Commerce Independent School District recently issued the following announcement.
After months of negotiations, the CISD Board of Trustees and the Texas A&M University System Regents have agreed on the sale and purchase of 83.63 acres of property on which CHS is built. The purchase price of $520,000 was based on an appraisal of market values. Funds for the purchase are coming from CISD's fund balance and will not require levying additional taxes.
In the late 1990's, the District entered into an agreement with the A&M System to lease the property for 99 years at $1 per year. With the proposed construction of a new middle school adjacent to the high school, the Board wanted to outright purchase the property to avoid any complications based on approvals by the A&M System.
CISD Board President Kathleen Hooten signed the agreement for the purchase of the CHS property.
Original source can be found here.
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