Wake school board sells surplus land for $2.61M

From staff reportsFebruary 7, 2012 

By an 8-1 vote, Wake County school board members agreed tonight to accept a bid of $2.61 million from a Raleigh developer for 10 acres of surplus property on Noble Road.

The purchase infuses some cash into an account being used to fund the 20-year lease on its consolidated headquarters in Cary.

The property in the Five Points area was appraised for more than $5 million in 2008. Wake schools officials said it's worth less than they had thought because of the slow real estate market and because it is zoned residential.

Board member John Tedesco opposed the sale.

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