JACKSON, Tenn. (AP, abc24.com) - 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 four-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, http://www.jacksonsun.com