1. The Land Owner’s Perspective
Mark Kehke
Land Owner with Conservation Easement
Chairman, Gallatin Valley Land Trust
Managing Director, Pacific Ventures Management

2. Background/Relevant Experience
Personal and Professional Experience with Conservation Easements
Background/Relevant Experience

3. Tejon Ranch

4. Tejon Ranch
Negotiated Environmental Accord with Major Western Conservation Advocates
Sierra Club
NRDC
Endangered Habitat league
Planning and Conservation League
Audubon
Of the 270,000 acre ranch, 240,000 acres converted to permanent preservation.
Formed the Tejon Ranch Conservancy, managing:
Public Access
Habitat
Operational Sensitivity

5. Martis Camp

6. Martis Camp
Negotiated environmental accord with major regional conservation advocates:
Sierra Club
Sierra Watch
League to Save Lake Tahoe
Mountain Area Preservation Foundation
Over a portion of 2,177 Acres, negotiated easements and restrictions.
Formed The Martis Fund - funded by transfer fees, which to date have raised more than $14 Million for:
Regional Open Space Conservation
Habitat Restoration
Affordable Housing

7. Gallatin Valley Land Trust
Chairman of the Board of Directors
More than 45,000 acres of Conservation Easements and 80 miles of trails in and around the Gallatin Valley
Recently Completed 100th Easement
959 Acres of Prime Farmland Protected from Subdivision and Development
Allowed to Continue Operating as a Family Farm and Ranch As It Has Since 1876
Made possible with funding from:
The USDA Natural Resource Conservation Service
Gallatin County’s Open Space Bond
Montana Travelers for Open Land

8. East Gallatin Preserve

9. East Gallatin Preserve
86 Acres
Fronting on the East Gallatin River
Two existing compounds

10. East Gallatin Preserve
Conservation Easement:
Process, Challenges, Benefits, Economics and Lessons Learned
Process
Donated Easement
Easement Restrictions
Valuation and Appraisal Process

11. East Gallatin Preserve
Master Planned for Four Compounds on 20 Acres Each
Four Legal Lots

12. East Gallatin Preserve
86 Acres
Four legal lots
Each lot:
River Frontage
Two Wells
Approved Septic
Road Access

13. East Gallatin Preserve
Challenges
Subordination to Existing Mortgage
Easement Negotiations with Land Trust
Permitted Uses, Retained Development Rights
Costs – Legal And Accounting Fees, Appraisal, Endowment Contribution

14. East Gallatin Preserve
Benefits
Economic
Tax Savings
Permanent Preservation
Limited Development
Land Management Assistance
Best Practices
Resources

15. East Gallatin Preserve
Economics
Before Value $ 5,600,000
After Value $ 3,850,000
Donation Value $ 1,750,000
Tax Savings $ ,000 (Approximate)
Costs $ ,000

16. East Gallatin Preserve
Lessons Learned
Engage a Good Lawyer
Thoroughly Understand: Process, Schedule and Up-front Costs
Work with Appraisers and Accountants Early in The Process
Be Clear on Goals –
Permanent Preservation
Economic
Permitted Uses
Retained Development Rights

17. Discussion and Questions

18. Thank You Mark Kehke Contact: MKehke@PacV.com