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Finance committee authorizes $25 million bond order, P&S to buy 164.6 acres and Russo water rights
Summary
The Peabody City Council Finance Committee voted 5-0 to authorize the mayor to sign a purchase and sale agreement and to approve a $25 million bond order to buy about 164.6 acres of open space and related water rights from Russo Peabody, advancing a due-diligence period and environmental testing before any closing.
The Peabody City Council Finance Committee on Thursday authorized the mayor to enter a purchase and sale agreement and approved a $25 million bond order to buy roughly 164.56 acres and associated water rights from Russo Peabody, the committee chair said. The motions passed 5-0.
Mayor Ted Beddingford called the proposed acquisition “a unique opportunity” to preserve open space, secure freshwater resources and help mitigate local flooding, and said the purchase includes an active water-management permit that allows up to about 3,340,000 gallons per day.
The committee’s authorization begins a formal due-diligence period, during which the city will complete Phase I environmental testing and any additional investigations needed before deciding whether to close.…
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