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ITEM: CONSIDERATION AND APPROVAL OF THE PURCHASE AND SALE AGREEMENT(S) FOR K PARK
REQUEST: Consideration and approval of the Purchase and Sale Agreement(s) for the sale of K Park to (a) Related Ross and (b) Education in Motion (EIM).
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EXPLANATION: On December 5, 2023, Council directed staff to begin discussions with Related Companies, now Related Ross, after receiving a letter of interest for the purchase and development of the K-Park site located at 10400 Stribling Way, Wellington, Florida 33414, known as “K Park”. Subsequently, on February 5, 2024, the Related Companies submitted a proposal for the purchase of the site, including a presentation illustrating Related’s conceptual development vision for the K-Park parcel - a residential community organized around a lifestyle retail center utilizing a “main street” approach that would include a diverse set of shops, cafes and restaurant offerings with the option for a private school on the western portion of the site.
More recently, a workshop discussion was held on September 24, 2024, with representatives from Related Ross as well as Education in Motion (EIM) to discuss the details of the Related Ross proposed mixed-use development and the EIM private school. The representatives from EIM presented their programs and experience, current international schools, and vision for the school in Wellington. EIM submitted a proposed term sheet for the purchase of the approximately 35 western acres.
Related Ross and EIM held a collaborative discussion for Wellington residents, businesses, and community members on October 17, 2024 as well as other meetings with community organizations and homeowners associations.
Staff, together with outside counsel, has negotiated the terms of the purchase and sale agreements with Related Ross and EIM and is seeking council consideration and approval of the agreements.
BUDGET AMENDMENT REQUIRED:
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: The sale of K-Park will have a positive financial impact to Wellington.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Consideration and Approval of the Purchase and Sale Agreement(s) for the sale of K Park to (a) Related Ross and (b) Education in Motion (EIM).