UofM officially takes over Lambuth campus - WMC Action News 5 - Memphis, Tennessee

UofM officially takes over Lambuth campus

(AP) - The University of Memphis has officially taken ownership of the Lambuth campus and a flag-raising ceremony is scheduled for next month.

The Jackson Sun reports local officials registered the deed to the property on Tuesday, closing a purchase agreement in the works for more than a year.

Part of the campus is being leased by the state and is a satellite location of the University of Memphis.

Local stakeholders signed their rights to the campus over to the state of Tennessee on Monday after paying about $2 million each to fund the $7.9 million purchase of property.

Madison County Mayor Jimmy Harris says having a 4-year state university will help the county recruit new industry, and hopefully bring more tax money and activity to West Tennessee.

Information from: The Jackson Sun.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly