A Feasibility Study for Urban Edge Agricultural Parks - SAGE

Table 1: Overview of AgPark ModelsProject/Sponsor(Location)OverviewConserved AgriculturalLand (acres)# Farmers SupportedAcres Open Space/Rec.LandsPublic AccessFarmerTenureParcelizationCrops/EnvironmentalPracticesFunding SourcesFarmland Preservation/RetentionQROE (New England,US)Farmer sells farm toprivate real estatedeveloper. Individualhomeowners purchasehomes and underlyingland with 80% of originalfarmland/open spacepreserved undereasement + right to farmagreement in perpetuity.1,970 6+ 767 N Right toFarmAgreement1 to 4 farms maybe retained in asingledevelopment withup to 50 housingunits - individuallyowned on lots of0.2 to 17 acresSites of 35 to1,600 acresAdjacent open spacepreservation,sufficientinfrastructure tosupport residentialland use. Cropsinclude horsepastures, hay,grazing, corn,grapes/vineyardSelf-financing, with30% IRR from salesof homes. Limitedcommercial lending- expanding modelwill require.Homeownersunderwrite farmloss up to .25% ofhome valueKing County FarmlandPreservation (KingCounty, WA)County holds developmentrights on privately ownedfarms throughout theCounty and makes interimpurchases and leasearrangments whereeasemnts are infeasible.13,000 230 N Ownershipwith CountyEasement/LimitedLeaseholdersAverage farmunder easement=56 acres, 3 farms,with up to 5leases each, areon 81 acresowned by CountyTrend to smallerorganic farms thoughno policies regardingenvironmentalpractices in program.Farmlandeasements fundedby Countyapproved Bond($50M in 1979).Subsequent bondbroader, portionused for farmpreservation ($1.8M) Grants fromState and USDA.Salary funded bydevelopment fee.Loomis Farm/FranklinLand Trust (Ashfield,MA)Partner with StateAgricultural PreservationRestriction Program, DPWScenic Highway Program,and other agencies toprotect existing farmlandthrough easements.1,036 N OwnershipwithEasementheld byConservancy11 rural andfarmland sites in 5small towns, 180acres on LoomisPartners help farmersextract equity fromtheir property, withoutdestroying agriculturalproductivityState grants fromDepartment of Foodand Agriculture,revenue from thesale of twoaffordable housingunits and nine lots,$54k annualoperating budget.