Yes, it is expressly in the final base line agreement.
NO.
However, it is unlikely that an opportunity like this will be available in the future. Monies for conversation easements are drying up.
I can not tell you that. I can try to answer your questions, we can ask questions of our lawyer. We are trying to provide as much information as possible. Yes, there are many unknowns that will not be known for years.
Personally I am asking myself one question: “Will this help to perserve 3PA2, the Philadelphia Glider Port?”
We can use the excluded area for any legal use, subject to the zoning that is in place. Same as it always was. This is an easement on specific land. It can not be used to restrict adjacent land, land we acquire in the future or any neighboring lands.
We can’t build on it. We can maintain the south hangers but we can not expand there. Any new facilities would have to be built on the 14 acres excluded around the existing hangers/clubhouse. We can maintain our runways install drainage etc.
IN perpetuity. Meaning FOREVER! it could be terminated may a court, but we would have to pay the money back. (And as we would have paid taxes we would not have the money to pay.)
$3,575,000.00
We are not sure; it could be about $700,000, it might be zero. We are talking with a tax attorney to get a better idea. Income that is generated from investing this will be taxable as non-related business tax.
In December the township paid to have an appraisal done by Benchmark Appraisal Group LTD. They determined our property “as is” is was worth $5,070,000. They also determined the excluded area(13.5 acres) was worth $780,000. And with the easement in place the eased area would be worth $1,495,000. So, $5,070,000 – $780,000 – $1,495,000 = $3,575,000.
Maybe, when we document historical activity, we will include a percentage of member powered aircraft.
It is customary in easement agreements. It will also document the pre-existing existence of things like our fuel tank.
See section A.1 where it states “…The Gliderport is recognized herein as a lawful pre-existing, non-conforming use. So as long as we continue to own and operate the Gliderport, the gliderport is recognized as a lawful use. Should we sell or discontinue using it as a Gliderport, the land will be preserved as open space.
The township rejected this.
The township can give the Conservation Easement to another entity. It needs to be a “qualified organization” to hold a conservation easement. PGC would have no say about who they give it to.
We can’t get a mortgage or otherwise have a lean placed on the eased area.
Let’s start with what an easement is: An easement grants someone a right to do something on someone else’s property. For example, PECO has an easement on a corner of my property in Philadelphia. There is a power pole in the easement. PECO has the right to place a power pole in that corner of my property. If you have a property that has no access to a public road, you might have an easement on a neighbor’s property granting you the right to have a driveway, power lines and gas lines cross their property to the road.
A conservation easement is a way to restrict development in an area. A farmer or airport owner might find their property is worth so much to a developer that they could sell it and retire. However the community or a conservation group might want to keep the farm from being developed. So they approach the farmer with a deal. They give the farmer money and in return the farmer gives them an easement that prohibits building homes on it. It is now worthless to the developer. The farmer can continue to farm. And the farmer pockets a nice chunk of change. The farm can be sold, but it will remain a farm.
That is up to the membership, We are consulting with legal/accounting experts to determine how best to invest with minimal tax impact. Long term this is a complex problem we will need to discuss and deal with. We should consider:
- Near term needs – facilities!
- Smooth Runway
- Install drainage on the field to eliminate wet spots
- Septic system
- Improved rest room/showers meeting facilities.
- Determine Expected annual withdrawal
- Who is going to manage the money.
No one owns the development rights. the development rights will be retired such that the land can not be developed. We continue to own the land. We just can not build on it. But we can land/takeoff on it.
The township insisted on this.
The money. And it eliminates the possibility of being tempted to sell the land to a developer.
The township has funds dedicated to preserving open space and is under pressure to make use of it. A large track of land such as the Philadelphia Glider Port is an attractive plot to preserve.
Not substantially. It would be fiscally irresponsible to spend this windfall on operating expenses.