Last week, officials received notice that the ICA had a "letter of intent" from Farmington Hills-based Northern Equities Group for purchase of the property for $1.9 million. On Tuesday, school officials quickly voted to waive their right to buy back the building.
Board member Murray Kahn said "part of the uproar" over the sale of the property was the $1.1 million sale price of the building, which some said was too low.
"I think that just validates the concerns the community had at the time," he said.
Board member Sheilah Clay noted that the property was appraised at $1.1 million, which matched the purchase price.
Board chair Howard Wallach noted the letter of intent "is not an offer to purchase or a purchase agreement. It may not ever be acted upon." He referred to a recent news article that reported home sale prices soaring 47 percent over the last year and said commercial property prices may have increased as well since the building's sale.