A few weeks ago while doing research for my interview with Jason Wylie, Jim Maine filled me in on a piece of property the school district owns at the corner of Golden Triangle and Denton Drive. I didn’t think a lot about it until the other day when I had some free time at work and did a little digging. Seems the School District owns 114 acres of prime commercial property valued by TAD at over $3.4 million. I called a buddy of mine at a commercial real estate firm and was told that the property was actually worth somewhere between $8 and $12 million, depending on market conditions.
This property was purchased in 1998 to build the new stadium that was projected to be built in the future. So, we have held onto this property for a decade, and why haven’t we sold it? We haven’t even sold the mineral rights to it! The proposed stadium in the 2008 bond will be built at the new High School, not on this piece of property.
So, instead of selling the property and using that money to purchase computers or projectors, they sit on it. Keeping it off the tax rolls, thereby costing the district in income.
This property is flat and level, on the corner of two major roads, within sight of 35W and a prime spot for development. But yet, we sit on it.
The district also owns an acre and a half on Precinct Line Road, by Liberty Elementary. TAD values this property at a half million dollars, true value could be twice that according to my buddy.
I sent off an email to Deputy Superintendent Mark Youngs a week ago, even checked with Shellie Johnson to make sure she got the email, and have not gotten a response. Ms. Johnson forwarded another copy to Mr. Youngs on Tuesday, but still no response.
On one hand the district is crying poverty, but on the other it is a rich property owner with no interests in selling the land it has unused. I would love to see the FWST or the Keller Citizen do a story on this, but I’m not holding my breath.
UPDATE: After posting this, Mark Youngs sends an email stating the property on Precinct Line has been sold, that the TAD is out of date.