Any municipality which provides in regulations, adopted pursuant to § 8-25, for the payment of a fee or the fair market value of land transferred in lieu of any requirement to provide open space, shall deposit any such payments in a fund which shall be used for the purpose of preserving open space or acquiring additional land for open space or for recreational or agricultural purposes.

Terms Used In Connecticut General Statutes 8-25b

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • municipality: includes a city, town or borough or a district establishing a planning commission under §. See Connecticut General Statutes 8-18
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