The Next Gen Program is essentially a fast-moving farmland conservation easement option purchase program that is designed to help facilitate the transfer of farmland to a new generation of farmers, while also effectively helping to preserve the subject agricultural land from future development.
Under the Next Gen Program, MARBIDCO will pay up to 51% of the Fair Market Value (FMV) of the land only (with a cap of $500,000). Following the land sale transaction, the Next Gen Farmer will then have a period of several years to sell the permanent easement to a rural land preservation program that is able and willing to hold the permanent easement (thus extinguishing the development rights on the property forever). Once a permanent easement has been subsequently facilitated, the Next Gen Farmer is obligated to repay MARBIDCO the original Next Gen Program Option Purchase amount, plus a 3% administrative fee. If the Next Gen Farmer cannot sell the permanent easement within the specified timeframe, the Option will be exercised (for no additional money) and the permanent easement will be held by a “third-party default easement holder” (either a county agricultural land program or a private land trust designated by MARBIDCO).
While there is no age restriction to participate in the program, persons who are “beginner farmers” will have a greater likelihood of being selected to participate. A “beginner farmer” is defined as not owning a farm or ranch (or owning less than 10 acres), not operating a farm or ranch as a principal operator for more than 10 years, having at least one year of farming experience, and expecting to substantially participate in the farming operation on the subject property.
People interested in applying to the Next Gen Program are requested to make contact with their county farmland preservation program office (in the county in which the farmland is located) by no later than a month before submission, to discuss the suitability of a subject farm being permanently preserved. Moreover, certain required paperwork prepared by farm property sellers must be received in the county office by no later than a month in advance.
The Next Gen Program application deadline (including submission of all required forms and related attachments) is now on a monthly basis, with applications due on the last business day of each month by no later than 4:00 p.m., at the MARBIDCO office in Annapolis. Late applications will not be accepted.
For more information, visit marbidco.org, or call (410) 267-6807.
