S. 8691 Summary

• Authorizes the Town Board of Blooming Grove to establish a community preservation fund by local law, funded by revenues from a real estate transfer tax and other sources, with deposits restricted to preservation purposes.

• Permits the town to impose a real estate transfer tax on real property conveyances at a maximum rate of 0.75% of consideration, subject to voter approval via mandatory referendum and various exemptions.

• Requires the town to adopt a community preservation project plan identifying preservation priorities (with farmland as highest priority) and evaluating alternatives such as fee simple acquisition, zoning modifications, transfer of development rights, and conservation easements.

• Establishes an advisory board of 5-7 residents (majority with conservation experience, including at least one active farmer) to review and recommend property acquisitions, with restrictions on fund use limited to 10% for management and stewardship.

• Restricts use of acquired property interests to preservation purposes and requires state legislative approval for any sale, lease, or disposal, except for development rights sales through a transfer of development rights program.

• Takes effect immediately except the tax provisions, which take effect 90 days after enactment and expire December 31, 2040.