After putting in a bid to purchase one Muncie Community Schools building last month, Ball State announced it will purchase Northside Middle School, according to a statement released by the university.

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Ball State will pay $1,270,000 for the property right off campus under a contract between the university and MCS emergency managers, and is expected to finish the purchase by Dec. 15.

To President Geoffrey S. Mearns, the purchase is a win-win for campus and the community.

“We believe that Ball State has an opportunity to be a good neighbor and a solid contributor to this community by purchasing this property,” Mearns said in the statement. “In the end, this is a strategic investment for the university and a benefit to the community.”

As part of the purchase agreement, MCS can lease Northside from Ball State for $1 per year for five years. In turn, the university will pay MCS $60,000 each year.

RELATED: Muncie schools puts Northside Middle School on the market, five other properties

This comes after MCS put six properties, including Northside, on the market in September.