AUGUSTA (AP) – Maine state regulators are ready to proceed with a formal review of Plum Creek Timber Co.’s application for what could become the largest development project ever in Maine.

The Land Use Regulation Commission, which oversees development in Maine’s Unorganized Territory, could take a year or more to review the Seattle-based company’s application.

It calls for 975 house lots, two resorts and an industrial park in northern Maine’s Moosehead Lake area. In addition, Plum Creek wants to permanently protect more than 340,000 acres in that region.

LURC said it wanted to see the purchase and sale agreement for the land conservation component before it would consider the company’s application complete. The regulatory agency now says it considers the application acceptable for processing.

Earlier this year, Plum Creek announced agreements with The Nature Conservancy, the Appalachian Mountain Club and the Forest Society of Maine to conserve 340,000 acres. The roughly $35 million deal is considered one of the country’s largest land conservation projects.