From WISDbond.com, May 20, 2013 –
In a quick and somewhat hushed up special board meeting last Friday the Weatherford Independent School District Board of Trustees did one good thing by swearing in their newest board member Dr. Joshua Tarbay. However, they also granted Superintendent Dr. Jeffrey Hanks with the ability to finalize a land purchase deal in the amount of $1.25 million.
Weatherford isd contracted to purchase three tracts of real property, totaling approximately 15.197 acres, directly to the south of Weatherford High School for “district expansion”.
The total purchase price for all three tracts wass $1,250,000.00. (yes 1 and ¼ million dollars for 15.197 acres — close to $100,000.00 per acre)
Tract One consists of unimproved property and more properly described as 4.667 acres out of the John Hibbons survey and located at the east end of Narry Lane. The contracted sales price of tract one is $264,000.00. The price is more than $56,500.00 per acre with no improvements land in the John Hibbons survey is valued by our local CAD at approximately $16,000.00 per acre
Tract Two consists of improved property and more properly described as 5.183 acres out of the Alfred T. Obenchain survey and located between B.B. Fielder road and Narry Lane. The contracted sales price of tract two is $436,000.00. The price is more than $84,000.00 per acre with improvements land in the Alfred T. Obenchain survey is valued by our local cad at approximately $50,000.00 per acre
Tract Three consists of improved property and more properly described as 5.347 acres (Hanna Gerald 302 Narry Lane) out of the Alfred T. Obenchain survey, having a street address of 302 Narry Lane, Weatherford, Texas 76087. The contracted sales price of Tract Three is $550,000.00. CAD value of Tract III including all improvements – $164,760 (FMV). WISD is paying more than double the fair market value (FMV).
What happened to the so called “immediate need for funds”, when they are paying this outrageous price for land we do not presently need with “cash available”????