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August 2008 Archives

University Withdraws Its Bid for FHS Property

Posted by Alan on August 21, 2008 4:45 PM | Filed in News | Comments (1)

The University of Arkansas withdrew its $50 million bid for the Fayetteville High School campus earlier today.  See the following news stories in The Morning News and the Northwest Arkansas Times.

The Fayetteville School District's official statement may be read by clicking here.

The Fayetteville Board of Education set a price of $59 million for the property in late May before announcing a July 1 deadline for the University to respond.  The UA countered with a $50 million bid in June. Here is a more detailed timeline:

  • January 22, 2008, First meeting of High School Select Committee II.
  • February 18, 2008, Special Board Workshop: to discuss negotiation process and partnership with the University of Arkansas.
  • March 26, and April 3, 2008, Public Input Sessions on the Future of Fayetteville High.
  • April 24, 2008, Regular Board Meeting: Tim Hudson presents recommendation of High School Select Committee to locate the high school on Morningside Drive Property. Board requests Dr. New to begin negotiations with the University of Arkansas for sale of existing high school property.
  • May 29, 2008: Regular Board Meeting. Board agrees to offer the University of Arkansas the property for $59 million to expire on July 1, 2008 and authorizes the administration to begin negotiations for purchase of Morningside Drive.
  • June 6, 2008: University Board of Trustees agrees to offer FPS $50,000,000.
  • June 26, 2008, Regular Board Meeting: The administration presented information regarding the University of Arkansas' counteroffer of $50,000,000, and indicated they were still in negotiations. The administration provided information regarding a new potential offer from Campus Building Group, LLC for $60,000,000. The board voted to postpone action regarding the University offer until more information was received.
  • July 22, 2008: Campus Building Group, LLC withdrew its offer.
  • August 21, 2008: University of Arkansas withdrew its offer.

Complete List