I defer to folks who know more about (1) the overall economic health of the City of Valparaiso and of Porter Co. generally; and (2) VU's overall reputation within said circles, when it comes to thinking about whether VU's surrounding community can play a role in nursing it back to fiscal health.
When I attended VU from 1977 to 1981, the notion of "town and gown" was rather foreign. Valparaiso was more like a city abutting the University, rather than a "university town." However, my more recent trips back to Valpo over the past decade or so have suggested a much closer, mutually beneficial connection. Am I correct about that? If so, then the community has a genuine stake in the survival and hopefully renewal of the University.