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Council authorizes mayor to pursue purchase of Rousselot property and approves $25 million bond order for acquisition
Summary
The council voted to authorize the mayor to sign a purchase‑and‑sale agreement for roughly 164.6 acres owned by Rousselot, citing water rights, flood mitigation and open‑space benefits, and approved a $25 million bond order to fund the acquisition; votes were unanimous in committee and carried by the council.
The Peabody City Council on Jan. 23 authorized Mayor’s Office to enter into a purchase‑and‑sale agreement with Rousselot PBD Inc. for approximately 164.58 acres and later approved a $25 million bond order to finance the acquisition.
Finance committee members and the mayor described the rationale: the property carries existing process‑water permits of about 3,340,000 gallons per day, is supplied from a basin the city considers not water‑stressed, and could reduce Peabody’s summer reliance on wholesale MWRA water (the city’s summer demand spikes to about 11 million gallons per day). The mayor and staff also emphasized flood‑mitigation opportunities and open‑space value. A Wesson & Sampson report cited in the packet indicated initial testing showed acceptable water quality and a present‑value analysis that favored the long‑term financial case over continued MWRA reliance, subject to required infrastructure investments to make source water suitable for municipal use.
Finance committee reported unanimous support and the council voted to authorize the P&S and accepted a committee motion to advertise the bond order. The council later approved the bond appropriation under Chapter 44 authority; both measures passed with unanimous votes taken during the meeting.
Committee members and councilors emphasized that entering a P&S initiates due diligence and does not obligate the city to close if subsequent testing, title or environmental review uncovers prohibitive conditions. The mayor’s packet included a revised page 6 to the draft P&S; the committee voted to accept that change and send the authorization to the full council.
The bond order motion details a $25,000,000 appropriation to purchase identified parcels and related costs and authorized the treasurer, with mayoral approval, to borrow under Chapter 44 and take necessary procedural steps including filing with the Commonwealth to qualify bonds under Chapter 44A. Councilors cited long‑term water security, flood mitigation and open‑space protection as primary public benefits supporting the authorization.
