05-12-2015 Regular School Board Meeting
Agenda Item #25


Title
Release of Reversionary Interest on Melbourne Property

Discussion

At their meeting on April 14, 2015, the School Board accepted an offer of $350,000 from the Brevard Regional Arts Group (BRAG) to compensate the School Board for releasing its reversionary interest on a portion of land formerly owned by the School Board for (old) Melbourne Elementary and High Schools, now owned by BRAG, and directed the School Board Attorney to finalize an agreement with BRAG. 

The School Board Attorney has reviewed and approved the form of the attached Agreement. 

A sketch of the legal description on Exhibit B, showing the approximate area of the property upon which the reversionary interest will be released is attached for reference only.

Attachments: 
     1. BRAG Agreement 
     2. Exhibit B Sketch
  



Recommendation

Approve the agreement between the Brevard Regional Arts Group (BRAG) and the School Board. 

  • 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 between the City of Melbourne and the School Board approved by the School Board at it's meeting on April 14, 2015. 


Meeting Date(s)
Information - 2/10/2015
Consent after Information5/12/2015

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 Agreement 5-4-15.pdf
Attachment:  BRAG - Exhibit B Sketch.pdf