<p>TRUCKEE -- The environmental organization Sierra Watch has signed an agreement with East West Partners development company to buy and preserve open-space land in the Martis Valley with proceeds from real-estate sales.</p>
<p>In exchange for a 0.5 percent "transfer fee" on all real-estate sales in Northstar Village for the next 20 years, Sierra Watch has agreed to drop its appeal of East West's planned Northstar Village expansion. The fees are expected to garner about $5 million for open-space purchases.</p>