Key Pen Parks has a new property to add to its portfolio. On June 22, commissioners signed a purchase and lease agreement to purchase of the property off State Route 302 owned by former parks commissioner Elmer Anderson. The 40-acre property is best known for hosting the Renaissance Faire for many years, as well as various other events. The sale was expected to close by the end of June.

The property, which the district has eyed for several years, will give another access to the 360 Park as well as provide space for the development of future recreational opportunities. Possible ideas include more ball fields, horse riding trails and community gardens. The home could become the park district headquarters and used for public spaces such as an art gallery. Other features include a barn, a stream and a greenhouse.

“We’ll have to take the time and think it out and do it right,” said Greg Anglemyer, chair of the board. “It could be a marvelous investment for the Key Peninsula for a very, very long time.”

The total cost for the acquisition, at $826,000, will be financed through a multi-agency bonding program offered by the state. The loan program doesn’t require a down payment and has an interest rate of about 3.75 to 4.25 percent.

Anglemyer said there has already been an interest from some groups for events at the property, which is mostly flat and has water and electrical infrastructure. The park district is also working on a grant that would pay for a large portion of the purchase.