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Purchase Of Development Rights In Fayette County: A Hedonic Price Analysis Of Easement Payments, Perry A. Papka
Purchase Of Development Rights In Fayette County: A Hedonic Price Analysis Of Easement Payments, Perry A. Papka
MPA/MPP/MPFM Capstone Projects
In January of 2000, the Lexington-Fayette Urban County Government established a purchase of development rights (PDR) program as part of the comprehensive Rural Service Area Land Management Plan. The goal of the program is to purchase conservation easements on 50,000 acres of farmland and natural areas within the county by the year 2020. By purchasing the development rights of these lands, the program intends to preserve the agricultural and natural character of the county that development pressures otherwise threaten.
Typically, PDR programs calculate the value of a conservation easement by subtracting the current value of the property with the …