UA Trustees consider FHS offer today. JUST SAY 'NO'

www.nwaonline.net/articles/2008/06/05/news/060608fzuatrustees.txt

Trustees To Consider High School Offer
Purchase, Financing Plan To Be Presented At Meeting
LAST UPDATED THURSDAY, JUNE 5, 2008 8:37 PM CDT IN NEWS
By Dan Craft
The Morning News
MORRILTON - A proposed purchase price and financing plan for the Fayetteville High School campus will be unveiled today.
University of Arkansas administrators plan to ask the Board of Trustees for permission to make a specific offer for the 40-acre high school property, and have a financing method figured out, officials said Thursday.
"We're still working on some details, but we've got a pretty good idea what we've got in mind," said Dave Gearhart, the university's chancellor-elect.
The property, which sits just off the southeast corner of the university campus, was offered last week with a $59 million price tag by Bobby New, the superintendent of the Fayetteville School Sys//tem.
University officials would not say Thursday if they planned to meet the school district's asking price.
Several university trustees advocate purchasing the property.
"It's so seldom you get a chance to purchase something that size that's so close to campus, something that can set your campus up for 20 or 30 more years of growth," said university trustee John Tyson. "I think it's the smart move."
There is organized resistance by some Fayetteville residents over selling the high school property, noted university trustee Jim Lindsey.
"It has huge potential, that's undisputed," Lindsey said. "It's got to be win-win for everybody, or it won't happen. I think that's really just a matter of agreeing on a price at this point."
A financing method has also been developed, said Don Pederson, the university's vice chancellor for finance and administration.
"There's a plan, but ultimately it's up to the trustees to see if it's a plan they want to go along with," Pederson said.
He declined to outline the plan Thursday.
School district officials have been debating for more than a year whether to renovate the high school or sell the property and build a new school at another site. The university is the only identified potential buyer.
The university's position has been one of "wait and see" until the school board decided to sell the property. School board officials and a site selection committee said their options were limited financially unless the university could commit to purchasing the current site.
Chancellor John White, Gearhart and a delegation of university deans and department heads toured the high school complex in February.
The proposal will be made this morning to the buildings and grounds committee of the trustees, followed by the full board.

Meeting Information


University Of Arkansas Trustees

When: 9:30 a.m. today

Where: Winthrop Rockefeller Institute, 1 Rockefeller Way, Morrilton

Why: Trustees will consider a proposal to purchase Fayetteville High School as part of their regular board meeting.