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Posted: 11:12 AM- LAYTON - An economic study released this morning gives Weber State University every reason to say no to a Sandy entrepreneur who wants to buy the large swath of undeveloped land above the Ogden campus.

"Why would they give up their property, which is extremely vital for future expansion?" said Richard Kendell, Utah's commissioner of higher education, after meeting with the WSU Board of Trustees.

Kendell brought the board the results of an economic study performed by the Bureau of Economic and Business Research at the University of Utah.

While the research concluded that the 57.5 acres of developable hillside land could fetch $10 million from a developer intent on building homes, it would cost WSU close to $50 million to replace the land.

The only way would be to buy and demolish homes to the north or south of campus. IHC owns a huge parcel across Harrison Boulevard from campus, but is not interested in selling.

WSU has 120 acres of land above campus, but much of it is too steep to build on.

A geological study released earlier this winter indicated the 57.5 acres could accommodate 10 future classroom and research buildings.

Kendell said that for a university expected to nearly double its student enrollment over the next 20 years, the hillside land is vital.

Entrepreneur Chris Peterson of Sandy has said he wants to acquire WSU's land as well as the Mount Ogden Golf Course and adjacent Ogden City-owned land for a development that would include 400 luxury homes, a redesigned golf course, a small commercial village and a base where a mountain gondola and urban gondola would meet.

Peterson has made no formal request to buy WSU's hillside land but said last week that he is still planning his project.

Last spring, amid a series of public forums on his plans, Peterson said if he failed to acquire the WSU land, it would kill the project.