The Jim Walter company closed the furnaces two years later, and then donated the property to the Alabama State Fair Authority for possible development as a museum of industry. The authority determined that redevelopment was not feasible and made plans to demolish the furnaces. Local preservationists formed the Sloss Furnace Association to lobby for preservation of this site, which is of central importance to the history of Birmingham. In 1976, the site was documented for the Historic American Engineering Record and its historic significance was detailed in a study commissioned by the city. Birmingham voters approved a $3.3 million bond issue in 1977 to preserve the site. This money went towards stabilization of the main structures and the construction of a visitors' center and the establishment of a metal arts program. The Sloss Furnaces site became a National Historic Landmark in 1981, and opened to the public as the nation's first and only 20th century blast furnace site preserved as a museum on Labor Day weekend, 1983.