LAND and buildings worth almost £20 million are set to be handed back to Wakefield Council by Outwood Grange Technology College.
Members of the council's cabinet agreed when they met on Tuesday, that the Potovens Lane school's assets would be transferred back into coucil ownership when it closes on August 31, to become the country's first Academy of Excellence the next day.
A report prepared for the meeting said the land and buildings, which were valued at 19,921,692 on June 8 this year, would then be leased to the academy at a peppercorn rent.
It is the second time in less than a year that the assets have changed hands, because they were transferred from the council to the Aspire Trust, which Outwood Grange College formed with Horbury School and Wakefield City High School, in September last year. It has since left as part of the academy process.
The report said: "The running costs and maintenance of the property would be the responsibility of the academy and this would be reflected in the lease."
It added: "The lease would also state that the site and property are to be used for educational purposes and there is to be no assignment or sub-letting."