more than a dozen developers purchased 50 farms totaling , some 1,200 of which were designated for the town itself. together, they planned a city arranged in ten circles totaling about one square mile, along with paved roads, utilities, sewage and internet. they then began the first phase of construction, which included two hotels, various houses and office buildings. after one year, 46 structures had been built and more than $35 million spent on development. financial and infrastructure needs led the developers to seek formal designation as a city from the state, and after petitioning the iowa city development board and holding a referendum, it was incorporated as iowa's newest city on july 21, 2001 — the first in iowa since 1982. planners expected the city to have a population of over 1,000 by 2010, many of them transplants from nearby fairfield. in the early stages of development, vedic city set aside 50 acres as land for conservation and preservation. this acreage was then transformed from farmers' fields to native prairies, wetlands and forest.