Lambuth Deal Falling into Place

The Tennessee Board of Regents approved on Friday the next step toward the University of Memphis’ acquisition of the Lambuth University campus in Jackson, reports The Commercial Appeal.
On Thursday the Tennessee Higher Education Commission approved the feasibility study to take over the campus, a study that included $3.5 million for safety repairs and $15 million in longer-term maintenance.
Next week the executive subcommittee of the state building commission is expected to vote on allowing U of M to lease the campus for $1 a year while Lambuth is in bankruptcy, said Monica Greppin, director of communications for the board of regents.
Once out of bankruptcy, plans are also in play for the school’s purchase, Greppin said.
“There is a stakeholder committee that has worked out an agreement to purchase the campus from Lambuth,” she said. “Once the stakeholders acquire the campus they’ll transfer ownership to the board of regents.”

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