(A) The town shall capitalize all land purchases regardless of cost. The exceptions to land capitalization are lands purchased outright, as easements or as rights-of-way for infrastructure. Examples of infrastructure are roads and streets, street lighting systems, bridges, overpasses, sidewalks, curbs and street signs.
(B) The original cost of land will include the full value given to the seller, including relocation and legal services incidental to the purchase, which includes title work and opinion, the appraisal and negotiation fees, surveying and the costs for preparing the land for its intended purpose, such as excavating, demolishing buildings, clean up or inspection and including contractors’ and town workers’ salaries and benefits.
(C) A department will record donated land at fair market value on the date of transfer, plus any associated costs.
(D) Purchases made using federal or state funding will follow the source funding policies and the procedures in divisions (A) through (C) above.
(Ord. 2019-13, passed 12-3-2019)