Fayette schools cancel purchase of Squires Road middle school land in the Peninsula

The Fayette School board voted Monday to cancel a purchase of 20 acres of land on Squires Road for a new middle school.

The purchase agreement had been with Kentucky American Water Company.

“During our due diligence process, the land turned out not to be suitable for our needs,” said chief operations officer Myron Thompson.

“I’m back in the marketplace for 20 acres,” said Thompson.

The school board took the vote shortly before 9:30 p.m. Monday following a closed session.

Fayette Superintendent Manny Caulk referred additional questions to the water company.

“Both parties entered the process with the understanding that the buyer could choose to terminate the contract during their due diligence period, and that is what has occurred,” said water company spokeswoman Susan Lancho. “With the school board no longer interested in purchasing the property, Kentucky American Water will move forward with discussing the sale of this property to other interested buyers.”

In January, after months of talks, the school board voted unanimously to buy the 20 acres of land in the Peninsula development along Squires Road in east Lexington.

Kentucky American Water Co. was selling the land at $103,000 an acre, or about $2 million total.

“This purchase was not feasible,” said Caulk.

The January vote to buy the land at a cost of $103,000 per acre was contingent upon several additional steps, including final approval from the Kentucky Department of Education.

Over the past decade, Fayette County Public Schools has grown by roughly 500 to 700 students per year.

This story was originally published March 26, 2018 at 10:20 PM with the headline "Fayette schools cancel purchase of Squires Road middle school land in the Peninsula."