City commissioners on Tuesday said they’re ready to finalize a deal to take over ownership of the former Farmland Industries fertilizer plant.

Commissioners unanimously directed staff members to prepare the final documents to transfer ownership of the 467-acre site on the eastern edge of Lawrence.

“I think as we move ahead as a bioscience center, the opportunities for this piece of property are endless,” said Commissioner Mike Amyx, who has been a longtime supporter of the city’s plan to convert the property into a business park.

Under the proposed deal, the city will receive $8.5 million from the Farmland bankruptcy trust in exchange for assuming liability to clean up the property.

The property has been damaged by years of nitrogen fertilizer spills, but commissioners expressed confidence the trust fund will be enough to fund the 30-year environmental plan for the property.

Final documents are expected to come to the City Commission for approval by the end of this spring.