The Land Conservancy of San Luis Obispo now has the funds to complete the purchase of the 900-acre Pismo Preserve thanks to an additional contribution from the County Board of Supervisors.
With an Aug. 1 deal deadline looming, the board voted Aug. 26 to contribute another $400,000 to the acquisition, Third District Supervisor Adam Hill confirmed to the deal to the Business Times. The vote brings the county’s contribution to $1.5 million. The property, owned by PB Coast View, carries a $10 million price tag.
“With all the funding sources in line now, we’ll be able to close the deal and get ready for opening next summer,” Hill said. “ … When we we’re closing the books, we looked to see if we had the fund balance available and having already pledged a significant amount, we worked to find out what they needed.”
The project has doubled the membership of the Land Conservancy. Hill said the additional county funds, most of which are coming from parks resources, are pushing an already successful campaign forward.
The Land Conservancy will control and manage the property. About $1.4 million is expected to go toward building out a parking lot off Mattie Road, and about $1.2 million will go to establishing an operating endowment, according to previous reports. The estimated cost of maintaining the preserve annually is approximately $50,000, Land Conservancy officials said previously.
Hotel owners and operators also stepped up to in contributing to the project, Hill told the Business Times.
“When you talk to most hotel folks, they’re always saying trails are where we’re headed to bring more people into the area,” he said. “People who come here now come because they want to be outside … of course they come for the wine and Hearst Castle and the beaches, but the way to keep them here to is continue to give them things to do, and this is another one of those terrific attractions.”
The deal for the property is expected to close in next month.