OLD TOWN – Councilors authorized Wednesday the transfer of $430,000 from the city’s fund balance to purchase land and buildings on the Penny Road from Georgia-Pacific Corp.

The amount includes the price of closing costs and taxes on the property.

A proposed purchase and sale agreement has been drafted and final documents are expected to be completed in the next few days.

“We still don’t have all the final documents,” City Manager Peggy Daigle said at Wednesday’s special council meeting.

The city manager said she anticipates the sale will be made final sometime next week.

The 120-acre parcel, also known as the Penny Road Extension, borders land owned by the University of Maine.

An agreement in the purchase and sale documents also gives G-P access to two buildings on the property to allow it to remove personal property stored there. G-P also will have access to the fire training facility on the property when prior notice and proper supervision is granted by the city.

The company also will be allowed to maintain the meteorological tower on the property and has been granted an easement so it can access land G-P still owns.

The city will be responsible for maintaining its portion of the road.

In other meeting business, the council accepted the voting returns from the Nov. 2 election. Voters re-elected city council incumbent Gary Sirois, and Carol May was elected to take the seat of Councilor Scott Cates.