The recession is helping the school system find land for a new elementary school in northwest Raleigh.
The school board voted Tuesday to pay $2.54 million for 30.834 acres at the intersection of Baileywick and Strickland roads. Wake is buying the site from the Federal Deposit Insurance Corporation, which is the receiver for the parcel.
According to a 2008 Triangle Business Journal article, a subdivision had been planned there. But the bank foreclosed on the Raleigh real estate investment firm that owned the land.
This new site replaces the one that Wake walked away from in the watershed at Shooting Club and Creedmoor roads.
The new site is also in the Falls Lake watershed. But school board member Patti Head said that it has access to municipal water and sewer service.
Head said another benefit of this new site is that it will allow Wake to build a small middle school on the Leesville Church Road site.
If county commissioners sign off on the deal, funding to build the school would come from a future bond issue.