The Ball-Chatham Community School District is discussing what to do with money from land that has been sold.
A total of 43 acres will bring in $774,000. The South Second Street land was sold at the price of $18,000 per acre. That’s quite different than the original $5,697 per acre the district purchased the land for in May of 1993.
School Board President Jim Neusis believes the consensus on the school board seems to be that the money from deal should go into the working cash fund, although nothing has been finalized.
“There’s been some discussion tonight (Monday) at the board that it could go in a number of different places but I think some of the board members want to see it put into a working cash fund.”
Neusis said the working cash fund works like a savings account. then we can transfer money into some areas that we need it when we need it,” said Neusis. He said that after the money the money is reestablished, then the new money is inserted back into the working cash account.
About $3,000 in fees and closing costs will be taken from the $774,000 total. The district treasurer expects the deal to be closed on by early November.
Originally, the land was purchased so the district could build a new school but that idea fell through.