A school board may expend funds for the purpose of acquiring the site for the construction of a career and technical education project. At the completion of a project constructed on private property, the project shall be sold within a reasonable time. The power of eminent domain may not be used to acquire land as a site for a project. In addition, the school board may sell a completed project and any associated land owned by the school board, regardless of whether the property was previously purchased or specifically acquired for the project. The school board shall make reasonable and good faith efforts to ensure that the fair market value is received upon the sale of any building constructed as a project and the associated land, if any.

Terms Used In Virginia Code 22.1-234

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • project: means a project that supplements the regular career and technical education program in a school division and that is designed to provide effective practical training to students in the secondary schools of the school division and in which participation is optional and voluntary. See Virginia Code 22.1-228
  • School board: means the school board that governs a school division. See Virginia Code 22.1-1

Code 1950, § 22-330.44; 1974, c. 336; 1980, c. 559; 1991, c. 298; 2001, c. 483.

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