Reso 2006-914 - Laserfiche WebLink

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that the City shall have the right of first refusal to purchase the Subject Site at the appraised value established in an appraisal commissioned by the School Board less monetary contributions made by the City to acquire the Site. No sale or donation of the Subject Site shall take place without the consent of the City Commission at a public meeting, such consent not to be unreasonably withheld. The City's option to purchase the Subject Site shall be in accordance with Florida Statutes and State Board of Education Rules. If a K-8 Center is not built on the Subject Site, the parties agree to equally share the proceeds of any sale on a fifty percent (50%) basis. Section 9. Supplemental Aqreement. The parties acknowledge that this Agreement does not address operational issues relating to the day-to-day operation of the K-8 school. The School Board and the City agree to enter into a Supplemental Interlocal Agreement to address issues related to but not limited to City School Advisory Boards, use of the school facility by the City after school hours, and City participation in affairs of the school. The Supplemental lnterlocal Agreement shall be executed by the parties no later than December 31,2006. Section 10. Term. This lnterlocal Agreement shall remain in full force and effect from the date of its execution until perpetuity. Should either the School Board or the City be dissolved, abolished, or otherwise cease to exist, the successor governmental entities to said entities shall be deemed to be the parties bound by this provision. If the Subject Site is not acquired by the School Board, both parties have the right to terminate this Agreement upon sixty (60) days notice to either party. Section 11. Severabilitv. If any item or provision of this Agreement is held Page 7 of 11