Saint Xavier University in Gilbert has permanently closed its campus. The Chicago-based University has reached a financial settlement with the town.

The town of Gilbert footed the bill to construct the state-of-the-art campus, which opened August 2015. 

Michael Hamblin, Gilbert’s town attorney, says the university will pay Gilbert $4 million for closing its satellite campus.

But what about the building?

"We have had strong interest from several universities who we are currently in discussion with," Hamblin said. Hamblin would not say which universities they’re talking to.

As for the students, Hamblin says they were able to finish their courses and were given assistance by Saint Xavier in transferring those credits to other schools.