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<br />RECOMME
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<br />SEEK VOTER APPROVAL TO LET Gel
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<br />Land prices continue [0 rise In
<br />many developed area5. and the
<br />price of open space is often the
<br />greatest in the very places that may
<br />need to preserve it the most- The cost
<br />of land is an even bigger issue when
<br />large tracts are placed on the market
<br />with little advance notice_ In some of
<br />these instances. no organization in
<br />the state-whether public or prlvate-
<br />has the means to prest'!"'.'€' land that Is
<br />highly valued in the marketplace
<br />This may mean that critical parcel!>
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<br />Location of 01/ GOGO grants flven through June 30. 1000 /Souto. GOCO)
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<br />of open space go unprotected due to
<br />the Inability of local government and
<br />conservation groups to raise enough
<br />capl:a] in a shan penod of time
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<br />One way to address this issue is to
<br />give COCO limited authOrit)' to bond
<br />against a panJon of its lcltery
<br />revenues Bonding against part of
<br />COCO's re\"enue would allow the
<br />agency to ha\-e enough capital to
<br />coru;erve highly \'alued open spaces
<br />through fee title acquisition or the
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<br />purchase of development rights.
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<br />For Instance. if the owner of a large
<br />ranch along the Front Range dies. his
<br />heirs will face a huge estate tax
<br />liability. If they do not have me
<br />money to cover me tax bill. they ",ill
<br />most likely sell off all or pan of the
<br />ranch. For instance. if a ranch costs
<br />$10 million. and me funding available
<br />10 local government.s and privale
<br />conservation groups is only $2
<br />million. they will be unable to prOtect
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