Sacred Heart University in Fairfield announced Monday that it will pay $31.5 million for the former General Electric headquarters property in town.

The school says it plans on using the 66-acre campus for engineering, cybersecurity and business programs. It plans on moving its School of Computing to the site and developing programs in the health, life sciences and technology fields.

Local leaders say they are worried about the loss of tax dollars, since none of that land will be taxable anymore. The town of Fairfield will lose a million and a half dollars a year in tax money.

First Selectman Mike Tetreau says he's meeting with Sacred Heart next week to see if the university can help make up some of that loss.

However, some are excited about the property turning into an innovation center, and say that it could bring new companies and new jobs to town.

"I know there's a real concern about tax revenue base, but with that said, we can generate enthusiasm, momentum and at the end of the day, it's going to be great success for our community," says Republican state Sen. Tony Hwang.

Sacred Heart University's president says the school is growing rapidly and the property was too good to pass up. The school says elements of the Jack Welch College of Business, named after the former GE chief executive, will also move there.

The campus had been GE's global headquarters for about 40 years before the company's decision to move to Boston. Most of the 800 workers have already moved out, with the company transferring some of them to other local divisions.