BLACKSBURG, Va (WDBJ7) A developer from Christiansburg and Montgomery County have reached an agreement and we should soon know the fate of that land.
On Tuesday, HS Development LLC, owned by Larry Shelor and David Hagan, accepted a counter from Montgomery County including an as is sales price of $3 million for the 36 acres of property old Blacksburg High School occupies.
"The biggest reason we decided to purchase this at this time was we thought the terms were very acceptable," said Hagan.
Along with a $25,000 non refundable deposit to the county, Hagan said the $3 million would be paid out in three installments. The first million after a six month due diligence period. The second million at 24 months, and the third million at 36 months.
Hagan said, "We're going to try and figure out what is the best option for this property for the community."
According to the county, the $3 million will go directly into the school system.
"100% of the sales price of that $3 million is going back to our schools," said Montgomery County Board of Supervisors Chairman Chris Tuck.
Right now the plans for what will happen to the 36 acres are still in negotiation but the land is zoned for residential development, which could lead to overcrowding area schools.
"It is a concern. There might have to be some redistricting," said Tuck.
Another concern from people that live around the property, like Chris Mozer, believe redevelopment could mean the potential loss of recreational use space.
"If they're going to redevelop it they should keep it and make it a nicer recreational area," Mozer said.
Hagan said there were never plans to donate land back to the town but he would be open to discussion if Blacksburg came to him.
" Know that we're going to have the community in the back of our mind for this property," said Hagan.
A hearing will be held on April 10 at 7:15 pm at the Montgomery County Government Center to allow public comments about the Board of Supervisors intent to sell the 36 acres.