CABOT, Ark. (KATV) — Lyon College and the City of Cabot have finalized a lease agreement to create the Lyon College School of Veterinary Medicine, marking the first veterinary science graduate program in Arkansas.

The school is expected to open on a multi-acre campus near Exit 21 in Cabot, with groundbreaking planned for early 2025.

The Cabot City Council approved the lease agreement Monday, following approval by the Lyon College Board of Trustees on Nov. 12.

The city will sell about 20 acres to developer 11 Arrows for $5.7 million, and plans to use part of the property for Cabot Animal Support Services facilities, including a veterinary clinic, administrative offices and other uses related.

The balance will be sublet to the Collège de Lyon for the veterinary school.

“This is a very exciting thing that we did tonight that we’ve been working on for over a year,” Cabot Mayor Ken Kincade said at the city council meeting. “We still have to finalize the documents and we are ready to start work and construct these buildings.

In a press release, the City says the project is expected to have a significant economic impact, providing new opportunities for educational growth, improved health care and workforce development in Cabot.

For more information on the Collège Lyonnais School of Veterinary Medicine, click here.