Agenda - 03-10-1987 - Laserfiche WebLink

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27 RURAL BUFFER IMPLEMENTATION MEASURE MEASURES USED BY OTHER JURISDICTIONS _ - • D - - . .1 1 - $ : . 1 Definition Ownership of land carries with it certain rights with regards to that land. Among these rights is the right to develop the land. The term Purchase of Development Rights refers to the acquisition of the right to develop land by a person other than the owner. The transfer of a land owner- ship right to another person is not a new concept. Liens. easements, and covenants accepted methods of such a transfer. The Purchase of Development Rights technique may use such methods. - Application The process for purchasing development rights to straight-forward. 1. Define the right to be purchased. 2. Determine its value. This is usually done by appraising the value of the land with and without the development right. The difference is the value of the right. 3. Record the new ownership with the property. This technique can be used for a variety of purposes. In Maryland it is being used to preserve farmland. Here in North Carolina. development rights can be purchased to create - a conservation easement on lands with environmental or historic significance. The "conservation or preservation agreement" that is purchased significantly restricts develop- ment or land disturbing activity. It also must be taken into account in the tax assessment on the property. Another use of this technique in North Carolina is in Forsyth County. There. a farmland conservation program is underway using purchase of development rights to implement the program. The primary problem with this technique is its per acre cost. Since the development rights are purchased and not used. there is no off-setting revenue as with transfer of development rights. There must be a steady supply of money to sustain a program of purchase of development rights.