The Issaquah City Council voted Feb. 17 to finalize the adoption of a $2.8 million bond ordinance to cover the purchase of the Bolliger property, a 1.3 acre parcel of land which will become part of Cybil-Madeline Park.

A bond ordinance authorizes issuance of a bond and the signing of a purchase contract, staff said.

The City Council approved preparation of a $2.69 million purchase and sale agreement in December 2008 for the land at the southwest corner of Rainier Boulevard North and Northwest Holly Street.

The city plans to develop a natural park around the confluence of two bends in Issaquah Creek.

A Dec. 1 council handout reads: “The confluence area is one of the most unique and startlingly beautiful treasures in downtown Issaquah — an area that needs to be available and opened up to citizens. The Bolliger property is the last remaining piece that to be acquired to fulfill the vision.”

The $110,000 difference between the purchase price and bond issuance amount covers demolition of one house on the property, improvements to a second house, and landscaping enhancements.

The city was not required to purchase bond insurance because of its high credit rating.

“I don’t take bond issuance lightly, but I see this as very important toward our open space and management of creeks through downtown,” said Councilman John Traeger. “Long term, this is going to be a successful story for the city, and it’s an excellent thing that we’re doing.”

Councilman John Rittenhouse, however, voiced concerns, and reiterated that he voted in December against the purchase and sale agreement due to the financial impact.

“This is going to lead to $150,000 to $200,000 per year in spending reductions,” he said. “Over time it may impact our ability to finance important projects in the future.”

“I’ve been told that in 20 to 30 years this will seem like a bold and visionary act, and I certainly hope that’s the case, because today I don’t feel like this is the most prudent use of taxpayer funds.”