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it is a small enough market that in order to get it (conservation <br />easement) , price going to be pretty high. Flip side is that buyer <br />of easement is going to use it close by and therefore land it is <br />used on is going to benefit in that land being conserved is nearby. <br />Curtis: Somebody is going to pay for it; probably trickles down to <br />buyer. <br />Lee: No question. <br />Curtis: How does conservation easement on property affect taxes? <br />Lee: If conservation easement is in form of a dedication, owner <br />can keep title to land and sell easement or give up title. If <br />owner gives conservation easement and keeps title is still liable <br />for tares, but might be able to make case for lower taxes since <br />value of property is impacted by development opportunities no <br />longer there. <br />Curtis: What does buyer of conservation easement get for his <br />money? <br />Lee: Right to increase the number of units he can build on his <br />property. <br />Curtis: Does buyer have any claim to seller's land? <br />Lee: Not unless he buys land outright. Two classes of <br />conservation easement, one where you keep title and do anything you <br />want except what is not allowed by conservation easement. Second <br />option is to donate land to Orange County, Eno River Foundation, or <br />Triangle Land Conservancy and take a tax loss, deducting difference <br />between value of conservation easement and market value of land. <br />You could make donation with strings attached concerning use of <br />land by you and your family. Down side of all of this is potential <br />for substantial .reductions in tax revenues to County, especially <br />when considered countywide. <br />Elio: Think we have marked here the length of easement and some <br />question as to the nature of the conservancy ( easement ?) , what can, <br />cannot be done? <br />Paragraph 4 <br />Lee: General change that says government and some specific <br />permitted uses that seemed inconsistent with R -1 recommended for <br />change so that public can comment on proposed changes. Reason for <br />making university /college /institute conditional use was that if you <br />had a private one, you might want to require them to buy <br />conservation easements in return for building institute. <br />Gene: Reminder that small part of area in Rural Buffer. <br />VA <br />