The Denton school district has come to an agreement with Dallas-based real estate development company Republic Property Group within the Lantana development.
At a Dec. 11 meeting, the school board unanimously approved the purchase and exchange of real property with the company for the construction of a future educational facility, likely an elementary school.
The agreement was approved and signed by the Republic Property Group on Dec. 20 and then was mailed to the school district’s attorney, Randy Stout.
Under the agreement, the school district would acquire 12 acres located on the southeastern side of the Lantana community and exchange 2.9 acres of unused district land on the E.P. Rayzor Elementary School site with Republic Property Group.
The district will also put up $1.7 million in bond money for the 12 acres as part of the agreement, Stout said.
Restrictions in the agreement, he said, specify that the 2 acres of land exchanged cannot be used to construct a public, private or charter school and that the 12 acres acquired can only be used for educational use.
It’s unknown when something could potentially be constructed on the site, Denton school board President Mia Price said.
Voters approved a 22nd elementary school as part of a 2007 bond election, and the board will have to examine where the greatest need is for constructing a new campus, officials said.
No location or timeline for construction has been set for the district’s next elementary school.\uFFFF