RALEIGH — The Wake County school board voted Tuesday to pay $2.54 million for land on which to build an elementary school in northwest Raleigh.

The school system will pay $82,500 per acre for 30.834 acres at Baileywick and Strickland roads. The land is owned by the Federal Deposit Insurance Corporation after the former owner went into receivership. A subdivision was originally planned for the site.

The school system has been looking for a site in that area after backing out in September from another site because of watershed concerns. Although the new site also is in the watershed, school officials say it has access to municipal water and sewer service.

The deal still must be voted on by county commissioners. Funding to build the school would come from a future school construction bond issue.