Soon-to-be-closed Noblesville, Ind., school will become city property

The city of Noblesville, Ind., is preparing to buy a soon-to-be-closed elementary school. Although few doubt the deal to buy, if approved, will benefit local taxpayers, there is much disagreement on how much it will save. The city and the Noblesville school district have agreed to have the city purchase the 15-acre, heavily wooded Forest Hill Elementary site for $275,000. Its appraised value is $330,000 and its fair-market value is $582,000. In return, the city has agreed to waive fees for the construction of a new elementary school meant to replace Forest Hill and forgive any fees the district owes in that and other building projects.