I think a campus expansion/creation for UH-V would make UH-V a drain on the system. If the end game is them getting a new campus I would advise UH to bail. UH-V doesn't really offer extensive academic programs that greatly effect the Houston area, which should be the UH System's concern. Plus, a large portion of their student body hails from the UH-Sugarland and Cinco ranch campuses. Drop UH-V and disallow them access to those campuses and their enrollment plummets.

If UH-V really wants a new campus they should try raising the money themselves instead of pulling it away from UH and the Houston based sister campuses. There is no reason to invest in a dying town.