A CVS Pharmacy could soon be headed to the old Audubon school site in Rock Island.
Tuesday, the Rock Island-Milan School Board approved a purchase agreement with First Equity Acquisitions, LLC. The Chicago-based development firm represents CVS.
The $890,000 deal comes after two previous buyers, Fareway and Moline Acquisitions, backed out of plans to purchase the 18th Avenue site.
This purchase agreement also represents the highest offer for the site to date. Moline Acquisitions, which pulled out earlier this month, had promised only $700,000 for the property.
“We’re happy with where we’re at from a financial perspective. We really want it to be a very productive asset to the community as we move forward. So, we really want this to be something that works out, and that we can put closure to this and move on,” said superintendent Dr. Mike Oberhaus.
The site has been the target of much debate since the district decided against continuing to own and maintain the old Audubon school building. In 2013, community members defeated a bid by Fareway to demolish the building and turn it into a grocery store, citing traffic, noise, and pollution concerns.
The latest buyer now has approximately 300 days to do due diligence before closing on the deal.
The City will also have to sign off on any rezoning requests or economic development agreements before construction can begin.