Land Purchase Agreement for Ninth Elementary School Approved by Board
June 23, 2021
Lakeville Area Schools has entered a purchase agreement for 35 acres of land for a new elementary school, which voters approved in the May 11, 2021 bond referendum. The referendum request was in response to current and projected enrollment growth, with 1,000 more elementary students expected in the next five years. The Lakeville Area Schools Board of Education approved the $3.5 million land purchase agreement at its regular meeting on June 22. The district’s ninth elementary school will be located at 18685 Highview Avenue in Lakeville.
District staff reviewed 17 different locations with a realtor and the City of Lakeville. The location on Highview Avenue was picked based on its road access, utilities infrastructure locations, and the size of the property. The location is just east of King Park, east of Century Middle School and south of Cherry View Elementary. There are newer neighborhoods close to the site, including some that are still being built and some that are planned to be built in the future.
Superintendent Michael Baumann said “we are very appreciative of our Lakeville Area community for supporting this referendum request, and for supporting the future students who will attend this school as well as students across the district who will continue to benefit from smaller class sizes.”
Over the next 180 days, district staff, architects and developers will be surveying the land, developing a site plan, and designing the school building. The district will begin a conditional use permit request process and city review in February or March of 2022. Construction is expected to begin in Spring 2022 with a targeted opening date of Fall 2024.
The Board of Education also approved the sale of bonds for the new elementary school. The bond sale was for a total amount of $41,775,000. These funds have a term of 20 years and will be used for purchasing land and construction of a new elementary school. The winning bid went to Morgan Stanley & Co, LLC, New York, New York with a true interest cost for the district of 1.9%. This is lower than the estimated amount of 2.5% prior to the sale. This lower interest rate will save our community approximately $4.5 million over the life of these bonds.
“This is a major step forward in getting the next elementary school built and providing the best learning spaces for our students in our growing community,” said Superintendent Michael Baumann.