The 28-acre parcel of land is along I-10 between Chandler and Ray roads, according to the release.
The school board has been working with a brokerage firm for the last two years in an effort to either sell or lease the land "in the most advantageous way," according to the release. Voters authorized the board to lease the property back in 2013, and state statute permits leases of 20 years or more. The district received multiple competitive offers, and on Oct. 27 the board accepted a letter of intent from ViaWest to lease the property for development.
KSD board President Mike Myrick said in the news release that the deal gives KSD the most flexibility.
“A sale may provide a one-time cash infusion for the District, but a lease will be a steady revenue stream for years to come,” Myrick said in the release. “The other advantage of a lease is that the property will revert to the District when the lease is up, providing opportunities for future decision makers to sell or develop the land, depending on the District’s needs at that time.”