Title
MOTION TO APPROVE THE THIRD AMENDMENT TO THE FLORIDA STATE UNIVERSITY CITY OF PEMBROKE PINES CHARTER ELEMENTARY SCHOOL CHARTER AGREEMENT.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On October 23, 2002, City Commission approved to enter into a 15 year charter agreement with Florida State University (FSU) to establish a Developmental Research Charter Laboratory School pursuant to Sections 1002.32 and 1002.33, Florida Statutes.
2. The aforementioned charter agreement was set to expire on June 30, 2018. On March 7, 2018, City Commission approved the first amendment to the aforementioned charter agreement extending the agreement expiration date by one (1) year to June 30, 2019. On February 6, 2019, City Commission approved the second amendment to the aforementioned charter agreement extending the agreement expiration date by one (1) year to June 30, 2020.
3. The Charter allows for modification of the charter upon written agreement executed by both parties.
4. The City of Pembroke Pines and FSU have determined that it is in their best interest to extend the term of the Charter for fifteen (15) years from the date of the end of the term of the Second Amendment. Additionally, Section 4.4 of the Charter shall be amended to state, "As the Sponsor of the School and for its research and evaluation responsibilities, FSU shall be paid the annual sum of $500 per student enrolled at the School". This third amendment raises the current FSU Administrative Fee from $340,000 to $349,500 based on projected enrollment, financially impacting the upcoming 2020-2021 FSU Elementary Charter School Budget with a $9,500 expenditure increase. Furthermore, Section 4.4.2 shall be amended to state, "Every five years, the annual sum will be adjusted for inflation using the U.S. Bureau of Labor Statistics CPI Inflation Calculator". Other minor verbiage revisions to the charter agreement were made to be in compliance with Florida State Statutes. Except as otherwise provided in this Amendment, all other terms and conditions of the charter remain unchanged and in full force and effect.
5. Request City Commission approve the third amendment to the Florida State University City of Pembroke Pines Charter Elementary School charter agreement extending the Second Amendment expiration date by fifteen (15) years to June 30, 2035 and increasing the FSU Administrative Fee from $340,000 to $349,500.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: FSU Administrative Fee of $349,500 to be in effect with the 2020-2021 FSU Elementary Charter School Budget adoption.
b) Amount budgeted for this item in Account No: $349,500 will be budgeted in the FSU Administrative Fee expenditure account 173-569-5061-49176-7900-794 within the 2020-2021 FSU Elementary Charter School Proposed Budget.
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project:Not Applicable
e) Detail of additional staff requirements: Not Applicable