The USD 501 School Board voted Tuesday to finalize the settlement with the state for the land.
The district had previously purchased some of the land to build Hummer Sports Park. The new property had been on the market for more than a decade.
The school district says it has already received inquiries about possible uses for the land.
The district called the purchase an unprecedented opportunity for a landlocked district to obtain land. They say they could eventually use the property to create new programs or build a new facility or even a school.