Renting a pitcher plant bog

[meadowview]

Hi Folks:

We are in discussions with one of our neighbors to lease the northern most pitcher plant bog in Virginia. The lease would allow us to restore the bog, lead small tours, enter the property for maintenance and inspection, and give us first right of refusal on purchase if the property comes up for sale.

Here is my question. What would you pay for an annual lease of 3-5 acres to perform these activities and have these rights? We are in totally uncharted water here and setting precedent in Virginia. Comments welcome.

Sincerely,

Phil Sheridan, Ph.D.
Director
Meadowview Biological
Research Station

[ICPS-bob]

This is totally out of my area of expertise, but if I was the landowner, I might consider what you describe to be an enhancement to my property and not charge any rent. Also, does Virginia have a conservation easement where the landowner agrees too certain things in exchange for reduced taxes?

[meadowview]

Hi Bob:

Our issue here is while the landowner is marginally interested in the plants he needs cash. Renting the land is a way for him to stay afloat and get a little something out of his property. Yes, Virginia does have easements and the possibility of reduced taxes. However, easements are a negotiated item and are usually fairly expensive, in some cases half the cost of the land itself or more. So.. our least expensive option for now is some kind of lease agreement to keep things running smoothly.

Sincerely,

Phil Sheridan, Ph.D.
Director
Meadowview Biological
Research Station

[philgreen]

Not my area of expertise either, but.

I would say there are a few things to consider. What would happen to the bog if you don't lease it ? Would he be likely to lease it to someone else, for say quad bikes that would destroy the site ? or would just nothing happen.

If you are just paying to manage his land for him, then that doesn't sound a great deal and I'd say the lease fee should be peanuts. As far as the right to lead guided tours - would he not just say yes to a request anyway.

Then there is the right to buy. I'd want a legal document drawn up stating at what price. Otherwise, you could spend years and a lot of money restoring the bog and then some developer come along and offer him a huge sum, which you could never meet. Or even if this chap is a 'nice guy', how about his relatives if/when he passes on and they have the say on the land ?

So rather than a lease, which is just like renting - you pay and do all the hard work, but still end up with nothing. Could you not arrange a long term buyout of the site with him. So he still gets the yearly money from you and the land stays with him in the mean time, but at the end of it all the land is yours. Basically an informal morgage.