Island Dispatch | February 2016

The family that was selling the property clearly preferred this vision, as they approached The Preservation Trust in November with very favorable terms after a developer – intent on building a number of lakefront homes – had already submitted an offer. Noting that Zylstra Lake is the only property to ever satisfy every single public benefit criteria on our project selection checklist, we quickly mobilized to assess the financial feasibility of the project. Encouraged by initial responses received from the County Land Bank and granting agencies, SJPT’s Board of Trustees voted unanimously to proceed. While grants don’t always materialize, and the timing is not ideal (with the Campaign for Mount Grant still $1.0 million away from completion), SJPT’s trustees nevertheless felt that this opportunity was too important to miss. We simply have to try.

Together with the County Land Bank, we have entered into an agreement to purchase the Zylstra Lake property for $3.0 million. The County has committed $500,000, and The Preservation Trust has accepted lead responsibility for raising the remaining $2.5 million balance. We will apply for grant funds and re-sell a 30-acre farmstead located within the property. In early 2017, when we know the total grant funds awarded to the project, the partnership will determine whether or not it will have the funding to proceed. At that point, we may then launch a community fundraising campaign to cover remaining costs of acquisition and restoration.

Under the partnership’s current vision, the 161-acre “Upper Lake” parcel would eventually be owned by the County Land Bank and managed primarily for open space and recreation. Public amenities (subject to the development of a management plan) may include walking trails, a launch for small non-motorized boats, and San Juan Island’s only publicly-accessible swimming lake. The 122-acre “Lower Lake” parcel would be owned by

The Preservation Trust and managed to provide agricultural opportunities, a public trail, and year-round stream flow in False Bay Creek for salmon and native cutthroat trout.

Imagine fly-fishing in San Juan Valley. Imagine sailing, picnicking, strolling … Imagine Sunday afternoon at Zylstra Lake!

THE NUMBERS

Property Size:
313 acres

Purchase Price:
$3.0 million

Development Potential:
54 home sites

Down Payment:
$300,000 (made on December 15, 2015)

Loan Balance:
$2,700,000

Interest:
4%

Payments:
$900,000 due in December
2016, 2017 and 2018