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ITEM: OUTSIDE LEGAL FEES AND COSTS
REQUEST: Approval of Resolution No. R2025-07 amending the Fiscal Year 2024/2025 General Fund Legal Department Operating Budget to allocate unassigned fund balance of $150,000.00 for additional outside legal services.
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EXPLANATION: The Village retains outside law firms to assist with pending lawsuits and other areas in which special expertise is needed. The budgeted amount for outside legal counsel is $200,000 for FY 2024/2025, which typically covers routine outside legal expenses, including litigation relating to the Palm Beach Polo matters. However, as part of the sale of K-Park, we retained George Pincus with the law firm of Stearns Weaver Miller to draft and negotiate the Purchase and Sale Agreements with Related Ross and Education in Motion. Mr. Pincus has extensive experience and expertise in negotiating complex real estate transactions. The K-Park matters have generated fees in the amount of $70,510.00 to date in this fiscal year and we expect one or more additional invoices for legal services. Because these expenses were not anticipated as part of the general outside legal counsel budget, a budget amendment is necessary in order to meet expenses through the end of this fiscal year.
Staff recommends approval of the budget amendment in order to cover the legal services provided by Mr. Pincus. Any unused funds will be carried over to the fiscal year 2025-26 budget.
BUDGET AMENDMENT REQUIRED: YES
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: Sufficient funds have been allocated in the Legal GL #10013130-531001 for outside legal services.
WELLINGTON FUNDAMENTAL: Protecting our Investment
RECOMMENDATION: Approval of Resolution No. R2025-07 amending the Fiscal Year 2024/2025 General Fund Legal Department Operating Budget to allocate unassigned fund balance of $150,000.00 for additional outside legal services.