On Wednesday evening, residents, community leaders and lawmakers marked the 75 year milestone with a reception.
Organizers say the last 3 land sales have all broken records -- with the most recent sale bringing in more than $3 million in September 2011.
"Frankly, we're kind of running out of land," Texas Land Commissioner Jerry Patterson told Big 2. "There is less and less to lease, which is a good thing. We're pretty much leasing all that we have."
All the money raised in the lease sales goes to the Permanent University Fund, which supports higher education in the State of Texas.
The Spring 2012 University Lands Lease Sale will take place at 10 AM Thursday at the Petroleum Club in Midland.