Hmm, talk about jumping in with both feet.
For some things this makes sense, e.g. there is a huge selection of public domain books that make up a big part of the core curriculum.
However I'm concerned that 18 ebook readers won't be enough to cover the student usage. Sounds like a very low number to me.
Also IMO paper books still and probably always will have a role to play in education, especially art books and others that rely heavily on illustrations. The Internet is not a substitute for a proper monograph.
Plus, blowing $50k on a coffee shop, including $12k on an espresso machine? What's up with that?