Lake Travis ISD officials approve the sale of 17 acres for $5.3M

The Lake Travis ISD board of trustees authorized the sale of approximately 17 acres of surplus land near Lakeway Elementary School to support staff retention and build up the district’s fund balance.

The big picture

The parcel of land at 1701 Lohmans Crossings Road will be sold to HSD Lohmans Partners LP for $5.3 million following board approval at a July 15 meeting. HSD Lohmans Partners LP’s offer exceeds the fair market value of the property, based on an appraisal that the district received in February.

Assistant Superintendent for Business Services Pam Sanchez said approximately $1.2 million of the sale will be used for the retention incentive for all staff that the board approved in May. The retention incentive will provide all LTISD employees with two payments of $500. The first installment will be paid in November, and the second in February.

The remaining sale funds will go into reserves to build up the fund balance, which serves as the district’s savings account.

The background

In November, the board declared the land was no longer necessary for district operations after the strategic resources committee identified it as a potential financial resource, according to previous Community Impact reporting. The district then listed the property for sale and solicited bids from interested parties. HSD Lohmans Partners LP was the highest of three bidders.

At an April 15 meeting, the board of trustees authorized the superintendent to execute a letter of intent for the sale of the property.

Looking ahead

The sale is expected to close by Aug. 17.