Bart Barok, director of asset management with Nationwide, said the property value is about $1.4 million, or $35,000 per acre.
The $1 price is used as a placeholder for legal contracts, Barok said. Jerome Village is essentially donating the land to the district because schools are an important part of the community's 1,600-acre master plan.
The site slated for a future elementary school and middle school in the Dublin City School District has been solidified.
Dublin Board of Education members May 22 approved the purchase for $1 of a nearly 40-acre parcel in Nationwide Realty's Jerome Village, where Hyland-Croy Road ends near Juniper Way. The board voted 4-0 to purchase the site.
Board member Stu Harris abstained from voting because he is employed as an attorney with Nationwide Insurance.
The purchase deadline was originally Feb. 8, but it was extended because Nationwide Realty proposed an adjustment to the parcel, which shifted east about 5 acres from the previous option.
District Director of Business Operations Jeff Stark said Dublin has spent about $5,000 on land studies undertaken by EMH&T. Studies associated with the adjusted parcel were paid for by Nationwide Realty.
The district will purchase the land in the next two to three weeks, Stark said.
He said Nationwide Realty set the purchase price at $1 because schools would be good for development there.
Bart Barok, director of asset management with Nationwide Realty, said the property value is about $1.4 million, or $35,000 per acre.
The $1 price is used as a placeholder for legal contracts, Barok said. Jerome Village essentially is donating the land to the district because schools are an important part of the community's 1,600-acre master plan, he said.
Superintendent Todd Hoadley said the land acquisition would allow the district to address its enrollment growth and capacity issues.
"I'm excited to have that come across the finish line now," he said.
Although a decision hasn't been finalized, the district's administration is considering November 2018 as the time to request funding -- likely a combination operating levy and bond issue -- for the elementary and middle school buildings, Hoadley said. Board members are expected to discuss the schedule at their June 12 meeting.
According to a presentation to board members in April 2016, district officials estimated that K-8 configurations of an elementary and middle school in Jerome Village would cost $20.3 million and $37.5 million, respectively, for a total of a little more than $57.8 million.
The district in 2012 passed a combination $15.87 million bond issue and a 6.4-mill levy.
The district is tentatively planning for a no-new-millage bond issue, essentially asking the public to forego a decrease in their tax bills to fund construction, Hoadley said.
Between 2019 and 2021, 5.5 mills are scheduled to roll off the district's books, according to district public-information officer Doug Baker.