Gulfcoast Legal Services Parcel Purchase
Summary of Events
02/06/2012 Appraisal provided by Dohring Group on behalf of seller. Three different
methods of calculating an appraisal value were done:
(1) Sales Comparison Approach – A valuation technique using comparisons of similar
market transactions. This approach valued the parcel at $680,000.
(2) Income Approach – This method uses market rents for similar properties to develop an
income pro form and applies a capitalization analysis. This approach valued the parcel at
$720,000.
(3) Assemblage Premium Approach – This method assumes a premium for a specific
purchase, in this case, USF, because of the ownership of the contiguous lands. This
approach valued the parcel at $1,050,000.
03/30/2012
Received Asbestos Demolition Survey from PSI Engineering-Consulting-Testing.
04/02/2012 USFSP obtained an appraisal from Valuation Services, Inc. This appraisal used
the Sales Comparison Approach and the Income Approach and arrived at a reconciled appraisal
value of $740,000. Valuation Services, Inc. valued the assemblage premium at $385,000 for a
sum total of $1,125,000.
05/24/2012 USFSP made an offer to purchase Gulfcoast Legal Services for $850,000
contingent upon finalization of legal agreements to the mutual satisfaction of both seller and
USF.
05/25/2012
Seller responded via correspondence accepting contingent offer.
05/25/2012
Additional Due Diligence initiated.
07/27/2012
Received Phase I Environmental Site Assessment Report from PSI.
09/10/2012
Received Phase II Environment Site Assessment Report from PSI.
09/19/2012
Purchase approved by the USFSP Campus Board.
02/15/2013
Received Gulfcoast Legal Services Building Analysis Report from Harvard-Jolly
Architecture.
02/19/2013
from PSI.
Received Phase II Environmental Site Assessment (Additional Borings) Report
03/29/2013
Received clarification on the February 15, 2013 Gulfcoast Legal Services
Analysis Report from Harvard-Jolly Architecture.
04/15/2013
Received FAA Clearances at the Gulfcoast Legal Services Building Report from
The Ash Group, Inc.
06/11/2013
P-card payment was made to Foley & Lardner for legal services.
06/20/2013
All Due Diligence findings and reports were sent to Valuation Services, Inc. for
consideration when developing a second Summary Appraisal on the Gulfcoast Legal Services
property.
06/28/2013
Received the second Summary Appraisal from Valuation Services, Inc. with the
Market Value “AS IS” as of the effective date, June 21, 2013, of $675,000 with an Assemblage
Value “AS IS” of $515,000 for a sum total of $1,190,000.
09/10/2013
A Draft of a Real Property Purchase and Sales Agreement was provided by
Gulfcoast Legal Services and sent on to USF General Council for review.
09/27/2013
An Agreement of Sale and Purchase was provided by USF General Council with
an offer of $735,000 and was sent to the Executive Director of Gulfcoast Legal Services for
review and approval by their Board.
10/24/2013
The next scheduled Gulfcoast Legal Services Board meeting.