262.904 Acquisition of agricultural conservation easements by Commonwealth.
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The Commonwealth is hereby authorized to acquire agricultural conservation
easements or other property interests. The property interest acquired may be any
less-than-fee-simple interest, including an easement, life estate, covenant, or other
contractual right. Acquisition may be accomplished by purchase, gift, grant,
bequest, devise, covenant, or contract but only at a price that is equal to or less than
the appraised value as provided in this section. The Commonwealth shall purchase
these property interests only upon voluntary application of the landowner.
If the landowner so elects, the Commonwealth is authorized to pay the purchase
price in a lump-sum single payment at the time of closing, to enter into contracts for
pay outs over a term of years against the purchase price, or to enter into installment
purchase agreements. When pay outs over time are made, the Commonwealth is
authorized to pay interest consistent with prevailing market conditions at the time of
the execution of the contract.
The interest which the Commonwealth owns in property other than eligible lands
may be exchanged for property interests in eligible lands on an equivalent appraised
value basis. If the property exchanged is not exactly equal in appraised value, cash
payments may be made to provide net equivalent value in the exchange.
After the Commonwealth acquires an agricultural conservation easement or some
property interest less than full ownership in any eligible land, the Commonwealth
may purchase the remaining agricultural rights or other property interest in the land
when the acquisition is necessary to maintain the agricultural uses of the property.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 390, sec. 20, effective July 15, 1994.
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