Board asked to explore buying 2.23 acres next to Gainesville Elementary; attorney to be asked to inquire

Board member Mister Wade told the Cannon County Board of Education about a renewed opportunity to obtain land adjacent to Gainesville Elementary that the district had previously lost.

Mister Wade (S9) said the owners now want roughly $350,000 for about 2.23 acres of the parcel commonly called the Hoover property; he described the offer as word-of-mouth and asked the board to authorize the district attorney to make initial inquiries. “The individuals are asking 350,000 for it,” Mister Wade said, adding the price is substantially lower than what the district was quoted years earlier when the parcel was over $1,000,000.

Board members discussed valuation and process: Newt (S8) emphasized that any purchase must be tied to an independent appraisal and reminded members that tax appraisal values are not market value. Newt suggested taking an option to hold the property while the district obtains an appraisal and more paperwork. Staff and board members discussed potential revenue that could become available after paying off school debt and noted a projected sales-tax increase that could generate approximately $56,000 a year; one member cited an internal projection of an unbudgeted $300,000 in sales-tax revenue for the year.

The board agreed it was appropriate for the district’s lawyer to contact the seller and to return to the board with written terms and an appraisal before any purchase decision. Chair (S1) said a vote to authorize the attorney’s inquiry would be placed on the agenda for the board’s next meeting; no purchase motion was made at this meeting.

Next steps: the attorney will be asked to contact the property owner, secure written pricing, and report back to the board with appraisal and recommended options for an acquisition vote.