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.

On Tuesday, the town of Nederland made a big announcement: The town is buying the Eldora Mountain Ski Resort, and hopes to have the purchase finalized by October. “We promised from the beginning that we would bow out of this opportunity at any point if it didn’t make sense.