While he would not lease his land to private parties, Judge Lawrence Weldon agreed to lease the land that would become known as "Weldon Springs" to an enthusiastic and active company of local business and civic leaders "to operate a medicinal springs sanitorium and pleasure resort."

The sale of 200 shares of stock at $50 per share provided capital of $10,000 to create a lake and make the necessary improvements. The plan called for 6,000 yards of dirt to be moved to build a dam that would be 425 feet long and impound a lake of 15 acres. The lake would take in a number of natural springs, but "Old Faithful" and "Twin Springs" would remain exposed. The state would stock the lake with fish.

To Judge Weldon, the company would pay $4 per acre ($160) plus all taxes. The company would spend at least $1,000 per year on buildings and other improvements. The agreement made, a charter was issued to the Weldon Springs Company in 1897.

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