Jacksonville ISD board approves purchase of Lon Morris buildings, acreage
Today the Jacksonville Independent School District Board of Trustees approved the purchase of the gymnasium, administration building, and approximately 50 acres of land and assets from the Lon Morris Bankruptcy Estate for $1.53 million, subject to bankruptcy court approval.
The bankruptcy court is expected to consider final approval on Monday, and the closing will take place within the next 30 days, according to a Jacksonville ISD press release.
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.
“This would be equivalent to purchasing a $100,000 home for just over $20,000,” according to the Jacksonville ISD press release.
Dr. Joe Wardell, Jacksonville ISD superintendent said, “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.”