More than a year after first releasing its plans to build a K-8 school and enter in a lease-to-own agreement with Washington County, the town of Jonesborough will officially close on the property next Wednesday. âThatâs our hope,â Jonesborough Mayor Chuck Vest said of closing next week. âIf that doesnât happen, we still can close the first of the year, but right now the plan is to set up and close on Wednesday the 23rd.â The property, a 48-acre tract of land off North Cherokee/Tavern Hill Road, will cost about $2.2 million. The school project itself was projected to cost around $28 million, though that number has come down a bit with changes to the schoolâs design. Vest said that the school is about 7,000 square feet shorter than originally planned â saving the town between $1-$1.5 million.