(A) (1) LAND is defined as specified land, lots, parcels or acreage.
(2) The town will capitalize all land purchases, regardless of cost.
(3) Exceptions to land capitalization are land purchased outright, as easements or right-of-way for infrastructure.
(4) Examples of infrastructure include roads and streets, street lighting systems, curbs, parking meters, street signs, viaducts, wharfs and storm water collection.
(B) (1) Original cost of land will include the full value given to the seller, including relocation, legal services incidental to the purchase to the purchase (including title work and legal opinion), appraisal and negotiation fees, surveying and costs for preparing the land for its intended purpose (including contractors and/or town employees (salary and benefits), such as demolishing buildings, excavating, clean up and/or inspection.
(2) Land is not depreciated under generally accepted accounting principles.
(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 above procedures.
(2014 Code, § A3.4(3))