Milton Town Council plans to finalize a deal to purchase 4 acres of property off Federal Street for a new well and future water infrastructure.

Council unanimously approved a draft contract for the sale, with final approval pending remaining due diligence - to include determining whether that area is appropriate for a well and drilling a test well to see if the water is usable.

Councilman Sam Garde, chairman of the town’s water land acquisition committee, said the committee recommended acquisition of the land after it was offered to the town. Town officials were confident the land, next to the site of the Rails to Trails extension, would be ideal for future water needs. Besides a new well, the town is also considering building a new water tower at the site.

The seller has indicated council must approve the deal before Dec. 31, for tax purposes, Garde said.

“It will allow what we need,” he said. “The contract draft allows us to do due diligence and prove all those things. If the due diligence does not substantiate all those things, we can walk away.”

The real estate listing for the property shows the price as $495,000. The property backs up to Wagamons Pond and borders the Rails to Trails extension between Federal Street and Lavinia Street. The property is zoned R-3 residential.

The land at 614 Federal St. is part of four parcels listed for sale with Coldwell Banker. All parcels are available, together or separately. The neighboring property at 612 Federal St. is listed at $135,000; the property has a house on it and is zoned R-1 residential. Located behind that house is an industrial park divided into two parcels that border Milton Elementary School.

Garde said the land the town is interested in does not include any of the houses or buildings, which are on separate lots.

“Only the empty lot is included,” he said.