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U ,a The transition of a farm business from one generation to the next carries a number of challenges that can affect the incoming farmer's chances of business success. These challenges and risks include: • Planning to meet the financial needs of the senior generation without liquidating the farm assets, • Assuring adequate incoming sharing between generations, • Meeting the inheritance expectations of off -farm family members without giving them alienable interests in farm assets, • Transferring farm assets to the succeeding farm operator without prohibitive tax liability, • Passing farm management responsibilities to a successor in a manner that cultivates solid farm management skills. The NC Farm Transition Network (NCFTN) gives informational presentations on subjects such as, legal, financial and human resource risk management, at county extension centers, growers association and cooperative meetings.- They also provide no -cost consultation to farmers and their families in areas relating to generational transition, estate planning, business entity formulation, lease and purchase arrangements and assessment of conservation funding opportunities. The network also assists farmers in search of non - family business partners, managers and employees. Brannon described five task areas focused on by the FTN as: 1. Delivering educational programs, and no -cost individual education on farm business succession planning; 2. Creating a network and working partnerships among farm business professional advisors that result in effective farm transition plans; 3. Developing a Farm Mentor and Apprentice Program to pass the experience and skill of our senior generation of farmers to the next generation; 4. Creating a web -based market place for farm business opportunities, including employment, partnership, and land for sale or rent as farm assets; and 5. Developing of a web -based library of farm business succession resources for farmers and their families. Branan said that he would be glad to work with Orange County and make presentations. He suggested investigating different programs and on in particular called "Farm Beginnings" in Minnesota. ITEM #5: ITEMS FOR DECISION a. Roberts VAD application Moon provided a brief update on the Roberts' VAD application, which was submitted in January. The application included two tracts of just over 55 acres each. When the APB first considered the application, only one tract was in the Present Use -Value program and it was under the 80 -acre minimum acreage requirement. The amendments to the program, adopted in June, lower the acreage threshold to. 20 acres. Neither tract has a farm management or erosion plan through the Natural Resources Conservation Service (NRCS). Warren explained the process for getting a farm plan and the APB tabled the application pending the completion of the NRCS farm plan. ITEM # 6: ITEMS FOR DISCUSSION a. House Bill 607 — Agricultural Development and Farmland preservation Enabling Act Stancil reported that the bill has now been ratified and suggested the board review and discuss the new legislation at its October meeting to provide sufficient time for discussion. Branan recommended inviting Gerry Cohn, from the American Farmland Trust, to the meeting since Gerry was involved in getting the new legislation passed. b. Agricultural Center Workgroup — September 19 Status Report Moon provided a short summary of the Agricultural Center Work Group's last meeting. The group divided into two subcommittees to work on various research topics, which would lead to text for the group's final report. One subcommittee is working on short -term issues for farm service agencies such as office space and parking. The other subcommittee is working on long -term goals to help preserve the future of local agriculture 10 -20 years down the road. Noah Ranells, the new Agricultural Economic Development, is going to begin to draft an outline for the final DRAFT September 21, 2005 Agricultural Preservation Board Meeting Summary Page 2 of 3