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.

After months of negotiations, Nederland officials announced July 8 they signed a letter of intent to finalize the purchase of Eldora from POWDR. The cost of the deal was not disclosed. The town plans to issue municipal bonds to fund the acquisition, which will add about 700 mountain staff to city ranks.

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.