Fraser trustees approved an offer of $3.8 million for 11.3 acres of land in town to be used for workforce housing.

On Wednesday, the board unanimously agreed to the offer for the parcel, known as Victoria Village, located on Park Avenue. The contract is contingent on the town receiving a state grant known as Operation Turnkey.

An Operation Turnkey grant would pay for 80% of the cost of the land, meaning Fraser’s share would only be about $760,000. Fraser expects to find out in February whether the town received the grant.

The contract for Victoria Village has a closing date of May 20.

Fraser originally offered $3.65 million for the property, but that offer was rejected.

According to Town Manager Ed Cannon, the property does have a wetland easement and is part of a flood plain.

“Owning this land gives us a tremendous advantage to work and partner with a developer to create affordable housing in the town,” Cannon said.

Fraser’s grant application describes a minimum of 105 units to be developed on the land.

In other business:

• Trustees approved an amended memorandum of understanding with Winter Park to add Granby and Grand County to the regional housing authority work group.

• Fraser will spend $60,000 for a 10-year capital improvement plan for the town’s water system and another $81,610 for a hydrological well field study.

• A report on the town’s wastewater treatment plant capacity recommended the town address infiltration and inflow issues and work on a pretreatment study.