The State Bond Commission on Monday approved $2 million in funding toward the purchase of The Preserve, the 1,000-acre forest in Old Saybrook, Essex and Westbrook.

"It was a great day. We're well on our way," said Chris Cryder, special projects coordinator for the Connecticut Fund for the Environment-Save the Sound, one of the groups supporting conservation of the forest.

The approval is a major hurdle in securing the money needed to complete the purchase by early February, said Lori Fernand, associate director of philanthropy for the Trust for Public Land. Her group is leading the effort of town, private, nonprofit and state groups to conserve the property as open space. Once proposed for a housing development, it includes watersheds of three rivers that flow directly into Long Island Sound. It is owned by River Sound Development LLC.

Once the purchase is completed, the Trust for Public Land would transfer the property to conservation partners, including the state Department of Energy and Environmental Protection, the town of Old Saybrook and the Essex Land Trust, to manage the land.

Fernand said $250,000 more in private donations needs to be donated or pledged in the next three weeks to complete the purchase. About $2.75 million in private contributions has been raised thus far, including a gift from Newman's Own Foundation.

"We're getting close," she said. "We're very excited."

Other funds toward the purchase include a $1.4 million Land and Water Conservation Fund through the National Park Service, $3 million from the town of Old Saybrook, and $200,000 from the town of Essex.

Fernand said the closing is tentatively scheduled for Feb. 5.

"We'll have a big celebration this spring," she said.

For information about The Preserve and donating to the conservation effort, visit: www.preserve1000acres.com.

j.benson@theday.com

@BensonJudy