned by BRAG upon receipt of $350,000 from BRAG.
  • The release of the School Board’s reversionary interest will occur concurrently with the release of its reversionary interest on the land currently owned by the City of Melbourne per the agreement referenced above.



Meeting Date(s)
Information - 2/10/2015
Consent after Information4/14/2015

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 3-30-15.pdf
Attachment:  City of Melbourne Offer 4-2-15.pdf