Daily Progress, Jacksonville, TX

February 12, 2013

JISD Board of Trustees approves LMC properties purchase

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.