FAYETTEVILLE — The University of Arkansas at Fayetteville withdrew its $50 million offer Thursday to purchase the 40-acre Fayetteville High School campus.

The university has other immediate facilities needs, and would not likely use the high school campus for 25 to 50 years, Chancellor G. David Gearhart wrote in a letter to School Board President Steve Percival.

“We have concluded that the university cannot reasonably keep on hold a plan involving such a significant investment of critical resources,” Gearhart wrote.

On May 29, the Fayetteville School Board voted 6-1 to offer the 40-acre property to UA for $59 million, a price set between two appraisals, one for $61.28 million commissioned by the school district and $56.4 million from the university. At that meeting the School Board voted to begin negotiations to purchase land for a new high school campus off Morningside Drive and Huntsville Road.

The withdrawal of the university’s offer and a $60 million offer from a group of private investors leaves the district with no announced bids for the property.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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This article was published Thursday, August 21, 2008.

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