After sitting vacant for about seven years, the Lafayette Parish School Board could soon have a new tenant for its property at the corner of Ridge Road and Ambassador Caffery Parkway.

The property, formerly leased for use as a gas station, was cleared by the Louisiana Department of Environmental Quality a few years ago following the removal of underground gas storage tanks.

Requests for proposals from potential tenants were issued a few times in the past two years, but there were no timely proposals submitted for board consideration — until now. The board voted in March to contract with a listing agent to market the property, which produced results.

Mendoza Real Estate has made an offer to lease the property for a Don’s Wholesale Automotive Group used car lot.

The lease, if accepted, would generate $66,000 annually for the School Board within the first two years. The lease payments would increase by 4 percent after the first two years and then up to 10 percent for subsequent five-year lease renewals.

The School Board gave its approval last week for the superintendent and board president to finalize the lease agreement. The contract is under review now by the potential tenant, said Matt Dugas, Lafayette Parish Schools finance director.

“We’re working on finalizing that now,” Dugas said.

The board owns more property along the highly trafficked section of Ambassador Caffery Parkway and it also leases property for national food chains — Logan’s Steakhouse and Arby’s, which respectively generate $72,600 and $31,500 in annual lease payments.

Follow Marsha Sills on Twitter, @Marsha_Sills.