- Associated Press - Sunday, May 22, 2016

OXFORD, Miss. (AP) - The University of Mississippi plans to spend $12 million to buy 12 acres of land on the western edge of its Oxford campus.

The College Board voted Thursday to allow Ole Miss to advance $2.5 million to the University of Mississippi Educational Building Corporation. The university will then make lease payments to the corporation over 10 years, paying off the remaining $9.5 million the corporation will borrow. After that, the university will own the land directly.

The property, owned by Oxford lawyer John Dunbar and his wife, is just north of the Ole Miss softball complex and is surrounded on three sides by university property. In documents submitted to trustees, Ole Miss officials described the land as “critical” for future expansion.

The appraised value of the property is $12.3 million.

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