Current through Register Vol. XLI, No. 50, December 13, 2024
Section 61-26-6 - Acquisition of Easement6.1. Prior to the completion of a conservation easement, the Authority shall have an appraisal of the easement completed. The purchase price of an easement must not exceed the appraisal amount.6.2. The Authority shall be responsible for completing or contracting for baseline documentation of the property.6.3. The Authority shall obtain a title search and title insurance on any accepted conservation easements.6.4. All conservation easements shall be recorded with the Clerk of the Court in the county in which the property is located.6.5. The Authority may provide for retained development rights on accepted properties at a density not greater than one home per 20 acres. Clustering of home sites shall be encouraged.6.6. Secured loans on the property shall be subordinated, extinguished, or for loans not exceeding the agricultural value, shall have the approval of the Authority.6.7. Conservation easements may only be extinguished by a court of appropriate legal jurisdiction. The Authority shall not seek to extinguish any conservation easement to which it holds title. Any proceeds from extinguishment shall be used to secure additional conservation easements. In the event of condemnation of land under a conservation easement, the condemning authority shall pay to the landowner the full fair market value of the property to which the landowner would be entitled if the land was not under easement, less any amount paid to the landowner by the Authority, a county farmland protection board, or other federal, state, local or private funding source.