Gov. David Ige announced Thursday a modified agreement to preserve 665 acres at Turtle Bay Resort from development of hotels and homes.

The new agreement is mostly similar to one reached last year, but reduces the cost of protecting the land from $48.5 million to $45 million. The state also would acquire ownership of a portion of the land instead of owning only a conservation easement that bars development in perpetuity.

The new agreement is expected to be passed as Senate Bill 284 on Friday at a conference committee at the Legislature, followed by votes in the full House and Senate later. Completing the purchase is anticipated to happen by Sept. 1.