The people of Newburgh and the surrounding area will shortly be given the opportunity to take ownership of the former town reservoir at Lochmill.
The current owner, Scottish Water, has announced its intention of selling the loch, which has not been used in recent years.
Having registered an interest in owning the loch back in 2007, Newburgh Community Trust (NCT) will now get an opportunity to buy it under the terms of the 2003 Land Reform Act.
The chairman of the trust, Andrew Arbuckle, said that NCT has to prove to the Scottish Government there is public support for the purchase and a ballot would be carried out in January to justify the move.
He said: “Everyone living in the KY14 6** postcode area will receive a postal ballot paper in January, asking if they support the purchase.
“We need to get more than 50% of the locals actually voting in support before the Government will accept the bid. That is a big ask but all we are calling for is for people to demonstrate a wish to keep some of their heritage in local control.”
He added that explanatory leaflets will be distributed to every household in the coming week, giving the background behind the bid and the obligations that go along with ownership of a reservoir.
“Many of the older residents might wonder why we have to go through this process, as the reservoir used to be owned by the burgh council. The trust has looked into this and the ownership of the loch and the surrounding land did legally pass to Scottish Water.”
If the ballot is successful, the trust will be able to access the Community Land Fund for the majority of the cost of the purchase. In addition, Fife Council Local Budget has helped with funding to carry out the ballot.
Purchase of the loch will bring responsibilities such as carrying out annual inspections and insurance.
“We will be carrying out a due diligence exercise with qualified professionals prior to any purchase and we have already quantified our insurance obligations,” Mr Arbuckle said.
He added that loch ownership will also bring an annual income from both local angling club and a neighbouring farmer grazing the land.
After a public consultation in February, where locals expressed a wish to see the property remain as a quiet area, the trust has no plans for development.
The newsletter will be distributed by trustees and volunteers. Anyone who has queries or would like to help can contact Mr Arbuckle on 01337 870209, Peter Williamson on 01337 840637 or Irene Cumming on 01337 840822.