A land swap between a school district and a credit union are in the works is considered a win-win situation for both entities.

Recently Port Neches-Groves Independent School District trustees gave its interim superintendent, Jimmy Creel, the green light to negotiate and execute a contract with Neches Federal Credit Union, located at 766 Magnolia Ave. in Port Neches, regarding the eight-acre parcel of land at the corner of FM 366 and Merriman Street in Port Neches.

The district has owned the land — valued at about $1 million — for  years but state law prohibits construction of any facility that would hold students because of its proximity to refineries.

“Based on appraisals, the value of the land (eight acres) owned by the school district and the value of the Neches Federal Credit Union Building are roughly equivalent with the Credit Union value being slightly higher,” Creel said. “In order to even the swap value, the district may agree to mow the grass around the building once ownership changes hands.”

The proposal calls for an approximate two-year timeline with the credit union also receiving permission to stay in the building while a new building is being constructed on the new property they swapped for.

The contract has not been negotiated at this time and meetings are scheduled to finalize the deal, he said.

Jason Landry, president of Neches Federal Credit Union, said they are pursuing a property swap with the school district and are in the middle of doing due diligence on that project.

“We are trying to build a new administration space for our staff to operate in and need a larger location for the future,” Landry said.

The new location will also have some front office capabilities but that is still in the works.

“It is a win-win for both of us,” he said.

The land swap is advantageous to PNGISD as well. The district hopes to have its administration located in one location. Currently there are some offices at the Port Neches site and some at the West Groves Education Center in Groves.

Creel said once the swap is made that the district could take possession of the credit union facility, which is near two PNGISD schools.

The FM 366 and Magnolia corner lot is also home to the iconic “Indian” corner, which includes a totem pole, wall and district icons.

Once the property swap is completed and a new facility constructed for the credit union, the district will place the Indian icons at what will be its new administration building.

“It’s important for people to know this will give the district an opportunity for a first class administration building and have all of our administration together,” Creel said. “In my opinion this will bring maximum efficiency and we are committed to putting a nice display in front of the building very similar to what is on the corner right now in terms of honoring the Indian icons and Indian spirit.”