Lewisville ISD is working with the town of Flower Mound to sell two tracts of land, and builders are already interested.
The district purchased the land back when it was one of the fastest growing school districts in Texas to potentially use for future school campuses. Growth slowed and the need for more schools is gone, so the district is looking to sell, according to a LISD news release.
“Now the district, ever mindful of its commitment to resource stewardship and making wise use of taxpayer dollars, is selling land it no longer intends to use,” the news release says.
One tract of land is on Wager Road near Vickery Elementary School, and the other is located on FM 2499 near Shadow Ridge Middle School. They comprise about 100 acres of property, and they were purchased with voter-approved bonds that are subject to additional legal restrictions, making their sale more complex.
LISD is currently working with the town for its approval of the sale of both tracts. Toll Brothers, a home builder with many developments in the area, has made an offer on the FM 2499 property, and Rembert Enterprises “is in the final stages to purchase the Wager Road property,” according to the district.
“Now the district is looking to the Town of Flower Mound for approval so the sales can be finalized,” the district statement says. “LISD believes this is a winning arrangement for the district, the Town of Flower Mound, the builders involved, and perhaps most importantly, the residents of Flower Mound.”
In recent years, LISD has completed land sales in Flower Mound, Lewisville, The Colony and Carrollton to a benefit of over $29 million to the district. The district must use the funds for other projects that would come from bond funds, such as buying buses, upgrading technology, purchasing classroom furniture or making improvements to district facilities. For example, LISD purchased its own bus fleet of 285 school buses instead of contracting for the fleet, which saves over $4 million per year in day-to-day operational budget.