Daily Progress, Jacksonville, TX

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February 8, 2013

Jacksonville ISD formally approves its purchase of Lon Morris College land

JACKSONVILLE —

The Jacksonville Independent School District Board of Trustees on Friday 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 Bankruptcy Court approval.

"It is our understanding that the Bankruptcy Court will be considering this on Monday, February 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, expressed 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.

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