(A) The town will capitalize all land purchases, regardless of cost.
(B) Exceptions to the land capitalization are lands purchased outright, such as easements or rights-of-way for infrastructure. Examples of infrastructures are roads and streets, street lighting systems, bridges, overpasses, sidewalks, curbs, parking meters, street signs, viaducts, wharfs and storm water collection.
(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.
(Ord. 122000B, passed 1-17-2001)