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RECOMMENDATION, CREATE A CONSERVATION LOAN FUND . Land preservation efforts often InvolvE' complex transactions thaI Include panlcipation by several different government and private agencies. Each of these groups face their o\\n rules and budget constraints that often make closing land deals dtfflcult- In Pitkin County. there is a partel of land along Independence Pass lhat is available for purchase The land has important preservatiOn value. hut state and local groups face Internal hurdles In preser.1ng it. A local private consen,atlon organization wouJd Ilke to purchase it, but does not havE' an annual budget ....ith enough funds to purchase it outright. The FOTe5l Senice must get congressional approval before pursuIng acquisition. a process that could take years If not decades to complete. which \\il1 be long after the land is sold for development. The Commission recommends that the legislature establlsh a revolving conservation loan fund that would provide a combination of no-interest and low. interest loans to public agencies or private conser-'ation organizatiOns to support the acquisition of critical open spaces. farms and ranches. The Joan fund has many uses. In the example above. the Joan fund could lend to the private conservation group lhe money necessary to quickly purchase the Oitlcalland along Independence Pass when it becomes available. Working through a qualified agency. a farmer or rancher might also be able to tap Into the fund to receive low-interest loans to acquire a neighboring farm or ranch that went bankrupt and is for sale, If a still profitable or solvent farmer or rancher .. . 1lrUSII~"""'_~confi_o(S,-L_5'lPfel'tr<W. agreed to purchase this bankrupt operation and place a conservation easement on it that prevents future development of the land, they should be ellgible for these below-market rate loans from the fund. By placing a conservation easement on the new land, the farmer or rancher ....'ould receive tax credits that could then be sold. and the proceeds used to pay back the loan fund. The loan fund could quickly pay for Itself by requiring repayment within a tv..'-o.and-one.half year period. thereby multiplying the conservation value of the fund over time For example. a fund totaling S30 mHlion In the beginning could provide S 120 mi11lon wonh of conser-'ation activity over ten years using this repa~nnent period. .