The School Board has expressed interest in acquiring a new elementary school site within the City of Palmetto.  The agreement for the new elementary school site envisions a separate transaction in which the School Board will purchase approximately 1.64 acres adjacent to the existing Palmetto Elementary School from the Palmetto Community Redevelopment Agency. The Palmetto Community Redevelopment Agency acquired the 1.64 acres at the request of the Superintendent for the expansion of the existing Palmetto Elementary School Site. 

The agreement for purchase of the 1.64 acres includes provisions for the School District to complete due diligence and, if necessary, terminate the acquisition of the property based on results of the due diligence.  Closing on the 1.64 acres will occur simultaneous with the closing of the new elementary school site.

The purchase price of the 1.64 acres is above the appraised value, however, it is the same amount paid for the property by the Palmetto Community Redevelopment Agency plus the cost to raze several buildings.  Purchasing property for more than appraised value requires a supermajority vote of the School Board.

The Superintendent recommends approval of Agreement of Purchase and Sale of Property between the School Board of Manatee County and the Palmetto Community Redevelopment Agency Requiring Supermajority Vote.

The fiscal impact will be $1,239,547.30.

Facilities Planning and Site Acquisition

MAP/SJD/ac

06/08/09