An object with flashing lights moving at a very slow rate of speed over a tree line.

It was approximately 12:30 am in the month of April 1995.  I was sitting in my patrol unit when I observed over the tree lines a very large object the size of a military cargo plane (wing span) moving at a slow rate of speed.  The object was not a thin disc, but appeared to be 2-3 stories in height.  It made no sound and its speed was too slow to be an airplane.  It moved about 5 mph.  From the position I was in it was moving in a North East direction toward the college.  The object had blue, red, and white lights across it flashing and rotating.  I can remember watching them mesmerized at the fact that it was coming towards me.  I never lost eye contact with it, but I did lose time.  While I was watching it move closer, I did not notice that a tow truck driver had pulled up next to my unit.  He banged on his driver side door to get my attention.  He wanted to know a certain apartment complex.  After answering his question, which only took a minute, I looked back at the tree lines and saw that the object had disappeared.     At its speed it should have moved over the college.  I drove around the college and down the bypass looking for the object.  I went in a North and Southern direction.  There was nothing in the sky.