Manasota Ranch Ranchlands, LLC has submitted an application for Index Map Amendment for the Entire Boundary of the West Villages Improvement District and a Rezone to the City of North Port. The purpose of the Index Map Amendment is to establish the development plan for the West Villages Development Project located at the corner of US 41 and River Road. As part of the Amendment, the future elementary and middle school site will be defined within City of North Port development documents. The West Villages Improvement District includes approximately 16,000 residential units, which is scheduled to be constructed over a period of forty years. In order to mitigate the impact of this development project to the school system, they are proposing to dedicate a 60-acre school site. The value of this property, based on the average of three appraisals, is $3,700,000.  The parties also recognize there will be costs associated with preparing the property for development.  Those costs are estimated to be approximately $1,050,000.  The actual cost of the property to the Board is therefore $3,650,000 and will be paid through impact fee credits.  This agreement details the terms and dedication including timing, required infrastructure, access, and impact fee credits.

That the Board approve the Real Property Dedication Agreement with Manasota Beach Ranchlands, LLLP for the Acquisition of Land within the West Villages Development Area as presented.

LEMPE & EBAUGH