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Town attorney Jim Wheeler outlines $1.8 million Jonesborough offer for former elementary site; board votes
Summary
The Town of Jonesborough proposed buying a former elementary-school property for $1.8 million ( $1.3 million at closing, $500,000 five years later) to preserve the building and retain public parking and access; the board debated acreage, value and conditions and the motion failed in roll call.
Jim Wheeler, town attorney for the Town of Jonesborough, presented a proposed purchase framework for the former elementary-school property, saying the town would offer $1,800,000 and was prepared to recommend that amount to its board.
Wheeler said the town would pay $1.3 million at closing with $500,000 due five years after closing. "We are prepared to...recommend to offer the value that was placed on it," Wheeler said, noting the appraisal treated the site's highest and best use as vacant land and included alternate values for the building removed or preserved. He also said the town wants to preserve the building and that the town is in a "unique position to utilize that building."
The boar…
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