Fighting the Lure of the Infinite: Lease Conservation Easements at the Urban Fringe

Abstract

Today, local, state, and federal governments provide incentives intended to conserve agricultural uses. One of those incentives, the conservation easement, is flourishing in both quantity and acres conserved. Perpetual conservation easements are generally assumed to be superior to shorter-term lease conservation easements because of a preference for stronger, more permanent restrictions. Some commentators question the sensibility of this preference, pointing out the risks of an uncertain future. If they are correct, we might expect to see parties using new, but related, instruments to satisfy their needs. This Article examines one such instrument being used in Florida, Hillsborough County’s Agriculture Stewardship Program. It then uses an economic analysis to help understand when lease conservation easements might be preferred to perpetual easements. It concludes that the case for lease conservation easements is strongest at the urban fringe, which many often assume should be protected or conserved permanently.

Keywords: Conservation easement, agriculture, Agriculture Stewardship Program, Rural fringe, urban fringe

JEL Classification: Q1, Q15, R5, K11