Walmart is one step closer to opening its doors in Rock Island.
On Monday, October 5, 2015, aldermen voted 7-0 to sell 23 acres at the former Watch Tower Plaza site to Price Properties, a broker representing Walmart, for $4.5 million.
"I am relieved, extremely relieved, because I think we've had this on our back for the last three years, and it's really come to light, especially in the last year, and we needed some answers. We knew that we would get them in a certain time frame, we didn't know exactly when," said Mayor Dennis Pauley.
In 2012, Pauley first announced plans for the project, and over the past three years, the city has spent nearly $15 million to clear the site on 11th Street and relocate existing businesses.
On Friday, Pauley was finally able to show off a signed contract with Walmart for the sale of the property.
"I've had emails, text messages, I've had people stop me at the mall, I had people stop me at church, and it's all extremely positive. They're just thrilled that we finally got the deal through and Walmart is coming to Rock Island," said Pauley.
The mayor says discussions about potential economic incentives are still to come. According to the purchase agreement, proposed benefits include property tax rebates by the city and school district, an investment tax credit, retail sales tax waiver, and job tax credit.
Pauley said city leaders are open to those ideas.
"You have to be. Everybody has to discuss them," said Pauley.
For now, though, the city must wait, and Pauley says its up to Walmart to come back with a plan. He won't discuss a timeline, but the purchase agreement does include a six-month period for Walmart to determine the feasibility of its planned development.
The contract also includes an 'opening deadline' three years after the sale closes.