Loveland, Ohio – In March, the Loveland School District entered into an “Option to Buy” contract with Grailville. The approximately 110-acre property, if purchased, would be used for the construction of a new campus with three school buildings (Pre-K/K; 1st-2ndgrade; 3rd-5thgrade).
The real estate is currently owned by the Grail, an Ohio nonprofit organization, and is part of the property known as Grailville, located on O’Bannonville Road, east of downtown Loveland.
The purchase price will be equal to $70,000 per acre as determined by a survey of the actual total acreage, less the value of a conservation easement that may be put on a portion of the land.
The District made a $100,000 “Earnest Money” deposit and the option period extends until March 1, 2020. The parties can extend the option to purchase by mutual consent.
The District contracted for an appraisal of the site with the Crown Appraisal Group, Inc. and was told the value was $7,630,000. You can read the appraisal: 109 Acre, 930 O’Bannonville Rd, Loveland, OH Appraisal Report 04-17-2019.
You can also read: Option to Buy Contract – Grail and LCS-2.
