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expensive to farm. The plan was originally suggested by a Suffolk farmer and involves selling off a landowner’s right to build tract housing or otherwise develop his property for anything but agricultural use. The county then assumes and protects these development rights in exchange for a substantial cash payment to the farmer. Figured by deducting the value of the land as a farm from its value as a real estate development, the payment is often as much as 80 per cent of the farm’s value as real estate. County officials say farmers should receive about $4,000 to $5,000 an acre.
Although certain rights are relinquished for all of that cash, the farmer retains most of what he had before the sale. He can raise crops and even sell the land to another farmer. In the meantime, he pockets an instant and often sizable cash award; the county, in turn, raises the cash to buy development rights by selling tax-exempt securities backed by general revenues.
95.8%