4.4. SR 11-08-2004 - Laserfiche WebLink

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YVi1.'SrungLOll county, MN - TPD - PDR DocW11ent Page 9 of 12 B. Payment Methods Payments to landowners for purchase of development rights may be made in one iump sum or through installment payments. The use of installment payments may allow the Program to protect more parcels sooner. Installments could be for periOds of 10, 15, 20 or 30 years. The landowner would receive tax-free payments of interest only each year and a balloon payment at the end of the term. The Installment payment contract could be sold to local brokerage firms after an initial restricted period if landowners wish to "cash out." An installment contract also may enable landowners to defer capital gains taxes. By financing installment sales with the purchase of zero-coupon bonds, the County could increase the amount of land protected each year by a factor of as much as 6 or 7. SECTION 8. NATURE OF CONSERVATION EASEMENT RESTRICTIONS A. General Conditions The restrictions placed on parcels on which development rights are sold are in the form of a conservation easement. A conservation easement Is a written agreement that separates the right to develop the parcel from the fee title to the parcel. The terms of the conservation easement will be negotiated with each landowner and will be based on the resources demonstrated in the application and through the criteria ranking process. The terms of the easements may vary from parcel to parcel. At a minimum, residential development and non-agricultural commercial and industrial development will be prohibited on land covered by the easement. Additional easement terms that may be negotiated, include, but are not limited to: · requiring the preparation of a conservation plan according to National Resources Conservation Service standards for agricultural land; · requiring the preparation of a forest stewardship plan; · allowing additional farm buildings; or · allowing remodeling, replacement or enlargement of existing buildings up to a specified percentage increase in size of buildings. B. Prohibited Uses of Land. The following land uses shall be prohibited on lands under a conservation easement: (1) Additional residential units (other than the existing residence, if present) are not permitted within the designated conservation easement area. The applicant must designate any areas to be set aside for residential development at the time of application. The area must be subdivided from the eased property prior to closing. Any remaining density left unused on lands under conservation easement shall be extinguished under the terms of the conservation easement. (2) Non-agricultural commercial or industrial development are not permitted within the designated conservation easement. The applicant must designate any areas to be set aside for non-agricultural commercial http://www.CO.washington.mn.us/your _ county ~overnment!administrationlpurchase _ oC dev,... 91712004