PEABODY — The city is working to buy 164 acres of open space owned by Rousselot, Mayor Ted Bettencourt announced in his State of the City Address Monday night.
The speech was given during the city’s inauguration ceremony, during which Bettencourt and recently elected City Council, School Committee, Light Commission and Peabody Institute Library Board of Trustees members were sworn in.
The city is still finalizing the Rousselot agreement, which aims to buy the parcels and the significant water well sources on them. Doing so will provide millions of gallons of water to Peabody residents once proper infrastructure is in place, Bettencourt said.
“The purchase could further lessen our city’s reliance on expensive Massachusetts Water Resources Authority water, and may provide the city with a significant new revenue source going forward,” he said.
Bettencourt didn’t provide a price tag for the deal, but said it would not include the main Russelot factory site on the corner of Allens Lane and Washington Street. That property is currently being marketed to private developers following the factory’s closure in late 2023.
“While that process continues, we will monitor the situation closely,” the mayor said of the main factory site. “If those efforts do not move forward, we will consider other options as a community such as potential partnerships or alternative approaches to ensure any future development is thoughtful and creates new revenue, jobs and opportunities for Peabody.”
In other updates, Peabody’s Vision 2025 Master Plan is complete and will soon be presented to the City Council and the public. It will outline a roadmap for Peabody’s future by addressing land use, transportation, housing and open space, Bettencourt said.
The city is also working on a Centennial Park Master Plan to create growth and improve mobility and design at the Centennial Drive business park off of Route 128, and the mayor plans to present a Comprehensive Municipal Business Plan to the City Council this spring.
“This plan modernizes our organizational structure, updates job descriptions and aligns roles with performance and accountability, ensuring city government operates efficiently, transparently and with a clear focus on results,” he said.
Officials are evaluating options for the city’s landfill, as the site is “a potential source of significant revenue,” Bettencourt said.
“We are approaching it with careful and strategic due diligence, ensuring full environmental compliance and prioritizing community benefits,” he said.
Bettencourt spoke of three major projects underway in the city, including the construction of the new public safety building that will open off Allens Lane later this year to house the entire police department and administration of the fire department.
The new Peabody Veterans Memorial High School project will also hit exciting milestones this year. The School Building Committee will select the owner’s project manager later this winter and an architect and design team over the spring and summer, he said.
The Central Street Improvement Project rebuilding that corridor from Central Street’s intersection with Walnut Street to the intersection of Endicott Street is much needed but, as expected, is “a monster,” Bettencourt said.
“Replacing well over a century-old drainage and road infrastructure with modern systems is complex work, and it’s created real inconveniences for residents, business owners and drivers,” he said. “I want you to know that we hear you, are working on improvements and we appreciate your patience.”
The upcoming budget season is expected to be difficult due to high increases in non-discretionary costs, especially around municipal employee health insurance. But Bettencourt said he is encouraged by a 5.8% climb in Peabody’s home values and 11.8% jump in commercial and industrial values since last year.
Bettencourt said he appreciates the “tone and teamwork” the city’s boards have shown in 2025.
“In a time when public discourse can be so divisive, your ability to work together respectfully and constructively has set an example for our entire community.”
Three new councilors stepped into their roles Monday night: at-Large Councilors Jaclyn Corriveau and Jarrod Hochman, and Ward 2 Councilor Wendy Lattof.
They replace At-Large Councilors Tom Gould and Ryan Melville and Ward 2 Councilor Pete McGinn, who all declined to seek reelection this year.
At-Large incumbents Anne Manning-Martin, Jon Turco and Tom Rossignoll were also sworn in Monday, as were incumbent ward councilors Craig Welton in Ward 1, Stephanie Peach in Ward 3, Julie Daigle in Ward 4, Dave Gamache in Ward 5 and Michael Higgins in Ward 6.
Higgins was unanimously voted in as the council’s president for 2026, not counting the sole “present” vote from him. He thanked outgoing president Daigle for her organized leadership throughout the last year, his family and the residents of Ward 6.
“I am grateful for the trust and support of my colleagues, our city staff and the entire Peabody community,” Higgins said during the ceremony. “Together, we have faced challenges and celebrated achievements, and I look forward to leading with integrity and collaboration in the year ahead.”
Longtime School Committee member Beverley Griffin Dunne was sworn in with two new members to that board, Pamela Milman and Suzanne Cox. Griffin Dunne was also voted the School Committee’s vice chair. Cox was voted the board’s secretary.
Returning Light Commissioner Tracy Valletti was inaugurated for her first full six-year term. Peabody Institute Library board of trustees members Peter Bakula, Stephanie Dallaire, Caitlin Guyette, Cassandra Loizides and Stephanie Najjar were also sworn in.
Contact Caroline Enos at CEnos@northofboston.com.