Rowan Academy is buying Gospel Light’s school building for $365,000 pending inspections.

Gospel Light School, located at 1010 Airport Road, closed in 1995 after enrollment decreased to 27 students. And other than Salisbury Academy leasing the school’s gym for three months out of the year for basketball games, the building has been empty since.

Rowan Academy will begin classes in August at its new location. And the school’s board of directors will meet there for its monthly meeting Monday at 6 p.m.

The promissory note states the school will pay its $5,000 down payment by Aug. 1. After that, the school will make 12 monthly payments of $3,500 a month. The directors will pay $22,000 on June 1, 2000.

No interest will accrue until July 1, 2000. Then the remaining $275,000 will be payable at an 8 percent interest rate for 60 monthly installments of $5,576.01.

The building comes with the brick school, an official size gym with electric scoreboards, a bus garage and 4*z12 acres.

Rowan Academy’s Chairwoman Charlene Montford said previously, ‘‘It appears to be the best location that we have found so far that we think is workable with our money constraints.’’

Rowan Academy will open in August with a budget of around $900,000 from federal, state and local money. The school has a cap of 200 students, which will be selected by a lottery.

The board has begun taking names of students wanting to go to the K-5 school.

Interested students and applicants can call 640-2127. The number has an answering machine on the line and a paging service.

The academy’s address is: P.O. Box 832, East Spencer, N.C. 28039.

The Monday night meeting is open to the public and for any interested parents and citizens. Student applications, employment applications and information regarding the school will be available.