Once a property is considered for acquisition, the type of funding source(es) must be determined.

1. Donation to the Town
   • Outright Donation
   • Donation with lifetime use of donor (tax deduction while alive; owner pays property tax with a reduction of estate value).
2. Conservation easement in favor of the Town
   • Landowner retains ownership while paying reduced taxes; agreement (filed on land records) with the town that the land will be preserved in a natural state.
3. Bargain Sale to the town
   • Landowner sells to the town below fair market value. If there is a low basis, uses adjusted basis to offset capital gains taxes. Gets tax deduction between fair market value and the donation.
4. State Municipal Grant Program Matched by Town Funds
   • Land owner and town agree on purchase price based on appraisals approved by State as part of their matching grant program. State can contribute up to 65%. land must be open to the public.
5. Purchase of Development Rights
   • Property owner sells development rights to the property but retains use of land for agreed upon activities. Public access typically not allowed.
6. Right of First Refusal
   • The town is the first to be notified when property owner chooses to market their land.
7. Outright Purchase
   • The Open Space Committee has an established protocol for purchases including securing appraisals and Town Board/Commission approvals.