en.Wedoany.com Reported - The Lake Travis Independent School District Board of Trustees recently authorized the Superintendent to execute a letter of intent for a real estate transaction to sell a 17-acre parcel behind Lakeway Elementary for $5.3 million. The property, located at 1701 Lohmans Crossing Road, received its highest bid from HSD Lohmans Partners.

The real estate property was declared surplus by the Board of Trustees in November 2024 and listed for sale after the Strategic Resources Committee determined it was no longer needed for district operations. The real estate transaction received three bids in total. Pam Sanchez, Assistant Director of Business Services for the district, stated that the property has no outstanding debts, and the funds can go directly into the general operating fund balance.

The letter of intent for the real estate transaction is used by the buyer to secure rights and approvals from the City and other entities, ensuring the governmental agency is aware of the district's commitment to the sale. Board President Lauren White stated that the real estate transaction sale is expected to make a "significant difference" for the district's budget, with part of the funds available to cover employee retention incentives this year. The closing date for the real estate transaction is set for August 15.

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