A. The Foundation shall establish, administer, manage, including the creationof reserves, and make expenditures and allocations from a specialnonreverting fund in the state treasury to be known as the Open-Space LandsPreservation Trust Fund, hereinafter referred to as the Fund. The Foundationshall establish and administer the Fund solely for the purpose of providinggrants in accordance with this section to localities acquiring open-spaceeasements or persons conveying conservation or open-space easements onagricultural, forestal, or other open-space land pursuant to the Open-SpaceLand Act (§ 10.1-1700 et seq.) and, if applicable, the Virginia ConservationEasement Act (§ 10.1-1009 et seq.).
B. The Fund shall consist of general fund moneys, gifts, endowments or grantsfrom the United States government, its agencies and instrumentalities, andfunds from any other available sources, public or private.
C. Any moneys remaining in the Fund at the end of a biennium shall remain inthe Fund, and shall not revert to the general fund. Interest earned on moneysreceived by the Fund shall remain in the Fund and be credited to it.
D. The purpose of grants made from the Fund shall be to aid localitiesacquiring open-space easements or persons conveying conservation oropen-space easements with the costs associated with the conveyance of theeasements, which may include legal costs, appraisal costs or all or part ofthe value of the easement. In cases where a grant is used to purchase all orpart of the value of an easement, moneys from the Fund may also be used bythe Foundation to pay for an appraisal, provided that the appraisal is theonly appraisal paid for by the Foundation in the acquisition of a particulareasement. To be eligible for a grant award, the conservation or open-spaceeasement shall provide that:
1. The easement is perpetual in duration; and
2. The easement is conveyed to the Foundation or, if the Foundation consents,the Foundation and a local coholder.
For the purposes of this section, "local coholder" means the governing bodyof the locality in which the easement is located; a holder as defined in §10.1-1009; a public recreational facilities authority; other local entityauthorized by statute to hold open-space or preservation easements, or a soiland water conservation district, if authorized to hold an easement under theOpen-Space Land Act (§ 10.1-1700 et seq.). The Board of Historic Resourcesmay be a local coholder if the easement is on land that abuts land on which adesignated historic landmark, building, structure, district, object or siteis located.
E. The Foundation shall establish guidelines for submittal and evaluation ofgrant applications. In evaluating grant applications, the Foundation may givepriority to applications that:
1. Request a grant to pay only legal and appraisal fees for a conservation oropen-space easement that is being donated by the landowner;
2. Request a grant to pay costs associated with conveying a conservation oropen-space easement on a family-owned or family-operated farm; or
3. Demonstrate the applicant's financial need for a grant.
F. No open-space land for which a grant has been awarded under this sectionshall be converted or diverted from open-space land use unless:
1. Such conversion or diversion is in compliance with subsection A of §10.1-1704; and
2. The easement on the land substituted for land subject to an easement withrespect to which a grant has been made under this section meets theeligibility requirements of this section.
G. Up to $100,000 per year of any interest generated by the Fund may be usedfor the Foundation's administrative expenses.
(1997, c. 338; 1999, c. 927; 2000, c. 181; 2003, cc. 78, 90; 2009, c. 599.)
A. The Foundation shall establish, administer, manage, including the creationof reserves, and make expenditures and allocations from a specialnonreverting fund in the state treasury to be known as the Open-Space LandsPreservation Trust Fund, hereinafter referred to as the Fund. The Foundationshall establish and administer the Fund solely for the purpose of providinggrants in accordance with this section to localities acquiring open-spaceeasements or persons conveying conservation or open-space easements onagricultural, forestal, or other open-space land pursuant to the Open-SpaceLand Act (§ 10.1-1700 et seq.) and, if applicable, the Virginia ConservationEasement Act (§ 10.1-1009 et seq.).
B. The Fund shall consist of general fund moneys, gifts, endowments or grantsfrom the United States government, its agencies and instrumentalities, andfunds from any other available sources, public or private.
C. Any moneys remaining in the Fund at the end of a biennium shall remain inthe Fund, and shall not revert to the general fund. Interest earned on moneysreceived by the Fund shall remain in the Fund and be credited to it.
D. The purpose of grants made from the Fund shall be to aid localitiesacquiring open-space easements or persons conveying conservation oropen-space easements with the costs associated with the conveyance of theeasements, which may include legal costs, appraisal costs or all or part ofthe value of the easement. In cases where a grant is used to purchase all orpart of the value of an easement, moneys from the Fund may also be used bythe Foundation to pay for an appraisal, provided that the appraisal is theonly appraisal paid for by the Foundation in the acquisition of a particulareasement. To be eligible for a grant award, the conservation or open-spaceeasement shall provide that:
1. The easement is perpetual in duration; and
2. The easement is conveyed to the Foundation or, if the Foundation consents,the Foundation and a local coholder.
For the purposes of this section, "local coholder" means the governing bodyof the locality in which the easement is located; a holder as defined in §10.1-1009; a public recreational facilities authority; other local entityauthorized by statute to hold open-space or preservation easements, or a soiland water conservation district, if authorized to hold an easement under theOpen-Space Land Act (§ 10.1-1700 et seq.). The Board of Historic Resourcesmay be a local coholder if the easement is on land that abuts land on which adesignated historic landmark, building, structure, district, object or siteis located.
E. The Foundation shall establish guidelines for submittal and evaluation ofgrant applications. In evaluating grant applications, the Foundation may givepriority to applications that:
1. Request a grant to pay only legal and appraisal fees for a conservation oropen-space easement that is being donated by the landowner;
2. Request a grant to pay costs associated with conveying a conservation oropen-space easement on a family-owned or family-operated farm; or
3. Demonstrate the applicant's financial need for a grant.
F. No open-space land for which a grant has been awarded under this sectionshall be converted or diverted from open-space land use unless:
1. Such conversion or diversion is in compliance with subsection A of §10.1-1704; and
2. The easement on the land substituted for land subject to an easement withrespect to which a grant has been made under this section meets theeligibility requirements of this section.
G. Up to $100,000 per year of any interest generated by the Fund may be usedfor the Foundation's administrative expenses.
(1997, c. 338; 1999, c. 927; 2000, c. 181; 2003, cc. 78, 90; 2009, c. 599.)
A. The Foundation shall establish, administer, manage, including the creationof reserves, and make expenditures and allocations from a specialnonreverting fund in the state treasury to be known as the Open-Space LandsPreservation Trust Fund, hereinafter referred to as the Fund. The Foundationshall establish and administer the Fund solely for the purpose of providinggrants in accordance with this section to localities acquiring open-spaceeasements or persons conveying conservation or open-space easements onagricultural, forestal, or other open-space land pursuant to the Open-SpaceLand Act (§ 10.1-1700 et seq.) and, if applicable, the Virginia ConservationEasement Act (§ 10.1-1009 et seq.).
B. The Fund shall consist of general fund moneys, gifts, endowments or grantsfrom the United States government, its agencies and instrumentalities, andfunds from any other available sources, public or private.
C. Any moneys remaining in the Fund at the end of a biennium shall remain inthe Fund, and shall not revert to the general fund. Interest earned on moneysreceived by the Fund shall remain in the Fund and be credited to it.
D. The purpose of grants made from the Fund shall be to aid localitiesacquiring open-space easements or persons conveying conservation oropen-space easements with the costs associated with the conveyance of theeasements, which may include legal costs, appraisal costs or all or part ofthe value of the easement. In cases where a grant is used to purchase all orpart of the value of an easement, moneys from the Fund may also be used bythe Foundation to pay for an appraisal, provided that the appraisal is theonly appraisal paid for by the Foundation in the acquisition of a particulareasement. To be eligible for a grant award, the conservation or open-spaceeasement shall provide that:
1. The easement is perpetual in duration; and
2. The easement is conveyed to the Foundation or, if the Foundation consents,the Foundation and a local coholder.
For the purposes of this section, "local coholder" means the governing bodyof the locality in which the easement is located; a holder as defined in §10.1-1009; a public recreational facilities authority; other local entityauthorized by statute to hold open-space or preservation easements, or a soiland water conservation district, if authorized to hold an easement under theOpen-Space Land Act (§ 10.1-1700 et seq.). The Board of Historic Resourcesmay be a local coholder if the easement is on land that abuts land on which adesignated historic landmark, building, structure, district, object or siteis located.
E. The Foundation shall establish guidelines for submittal and evaluation ofgrant applications. In evaluating grant applications, the Foundation may givepriority to applications that:
1. Request a grant to pay only legal and appraisal fees for a conservation oropen-space easement that is being donated by the landowner;
2. Request a grant to pay costs associated with conveying a conservation oropen-space easement on a family-owned or family-operated farm; or
3. Demonstrate the applicant's financial need for a grant.
F. No open-space land for which a grant has been awarded under this sectionshall be converted or diverted from open-space land use unless:
1. Such conversion or diversion is in compliance with subsection A of §10.1-1704; and
2. The easement on the land substituted for land subject to an easement withrespect to which a grant has been made under this section meets theeligibility requirements of this section.
G. Up to $100,000 per year of any interest generated by the Fund may be usedfor the Foundation's administrative expenses.
(1997, c. 338; 1999, c. 927; 2000, c. 181; 2003, cc. 78, 90; 2009, c. 599.)
