The landholder keeps ownership; the Ag Trust purchases the development rights with an “easement.” The owner still owns the property and pays taxes to the town (reduced because the new restrictions reduce the value).
Benefits
Often allows the land to stay within a family and lets them re-invest in the next generation of farming
The restrictions are a permanent part of the land’s title and recorded at Town Hall
The Ag Trust is responsible for monitoring the agricultural operation and will enforce the requirements
2. THE LCACT ACQUIRES LAND OUTRIGHT
The Ag Trust becomes the new owner, either alone or jointly with conservation partners.
Benefits
If the land is appropriate for agriculture, the Trust leases it (for a nominal fee) to local farmers for farming
Any land not suitable for farming is held for conservation, recreation, or access to water
The property owner sells or donates the right to develop all or a portion of the property, but retains ownership and all other rights. The LCACT does not own the property, but has a right to make sure the property on which the development rights were purchased is used for farming or other uses consistent with the Trust’s charge. The value of the development rights can not be conveyed to any future owner.
Assessment
LCACT assesses the value of the property in terms of both value to the community and real estate value.
Negotiation
LCACT forms a negotiation committee from within the Trustees. The members of the negotiating committee work directly with the property owner to negotiate a potential purchase price for the property.
Title Search
If the LCACT Trustees deem the property sale worthy of pursuing, a title search is conducted.
Purchase and sale
Purchase and sale agreement is executed between the property owner and the LCACT.
The property owner sells or donates the property outright, and does not retain any ownership rights. The LCACT owns and manages the property.
Assessment
LCACT assesses the value of the property in terms of both value to the community and real estate value.
Negotiation
LCACT forms a negotiation committee from within the Trustees. The members of the negotiating committee work directly with the property owner to negotiate a potential purchase price for the property.
Title Search
If the LCACT Trustees deem the property sale worthy of pursuing, a title search is conducted.
Purchase and Sale
Purchase and sale agreement is executed between the property owner and the LCACT.
