During the meeting, City Administrator Jenny Max provided an update on the due diligence efforts, which included a title commitment report, an ALTA survey, wetland delineation, phase one environmental site assessment, and a phase one archaeological survey. The most notable discovery from these assessments was a small archaeological site on the southwest corner of the property. This site, covering a quarter of an acre, contained minor stone artifacts. Following the recommendation of the archaeologist, a 100-foot buffer around the site was suggested, bringing the total area affected to approximately 1.3 acres. However, no burial mounds were found, and the overall assessment raised no major concerns.

A council member inquired about the nature of the archaeological findings, to which Max clarified that only small stone pieces were discovered, with no burial elements. This clarification seemed to satisfy the council’s curiosity and concern about the archaeological implications.

The wetland delineation revealed three type-two wetlands on the property: two smaller sections on the northwest and southwest corners, and a larger section on the west side. A council member noted that type-two wetlands are less restrictive, allowing for potential future development or conversion into pond areas.

With no significant objections from the council members, two motions were presented. The first motion, to continue with the property acquisition process by removing the due diligence contingency from the purchase agreement and authorizing Mayor John Ryan to sign the necessary documents, was approved unanimously. The second motion, to commence the bond application process for the property’s purchase, was also passed without opposition. The bond issuance is expected to cover the full purchase amount of $2.1 million, split into taxable and non-taxable bonds.

The council discussed the financial strategy for the bond, considering whether to use cash reserves or fully rely on the bond. It was noted that maintaining strong cash reserves could be beneficial for the city’s bond rating. The council agreed to revisit the financial details in a future meeting, with further discussions planned for the September agenda.

In response to a question about the financial implications of selling portions of the property in the future, it was clarified that proceeds from any such sales would likely be applied to the bond principal, depending on the timing of the sales. This strategy aims to offset infrastructure costs and maintain financial stability.

The meeting concluded with a brief discussion on the overall evaluation of the property, considering the archaeological and wetland findings. Experts involved in the due diligence process assured the council that the findings were not significant enough to warrant renegotiation of the purchase price.