The Town of Nederland is planning to move forward with the idea of buying Eldora Mountain Ski Resort, which is located just 10 minutes from the small town in Colorado.

Town leaders say the purchase will boost local economic development and will allow it to better support mountain ski employees.

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.