Search
 

State Awards $154M in Growing Greener Funds

HARRISBURG, PA-Of this round of funding from the $625-million Growing Greener II initiative, $80 million is spent to preserve 38,000 acres of farmland.

By Marita Thomas | Updated on August 23, 2007

HARRISBURG, PA-Gov. Ed Rendell has awarded $154 million of the Growing Greener II Fund to 415 projects across the commonwealth. Of that, $80 million is being used to purchase agricultural easements that will permanently preserve more than 38,000 acres of productive farmland.

The Agricultural Conservation Easement Purchase program enables state, county and local governments to buy conservation easements, sometimes called development rights, from owners of farmland that meets certain criteria. Among the qualifying stipulations is a 50-acre minimum, an assessment of the extent and type of non-agricultural uses nearby, and the existing control of erosion and sedimentation on the land.

The objective is to slow the loss of prime farmland to non-agricultural uses, including commercial real estate development. Farmers can receive proceeds from the sales in a lump sum, in five-year installments, or on a long-term installment basis in order to pay down debt, expand farming operations and/or pass farms onto the next generation.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.