There are a number of governmental and charitable programs for the purchase of development rights. In these programs, farm owners sell their development rights by placing a perpetual easement on the land restricting the rights of current and future owners to develop the land. When development rights are sold for less than the reduction in fair value resulting from restricting development on the land, a charitable income tax deduction may be available.
Helen Alexander has donated a conservation easement to Bluegrass Conservancy which will protect all 349 acres of her Middlebrook Farm, near Lexington.
A land-preservation program in Central Kentucky is experiencing some growing pains. In April, the first group of landowners signed agreements to take $4.5 million in exchange for placing 1,572 acres into conservation easements as part of the purchase of development rights (PDR) program.
The first payments in Fayette County's Purchase of Development Rights program (PDR) include owners of three Thoroughbred Farms.
Most Popular Stories
- Jockey Gallardo to Try Southern California
- California Chrome Draws Rail in Awesome Again
- Santa Anita Installs Barn Surveillance System
- Borell Enters Alford Plea on Cruelty Charges
- Stopchargingmaria in F-T November Sale
- Impressive Maiden Winners Try Pilgrim Stakes
- 'Cleopatra' Looking to Reign in Chandelier
- Jockey Collins Suffers Paralysis After Spill
- Litfin At Large: Belmont Super Saturday I
- Colonel John Sold, to Stand in Korea in 2017