After much troubleshooting, I was able to get this to work. I believe the issue was due to me accidentally pointing the new server to the old database, which is currently in production. This caused other issues with the old database that we've since resolved.
The solution was to build the server from scratch, purge the new database and rename it so that it wasn't so similar to the old one (Openfire vs Openfire2). After that, I no longer received the error and I was able to setup the Openfire server.