The director shall disburse funds to an applicant for a grant for the acquisition of fee title to agricultural land only if the applicant agrees to all of the following conditions:
(a) Upon acquisition of the property, treat the property as encumbered by an agricultural conservation easement subject to this division and approved by the department.
(b) Sell the fee title subject to an agricultural conservation easement approved by the department to a private landowner within three years of the acquisition of the fee title.
(c) Reimburse the fund directly from escrow within 30 days after the sale of the restricted fee title by an amount equal to the department’s proportional share of the net proceeds of the sale.
(1) The “net proceeds of the sale” is defined as the fair market value of the land less the value of the easement and associated transaction costs.
(2) The department’s proportional share of the net proceeds of the sale shall be calculated using a factor reflecting the department’s proportional share of the purchase price paid by the applicant in the original acquisition of fee title, taking into account contributions from all sources toward that original purchase price.
(Amended by Stats. 2007, Ch. 254, Sec. 6. Effective September 26, 2007.)
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