(A) All costs of acquiring land including costs such as appraisals, owner relocation costs, site surveys, environmental explorations and remediations, title services, real estate services, and back taxes. Land listings shall include the location, date of acquisition of the land, and the vending source where identifiable. Land purchases shall be included without regard to the initial cost of the acquisition. Legal services, court costs, and other services directly related to the acquisition of land shall be included in the land cost. Land purchases that include buildings or other site improvements shall have an allocation of estimated or known value of the land and a separate known or estimated value for the buildings or site improvements at the time of acquisition. The value for the buildings or improvements shall be listed under the appropriate categories of buildings, infrastructure, or improvements other than buildings. Costs for preparing the land for its intended purpose (including contractor payments and/or town workers’ salaries and benefits) such as demolishing buildings, excavating, cleanup, and/or inspection. Costs of land rights-of-way for infrastructure (such as roadway, alleys, or sidewalks) shall be capitalized as infrastructure with estimated or known cost at the time of acquisition. Expenditures for temporary or permanent easements will be expensed rather than capitalized.
(B) Donated land will be noted as such and will have a listed cost of the known or estimated fair market value of the land at the time of donation. Expenditures incurred for professional service related to the transfer of the land and preparation of the land for its intended use as listed in division (A) above shall be added to the fair market value.
(C) Land purchases made through the use of federal or state funding will follow the above provisions as listed in division (A) above.
(Ord. 2018-4, passed 2-14-2018)