The Fort Chaffee Redevelopment Authority officially rejected an offer Thursday from a company to purchase five acres of land.

Memco Inc. had offered to buy five acres on Roberts Boulevard for $175,000 to develop an industrial warehouse/office.

The real estate review committee had recommended the full board reject the offer during a Wednesday meeting because the land, which is adjacent to the medical college and near a freeway, was deemed more valuable than the offer.

"We had an offer from Memco last month to purchase the same five acres across from Graphic Packaging on Roberts and the discussion we had last month was similar to the discussion we had yesterday," Galen Hunter of the Fort Chaffee Redevelopment Authority's Board of Directors said.

Memco had upped its offer, but the real estate review committee discussed not having the industrial development right next to residential and commercial.

"It's not that we don't want them out here," Hunter said.

The board also voted:

• To counter a $150,000 offer from Blake Properties, LLC to purchase the building at 8000 Taylor Ave. and 3.3 acres at $360,000.

• To grant a one-year extension to MR Capital Partners, LLC to complete construction of the The Reserve Apartments.

• To grant a request from Brownwood Life Care Center to be released from completing required improvements. Brownwood was originally to build an independent living facility in addition to its residential rehab facility, but now does not see a need for that type of housing.