2022-508-E-DEAPR-North Carolina Department of Agriculture and Consumer Services-Approval of NCADFP grant contract for matached funds in acquisition of conservation easement of Poteat family farm

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N.C. Department of Agriculture & Consumer Services N.C. ADFP Trust Fund Appraisal Checklist Approved 6/2022 1 Certified Development Rights Appraisals ("Appraisals") will only be accepted and approved by the Agricultural Development and Farmland Preservation Trust Fund (ADFPTF) if the following qualifications are met and documentation of such is provided in the appraisal. 1. The acres used to determine the easement value in the appraisal must be equal to the acres in the survey of the conservation easement area. A survey of the property must be included in the appraisal. 2. A qualified appraisal and appraiser must meet the definitions of such set forth in U.S. Public Law 109-280 (https://www.govinfo.gov/content/pkg/PLAW- 109publ280/html/PLAW-109publ280.htm). In addition, the appraiser must provide documentation of completion of a valuation of conservation easements or eminent domain appraisal course and be familiar with conducting appraisals of rural and agricultural properties of the requested type. 3. The ADFPTF does not pay for property appraisals. The eligible entity (Grantee of the ADFPTF easement) must order the appraisal and be identified as the client. The landowner may not be the client but may be listed as an intended user. 4. Based on the funding partnerships, the following types of appraisals shall be used to determine the effect of the conservation easement on the subject property: a. ADFPTF as the sole funding source: i. Uniform Standards of Professional Appraisal Practice (USPAP) ii. Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or "Yellow Book") appraisal b. USDA NRCS partnership projects: i. Uniform Standards of Professional Appraisal Practice (USPAP) ii. Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or "Yellow Book") appraisal c. Military partnership projects: i. Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA or "Yellow Book") appraisal 5. Final conservation easement values must be determined by a Certified Development Rights Appraisal dated within the contract period and dated less than 365 days prior to closing. Supplemental appraisals, updated opinion letters, or reaffirmation letters by the appraiser for the original appraisal are acceptable if a closing occurs 365 days after issuance of the Certified Development Rights Appraisal, provided the appraiser certifies the land value with an updated effective date of valuation. 6. For the purposes of updating the values of the conservation easements for the federal permanent conservation easement tax incentive, supplemental appraisals, updated opinion letters, or reaffirmation letters by the appraiser for the original appraisal may be submitted within 60 to 32 days before a potential closing date pending the approval of all DocuSign Envelope ID: 480AFBD4-654C-48FA-9CB8-F7C8D7E98DB2