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LTISD adopts resolution to pursue sale of 17-acre surplus tract; LOI to be signed
Summary
The Board adopted Resolution No. 041526-01 authorizing the Superintendent to sign a Letter of Intent and negotiate a Purchase and Sale Agreement for the district's 17-acre surplus property at 1701 Lohmans Crossing Road; the district received an offer of $5.3 million. Closing is scheduled for August 15, 2026.
The Lake Travis ISD Board on April 15 adopted Resolution No. 041526-01 authorizing the Superintendent to execute a Letter of Intent (LOI) and negotiate a Purchase and Sale Agreement consistent with an offer received for a 17-acre tract at 1701 Lohmans Crossing Road.
The transcript states that HSD Lohmans Partners LP offered to purchase the property for $5,300,000 with a scheduled closing date of Aug. 15, 2026. Under the LOI terms described to the Board, no entitlements become final or binding on the property unless and until closing occurs, and the District retains oil, gas and mineral rights.
Trustee Phillip Davis moved adoption of the resolution; Trustee Keely Cano seconded, and the motion passed 7-0. The Board directed administration to bring a final Purchase and Sale Agreement back for Board approval before execution of any definitive sale documents.
The resolution follows the Board's November 19, 2025 action (Resolution No. 111925-02) declaring the tract surplus and initiating competitive sale procedures under Section 272.001 of the Texas Local Government Code.
