As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [2007, c. 301, §1(NEW).]
1.Farm support arrangement. "Farm support arrangement" means an arrangement that meets requirements established by the department by rule under which: A. The owner of qualified farmland grants to a municipality a qualified easement; and [2007, c. 301, §1(NEW).]B. The municipality obligates itself to make farm support payments. [2007, c. 301, §1(NEW).] [2007, c. 301, §1(NEW).]
2.Farm support payments. "Farm support payments" means annual payments by a municipality during the term of a qualified easement:A. In an amount up to 100% of the annual property taxes assessed by that municipality against land and buildings subject to a qualified easement up to the fair market value of the easement; and [2007, c. 693, §1(AMD).]B. To the person against whom the property taxes are assessed. [2007, c. 301, §1(NEW).] [2007, c. 693, §1(AMD).]
3.Qualified easement. "Qualified easement" means an agricultural conservation easement held by a municipality on qualified farmland in that municipality that: A. Meets standards adopted by rule by the department designed to ensure that no development other than development related to agricultural use occurs on the qualified farmland; and [2007, c. 301, §1(NEW).]B. Is limited to a term of not less than 20 years. [2007, c. 301, §1(NEW).] [2007, c. 301, §1(NEW).]
4.Qualified farmland. "Qualified farmland" means farmland that meets eligibility requirements established by the department by rule. [2007, c. 301, §1(NEW).]
2007, c. 301, § 1 (NEW) . 2007, c. 693, § 1 (AMD) .