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Collierville board approves option to buy 25-acre site on Houston Levy Road for future schools
Summary
The Collierville School Board approved a contract option to acquire a 25-acre parcel north of Bailey Station on Houston Levy Road for $100,000 per acre (about $2.5 million) with a 90-day inspection period and environmental and permitting contingencies.
The Collierville School Board voted on March 25 to pursue a 25-acre land purchase on Houston Levy Road as part of long-range planning to preserve options for future school growth.
Consultant Grayson Vaughn, of Township Development Services, told the board the parcel was selected because sewer service is nearby, it avoids the bulk of floodplain and floodway constraints in the southwest quadrant of town, and the larger 25-acre site provides space for athletic fields that a smaller middle-school parcel lacks. “You can fit pretty much anything you need in this piece,” Vaughn said, explaining that the seller offered the property at $100,000 per acre for a total of $2,500,000.
Mr. Marshall described the contract’s 90-day inspection and due-diligence period, which will include environmental examinations and permitting checks. “There are various contingencies,” Marshall said, “and while we’re doing the inspection period, having environmental examinations, permitting, and making sure these codes and comments and all the rest for our purposes.” The contract allows the board to withdraw within that period if the board determines, in its sole discretion, the site is unsuitable.
After questions and discussion the board moved, seconded and approved the purchase option with the stated contingencies. Staff noted next steps will include environmental reviews and coordination on permitting before the sale is finalized.
