Started as part of the Milford, Iowa, 125th Quasquicentennial celebration, the Milford Time Capsule Project was the vision of community leader Tim Kinnetz. Initially in 2017, four vaults were filled with current community items of interest and emplaced at 1212 Okoboji Avenue in Milford, Iowa. Every 25 years, a capsule will be opened, revealing history from years prior. The capsule will then be refilled with new items from the current year and replaced in the existing location to be opened in 100 years.

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The "Keepers of the Capsule" are local volunteers who pledge to preserve the Milford Time Capsules and enlist new Keepers every 25 years. The current Keepers are the 2016-2017 Okoboji, Iowa, 4th grade class. Their commitment will ensure that the time capsule project reaches its next destination – Milford's 150th Sesquicentennial celebration in 2042.