The city, it would appear, has a potential partner to help buy Waimea Valley: the state.

It's a promising idea. Lawmaker Brian Schatz correctly views the purchase as an ideal use for a land-banking fund set up by state law this year.

The preservation of important properties ranks among the chief purposes of the Legacy Lands Act, which sets aside money from a hike in the conveyance tax on properties sold for more than $600,000.

The law has been on the books for only a few months, not enough time to save any money for Waimea. A sizable endowment will take a long time to collect, in fact, because the new law directs too much of the tax money to the state's general fund.

So it's clear that the state would have to appropriate seed money for the land fund, which can be repaid later. This is what the Legislature should do, with the governor's support, when it convenes next month.

It's imperative that the City Council delay its vote on the Waimea condemnation settlement, now slated for Wednesday. Alternative proposals for the sale of the valley are being considered, and an even broader public-private partnership may be in the works.

The Office of Hawaiian Affairs proposed in 2001 to buy the valley for $5.2 million. Although that offer was rejected as too low, OHA would be a logical participant. Trustees could again consider contributing toward the purchase of the valley, desirable because of its environmental and cultural significance.

Even if the city does not delay the vote, there's time to finance the venture. It may be many months before the final disposition is set, given that the conflict still could wind up in arbitration, if not in court.

Still, financial planning should begin now. The city and state want to be in a strong financial position to make the best decision, which in the public interest is to preserve the entire valley.