BASALT – The Basalt Town Council on Tuesday granted the first of two approvals needed to give Rocky Mountain Institute (RMI) an option to buy town-owned property.

RMI, a highly regarded nonprofit organization focused on energy issues, is currently located in Old Snowmass. It wants to buy 0.55 acres from the town. That property is where the Taqueria el Nopal restaurant is located, just west of downtown Basalt and adjacent to Old Town Park.

The Roaring Fork Conservancy previously acquired 0.37 acres from the town in that area. The conservancy plans to build a river center comprising an educational facility and office building.

In this deal, the town’s proposed contract gives RMI a three-year option to close on the purchase of the property. The option can be renewed on an annual basis if both sides agree. RMI can seek land-use approval for a headquarters building during the option period.

The sale price is $600,000. RMI must pay $5,000 in earnest money and $115,000 cash at closing. It has the option of taking $480,000 in seller financing.

“Locating RMI in the center of town is a huge windfall to the town’s efforts to support green initiatives,” Basalt town staff wrote in a memo to the council. “Its location adjacent to the Roaring Fork Conservancy carries tremendous benefits.”

The Basalt Town Council supported the deal 7-0. Final approval of the option contract is expected to be granted by the council on Jan. 11.