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Sought after by some cities and shunned by others, retail giant Wal-Mart on Monday signed closing documents and agreed to wire $3.75 million into the city of Kenai's account for the purchase of airport reserve land.

Nearly two years in the works, the completed agreement sets the stage for a planned 210,799 square-foot super store to be built behind the Kenai Chrysler Center on the Kenai Spur Highway.

Kenai City Manager Rick Koch, City Attorney Cary Graves and City Clerk Carol Freas were in a Kenai title company office early Monday morning to sign closing documents.

The final selling price is for 38.224 acres of airport reserve land, Koch said.

Proceeds from the sale will be deposited into the airport land fund, also referred to as the airport permanent fund, he said.

Wal-Mart officials did not send anyone to the Kenai signing, but instead signed documents in Bentonville, Ark., where the retailer is headquartered.

Kenai Police Chief Chuck Kopp, who was serving as interim city manager at the time, announced in October 2005, that Wal-Mart intended to come to Kenai with a 235,000 square-foot retail store, grocery and garden center on land wrapping around behind the car dealership from the "dust bowl" ball field on the Spur Highway to Marathon Road. Initially, Wal-Mart sought to lease the airport land.

Original plans also called for a six-bay tire and express lube shop and a gas station, but plans now available in Kenai City Hall do not include those amenities.

Four out lots that could accommodate them remain in the plans.

Koch said Wal-Mart likely will issue an invitation to general contractors to bid "late this week or early next week" on building the store. Bids would be due back by the end of May and building could begin by mid-June.

When asked if Wal-Mart could be open for business by Christmas, Koch said, "I hesitate to look in the crystal ball and predict ? it's possible, but it will take a substantial effort to make it happen."

He said he has encouraged Wal-Mart to seek Kenai Peninsula subcontractors to build the store.

"I'm excited," he said.

Mayor Pat Porter also said she is excited about the development.

"It's exciting," Porter said. "It's a positive thing for the city of Kenai.

"We won't have to drive so far to get items we need," she said, adding the new store will create economic opportunities for other businesses coming into the Kenai community.

Porter did not know an exact opening date for the new Wal-Mart, but said, "It's always been their plan to open by Christmas. We'll see."

The Wal-Mart super center will face Marathon Road, across from where site preparation work is under way for a new Lowe's Home Improvement Warehouse.

The Lowe's store will be 109,872 square feet with a 93,689 square-foot sales floor, according to plans at city hall. A 31,659 square-foot garden center also is planned.

Phil Hermanek can be reached at phillip.hermanek@peninsulaclarion.com.