The Red Oak ISD Board of Trustees approved a significant real estate exchange contract with the City of Red Oak during the regular meeting on Monday.
The City of Red Oak will receive approximately 41.5 acres of property that formerly operated as the Live Oak Facility. This building will be renovated into a community center.
In exchange, Red Oak ISD was given 22.5 acres of land, better known as the Hickory Creek property, with an additional $2,833,669.
Before Monday’s meeting, the Hickory Creek property was planned to include the Red Oak Public Works complex and a vacant lot. Instead, the city has retained these properties and added additional cash on its side of the exchange.
The next step in the community agreement is to exchange property and cash. Both parties will execute closing documents no later than July 1.
Upon closing, the city shall transfer and be responsible for all utilities associated with the district property; however, ROISD will remain liable for any utilities used by the district during the district’s continued use of the district property after closing.
Board president John Hawkins previously expressed concern of the placement of ROISD Education Foundation employees that work in the Live Oak Facility. The city agreed to accommodate program space at the cost of $1 per month for the foundation.
Agreement details explained the city would allow district access to the multi-use facilities for no cost. Any group affiliated directly with the district would also be able to rent the facilities at half of the standard rate.
The city agreed to allow ROISD access to and the use of the 200-wing at the district property for general storage for $1 per year for up to five years.
The city will also allow ROISD staff access to the fitness facility at the former Live Oak Facility at no charge as long as it is operated by the city.
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Ashley Ford | @aford_news | 469-517-1450