(Lakewood) – Looking to buy some land in Lakewood? About three acres will be up for grabs in Lakewood, but there are some rules attached. .

The Lakewood Board of Education introduced a resolution at its Monday meeting that outlines a proposed sale of the former McKinley Elementary School property to the City of Lakewood.

McKinley Elementary was decommissioned in 2008 as part of the District’s Master Facilities Plan, which reduced the number of elementary schools from 10 to 7.

In what Superintendent Jeff Patterson calls a “win-win” situation, the transaction would free the district from the responsibility of finding a buyer – allowing it to focus on its mission of education - and give the City a prime piece of property to help meet its economic development goals.

“We are not in the business of land development,” Patterson said. “We are in the business of educating students. The City is much better equipped to take advantage of this property, and we can focus our efforts on educating students.”

Proceeds of any sale of the property by the City would be returned to the District. The deal also calls for the District to contribute one-third of the cost to demolish the former school building, which sits on nearly three acres of land at 1381 West Clifton Boulevard, that would be returned to the District after a sale is made.

The proposed purchase agreement also requires that the property be used primarily for residential purposes and that no tax abatements or tax deferrals may be offered.

"The Board is working in cooperation with the City to use this unique opportunity to put 3 acres of land to the best use for the good of Lakewood. We envision a quality residential development that bolsters the City's property values,” Board President Edward Favre said.

The board and Lakewood City Council are expected to vote on the proposed sale at their respective Oct. 21 meetings.

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(Copyright © 2013 by Clear Channel, all rights reserved. Photo courtesy Colin McEwen/Lakewood Patch.)