JISD Board of Trustees approves the purchase of property from Lo - KYTX CBS 19 Tyler Longview News Weather Sports

JISD Board of Trustees approves the purchase of property from Lon Morris Bankruptcy Estate

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Jacksonville ISD:

JACKSONVILLE (KYTX) - Friday, February 8, 2013, 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 $1,530,000, subject to the Bankruptcy Court approval. 

It is JISD's understanding that the Bankruptcy Court will be considering the approval on Monday, February 11th.  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 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."

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