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Originally Posted by Buckterrier
Sorry, I didn't explain very well. It is still his land and he can still farm it. He sold the developing rights to the state. The state is buying farm land in Ct. for preservation purposes. There is another group called Open Land or something to that effect that he was thinking about doing the same thing. But apparently they would tell him when he could cut the fields etc. Depending on when birds were nesting, all sorts of things. To much hastle.
And yes you are so right, they did lose. One of the big issues was that a private company, the developer, will make millions while the homeowners got squat for their property.
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Oooops... thought the CNN article was feb 2008...realized it was '05.
Down heah in Mississippi, its done a bit different. Several thousand acres of raw land was being quietly purchased by family members of certain high ranking politicians at huge discounts (say 500-750/acre). Lo and behold, a Nissan Plant was considering relocating here. The politico's went to work offering incentives to woo them here. Nissan decided to come here and wouldn't ya know....that land went to them for an average of $20K per acre.