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15.15.08.00.htm 15.15.08.00. Title 15 DEPARTMENT OF AGRICULTURE Subtitle 15 MARYLAND AGRICULTURAL LAND PRESERVATION FOUNDATION Chapter 08 Installment Purchase Agreement Grant Program Authority: Agriculture Article, §2-504, 2-505, and 2-510.1, Annotated Code of Maryland
15.15.08.01.htm 15.15.08.01. 01 Purpose.. This chapter establishes the criteria for a program administered by the Maryland Agricultural Land Preservation Foundation to purchase easements under an installment purchase agreement for farmland selected by the Foundation, in cooperation with:A. An eligible county, if a landowner chooses an eligible county's installment purchase agreement program; orB. The Maryland Agricultural and Resource-Based Industry Development Corporation, if a landowner cho
15.15.08.02.htm 15.15.08.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "County" means any county containing productive agricultural land that is actively farmed and that meets the criteria for land for easement purchase by the Maryland Agricultural Land Preservation Foundation.2) "Easement" means an agricultural land preservation easement as defined by COMAR 15.15.01.01-2.. 3) "Eligible county" means a county as provided in
15.15.08.03.htm 15.15.08.03. 03 Landowner's Option for Installment Purchase Agreement.. A. The Foundation may offer to buy an easement from a landowner through an IPA either:. 1) In an eligible county where the land will be subjected to easement restrictions; or. 2) Through MARBIDCO, if the offer is not for less than $100,000.. B. At the time of escrow closing on an IPA, the landowner and the Foundation shall agree to the terms of an IPA, including the following:
15.15.08.04.htm 15.15.08.04. 04 Grant to Eligible County.. A. A county is an eligible county for purposes of this chapter upon the Foundation's approval and after submission by the county to the Foundation of:1) The IPA form to be used by the county to purchase easements pursuant to a Foundation offer, which installment purchase agreement shall meet the requirements of Agriculture Article, §2-510.1(b) Annotated Code of Maryland, and otherwise be acceptable to the Foundation;2) The opinion of bond co
15.15.08.05.htm 15.15.08.05. 05 Foundation IPA.. If a landowner elects to participate in the Foundation IPA program, and a county is paying a portion of the easement purchase price, the county shall provide its portion to the Foundation within 30 days of the Foundation's notice.
15.15.08.9999.htm 15.15.08.9999. Administrative History Effective date: July 17, 2008 (35:14 Md. R. 1247).
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