Lewisville ISD is selling land and plans to use the proceeds to benefit existing school programs.
The district is currently working with the town of Flower Mound to sell two tracts of land – one near Vickery Elementary on Wager Road and the other near Shadow Ridge Middle School on FM 2499. Each plot is an approximately 100 acres of property.
Rembert Enterprises is in the final stages to purchase the Wager Road property and awaits final approval from the Town of Flower Mound. Toll Brothers, a home building company, made an offer on the FM 2499 property
“As recently as 2000, LISD was one of the fastest growing school districts in the state,” Chief Communications Officer Amanda Brim said in a press release. “The district was proactive in planning for future schools and purchased suitable properties for potential elementary, middle and high school campuses.”
As growth in the area slowed, so has the need for more schools to serve the communities across Lewisville ISD’s 127-square mile footprint, Brim said. The district is now selling land it no longer intends to use.
Brim said land purchases made with voter-approved bonds are subject to various legal restrictions, making the sale of those properties complex for the district. She added that the district wants maintain good communication with the cities in which it owns land to ensure incoming entities align with the community’s vision.
Additionally, Brim noted that the land parcels will be a tax asset for the cities where the properties are located, if sold to a different entity.
In recent years, Lewisville ISD sold land in Flower Mound, Lewisville, The Colony and Carrollton giving the district over $29 million, Brim said.
“Just like the sale of land is governed by legal requirements, so is the use of the proceeds from those sales,” she said. “The district must use the funds for other projects that would come from bond funds - things like purchasing buses, upgrading technology, purchasing classroom furniture or even improvements to district facilities.”