Agenda Item #37
Release of Reversionary Interest on Melbourne Property
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.
Approve the agreement between the City of Melbourne and the School Board.
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.
Information - 2/10/2015
Consent after Information4/14/2015
Authority for Action
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Agenda Item will not Require the Expenditure of Funds
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