Eldora Mountain ski area could soon have a new owner. Trustees of the neighboring town of Nederland announced on Tuesday a plan to purchase the Colorado resort.

Eldora Mountain Resort, Colorado has found a new owner. The town of Nederland announced that it signed a letter of intent to purchase the beloved Colorado resort from its current owner, POWDR Corp. Town officials said they wanted to ensure sustainable growth while keeping the local mountain in the community.

The small mountain town west of Boulder signed a letter of intent to buy Eldora from POWDR, the Salt Lake City-based ski company that has owned the ski area since 2016. Under the agreement, all 700 employees of Eldora would become Nederland employees, according to an emailed statement. No price was given.