The Wichita Falls Independent School District Board of Trustees unanimously approved a $550,000 bid for the former Lamar Elementary property and authorized Superintendent Donnie Lee to sign a purchase contract, board leaders said at a special session. The district received one electronic bid from Overland Land Group of Salina, Kansas and opened the solicitation at 2 p.m. on the day the board closed bids.

The approval allows the district to proceed to contract negotiations and gives the superintendent authority to execute the contract on the district’s behalf, but trustees said Dr. Lee will return to the board if he identifies material concerns before signing. The bid includes a 90-day feasibility period and a offered 135-day closing timeline measured from contract signature; the solicitation also called for a bid deposit and a 2% earnest-money provision if the contract is executed.

Why it matters: The sale could lead to redevelopment of a district property and change neighborhood housing options. Board members discussed the possibility that the buyer will pursue federal tax credits or other grant funding and that the feasibility period is likely intended to allow the buyer to secure those approvals. Trustees pressed staff for clarity on closing costs, inspection responsibilities, commission payments and other contract terms before final execution.

Key details: The single bid came from Overland Land Group (Salina, Kansas) and was submitted electronically. The bid price was $550,000. The solicitation indicated a feasibility period of 90 days and an offered closing of 135 days after contract signature. Board staff reported the district’s appraisal for the property at about $275,100. The listing broker’s fee was negotiated in the listing agreement and the district’s listing firm reduced its commission to 5% (from 6%); board staff said broker compensation would be paid from the buyer’s side under the listing terms, and the district’s representative said she would confirm those details in the listing contract and share it with the board.

During discussion trustees asked whether the buyer planned demolition or renovation, who would pay for environmental or structural studies, and whether the city or state had signaled support for the buyer’s anticipated tax-credit application. Maggie Brownstein, a broker on the phone during the meeting, said the purchaser has done similar projects and “I anticipate they're gonna renovate it and turn it into apartments like they've done before.” Board members emphasized that the sale is “as is” and that the feasibility period is the buyer’s opportunity to investigate condition, environmental issues and financing.

Action taken: The board voted to accept Overland Land Group’s $550,000 bid and approved moving forward to contract. Trustees authorized Superintendent Donnie Lee to sign the contract on behalf of the district; multiple trustees said Dr. Lee will not execute the agreement if he identifies contractual “red flags” and will reconvene the board if necessary. The motion passed by voice vote, recorded as 7-0 in favor.

Next steps and follow-up: Staff will provide the listing contract and the proposed purchase contract for trustee review. Trustees requested that Dr. Lee and staff verify the listing agreement’s commission provisions, confirm earnest-money and feasibility details, and notify the board before signing if there are material obligations or costs the district would be required to pay. If the contract is executed and later terminated for reasons within the buyer’s control, the district would retain specified deposits per the contract terms.

Sources and limitations: The board’s action and the parameters above are taken from the board’s special-session discussion and the bid submission opened at 2 p.m. (the board packet and the full purchase contract were not presented at the meeting; staff said the contract had not yet been exchanged with the district). The transcript shows trustees debated contingencies and escrow/earnest-money mechanics; where the transcript did not contain a specific numeric detail (for example, exact earnest-money language in the draft contract), the article reports what was stated in the meeting (for example, an indicated 2% earnest-money amount and a $1,000 bid deposit) and notes that staff will confirm and circulate the listing/contract paperwork.