The Summit County Eastern Summit County Agricultural Preservation and Open Lands Advisory Committee (ESAP) convened on April 20, 2023, to discuss significant funding strategies for a major property acquisition. The meeting focused on the financial framework surrounding a $25 million property purchase, with an initial down payment of $5 million sourced from the Open Space Advisory Committee (OSAC) bond.

The committee outlined the terms of the option agreement, which includes a 4% interest rate and quarterly payments of $220,000 to the property owners over five years. This structure allows for flexibility in securing additional funding, as the full five-year period may not be necessary to finalize the acquisition.

Key discussions highlighted the collaborative efforts with the Summit Land Conservancy to leverage funding from the Natural Resources Conservation Service (NRCS) and to apply for a land and water conservation fund. The committee is exploring various potential uses for the property, including affordable housing development and possibly establishing a school site for South Summit.

In addition to the acquisition costs, the committee anticipates pursuing state grants for restoration efforts, estimating that $530,000 could be available for such projects. The discussions also included the possibility of a long-term agricultural lease on the property, which would provide ongoing funding while the current owners continue to reside there until the purchase is finalized.

Overall, the meeting underscored the committee's commitment to preserving agricultural land while exploring innovative funding solutions and potential community benefits from the property. Further steps will involve detailed planning and outreach to secure the necessary financial resources for the project.