Progress staff reports
Jacksonville Daily Progress
JACKSONVILLE —
The Jacksonville Independent School District Board of Trus-tees on Friday approved the purchase of the Gymnasium, Administra-tion Building, and approximately 50 acres of land and assets from the Lon Morris Bankruptcy Es-tate for $1,530,000, subject to Bankruptcy Court approval.
"It is our understanding that the Bankruptcy Court will be considering this on Monday, Feb-ruary 11th," according to a JISD release.
"It is anticipated that the closing will take place within the next 30 days.
“The assets being acquired had an insured value of almost $6.7 million and the land has a value of over $100,000 for a total value of approximately $6.8 million.
“As we stated, the purchase price was $1,530,000. This would be equivalent to purchasing a $100,000 home for just over $20,000."
Dr. Joe Wardell, JISD superintendent, express-ed confidence in the purchase.
“We feel that this was an exceptional opportunity for the District to acquire land and buildings at a great value to better serve our students and our community,” Dr. Wardell stated in the release.
