The Floyd County Board of Education and the City of Cave Spring have reached an agreement that will see the city take over ownership of the property that was Cave Spring Elementary School.

The agreement calls for the city to pay the school board $40,000.  The property will then once again belong to Cave Spring following the deed being filed at the courthouse.

One of the provisions for the city assuming ownership is that the location cannot be used for a public or private K-12 school or a technology resource center.

Cave Spring councilman Jason West is quoted to say that the council will meet in the near future to discuss ideas for the property.