The Lake Travis ISD board of trustees authorized the superintendent to execute a letter of intent for the sale of a 17-acre parcel of land behind Lakeway Elementary for $5.3 million on April 15.
The background
In November, the board declared the vacant land at 1701 Lohmans Crossing Road to be surplus and no longer necessary for district operations after the strategic resources committee identified the plot of land as a potential financial resource for the district. The district then listed the property for sale and solicited bids from potential buyers.
Three bids were received, the highest from HSD Lohmans Partners at $5.3 million.
“This [the property] is clear of any debt outstanding on it,” said Pam Sanchez, LTISD's assistant superintendent for business services. “Therefore, these funds can go directly into the general operating fund balance.”
The details
The letter of intent is necessary to allow the purchaser to pursue entitlements and approvals from the city and other entities. It also will ensure that government agencies know the district is committed to selling the property, Sanchez said.
Selling the property is expected to make a “big difference” in the district’s budget, board President Lauren White said.
“We’re essentially able to use a sliver of this for the employee retention bonus this year,” White said. “I think it speaks to the idea that while we have to be fiscally responsible, we are also maintaining our commitment that when we are able, we are going to give our money back to our people that make the difference for our district.”
What’s next
The closing date of the sale is scheduled for August 15.
