| Purchase of Agricultural Conservation Easements |
 |
Purchase of Agricultural Conservation Easements
American Farmland Trust; Northampton, MA: American Farmland Trust; FIC Fact Sheet and Technical Memo; page(s) 2; 2010; National; Fact Sheets and Technical Memos
|
View Text
|
Abstract:
Purchase of agricultural conservation easement (PACE) programs compensate property owners for restricting the future use of their land. PACE is known as Purchase of Development Rights (PDR) in many locations.
PACE programs are based on the concept that property owners have a bundle of different rights, including the right to use land; lease, sell and bequeath it; borrow money using it as security; construct buildings on it and mine it; or protect it from development, subject to reasonable local land use regulations. Some or all of these rights can be transferred or sold to another person. When a landowner sells property, generally all the rights are transferred to the buyer. PACE programs enable landowners to separate and sell their right to develop land from their other property rights. The buyer, however, does not acquire the right to build anything on the land, but only the right and responsibility to prevent development. After selling an easement, the landowner retains all other rights of ownership, including the right to farm the land, prevent trespass, sell, bequeath or otherwise transfer the land.
| |
