The
Kentucky General Assembly in 1994 established the Purchase of Agricultural
Conservation Easement Corporation and authorized the state to purchase
agricultural conservation easements in order to ensure that lands currently in
agricultural use will continue to remain available for agriculture and not be
converted to other uses.
Although PACE was
established to purchase conservation easements, landowners also are encouraged
to donate easements in order to dedicate their land to agricultural uses.
Donors of conservation
easements may receive federal and state income tax and estate tax benefits.
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The PACE Corporation has purchased agricultural conservation easements on 88
farms totaling 20,927 acres for $17,873,444. The easement costs have averaged
$854 per acre. The farm size has averaged 238 acres. In addition, 34 easements
on 4,638 acres have been donated to the program, bringing the total inventory
to 122 farms containing 25,565 acres.
Since the inception of the program, the Department has received
816 applications from 75 counties statewide totaling over 160,000 acres.
A total of 667 applications are
currently pending for a total of over 129,000 acres with an estimated easement
value of over $100 million.
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Applications
are ranked on January 1st and July 1st of each year. To
be considered for the January ranking, applications must
be postmarked by September 30th. A postmark date of March
31st is required for the July 1st ranking.
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