Finance Corporation approves termination and release of Joby Hall property so it can be sold to youth football league

The Bullitt County School District Finance Corporation on July 28 voted unanimously to approve a termination and release agreement that will let the district proceed with the sale of the Joby Hall property to the Greater Bullitt County Youth Football League.

Why it matters: the action removes lease encumbrances held by the Finance Corporation and the district so the property may be transferred to the youth league.

What the board did - Presentation: district counsel/representative presented a termination and release contract for the surplus Joby Hall property and said the request came from the district's counsel (Dinsmore) to proceed with the sale. - Motion and vote: the motion to approve the termination and release was made by Mister Osfield and seconded by Miss Neil; the Finance Corporation voted 5-0 in favor.

Background and mechanics - The presenter said the property is owned by the Finance Corporation and had been leased back to the district when originally purchased; the termination releases those lease obligations so the Finance Corporation can finalize the sale to the Greater Bullitt County Youth Football League.

Quotation "Recommendation is to approve the termination and release of Joby Hall property as is presented," the presenter said.

Outcome: approved 5-0. The Finance Corporation and the district will execute termination documents and proceed toward sale closing.