Approval of an Extension of the Real Estate Consultant Services Agreement with Courtland Partners and Authorization for Contract Execution by the Commissioner of Education or Authorization to Issue a Request for Proposals
April 15, 2011
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: CONSENT
SUMMARY: This item provides an opportunity for the board to extend the real estate consultant services agreement with Courtland Partners and authorization for contract execution by the commissioner of education or authorization to issue a request for proposals.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: At the July 2008 meeting, the board approved a two-year contract with Courtland Partners for real estate consultant services for the Permanent School Fund.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: The current contract for real estate consultant services expires on August 31, 2011. Provisions in the contract permit two consecutive one-year extensions. If renewed, the first extension period shall be from September 1, 2011 through August 31, 2012 and the second extension period shall be from September 1, 2012 through August 31, 2013. This item also provides the board with the opportunity to authorize issuance of request for proposals.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $1.6 billion during the 2012-2013 biennium.
PUBLIC AND STUDENT BENEFIT: The distribution of the Permanent School Fund will flow to the school districts and reduce the tax burden to the public and the state of Texas.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
ALTERNATIVES: No alternative actions are proposed regarding this item.
OTHER COMMENTS AND RELATED ISSUES: None.
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund