Montana Legacy Project

Montana Legacy Project
Founded 2008
Founder The Nature Conservancy,
The Trust for Public Land
Focus Conservation
Location
Area served
Northwestern Montana
Slogan "Our lands, our way of life."
Website montana-legacy-project.xml @ www.nature.org

The Montana Legacy Project is a three-phase purchase of more than 310,000 acres (1,300 km2) of land owned by Plum Creek Timber in northwestern Montana for conservation protection. The land is within the counties of Missoula, Mineral, Lake and Powell.

Land included in this purchase is within the Swan Valley, the upper Clearwater Valley near Seeley Lake, the Lolo Creek watershed, the Mill Creek area near the city of Missoula, Fish Creek, Petty Creek, Schwartz Creek, and in the Garnet Mountains between Potomac and Interstate 90.[1]

The Nature Conservancy and The Trust for Public Land were asked to complete the purchase for a combined total price of $510 million,[2] although the Project has revised this figure to $490 million.[3] The first phase was purchased in December 2008, the second in February 2009 and the third was scheduled for December 2010. The U.S. Federal Government appropriated $500 million to facilitate the purchase.[4]

Financing

The project has been primarily funded through Qualified Forestry Conservation Bonds – a public financing mechanism created in the 2008 Farm Bill under the leadership of Montana Senator Max Baucus.[5] The program enabled The Nature Conservancy and The Trust for Public Land to purchase forest lands either through the issuance of tax credit bonds or through direct federal grants. The bond program, however, contained such stringent project requirements that it was in fact only available to the Montana Legacy Project lands; the projects had to involve at least 40,000 acres (160 km2) of land that partially bordered National Park land and that was subject to a native fish habitat conservation plan.[6]

The Nature Conservancy and The Trust for Public Land, as 501(c)(3) charities, were made eligible to issue up to $500,000,000 of Qualified Forestry Conservation Bonds. This entitled them to a direct payment of $250,000,000 from the U.S. Federal Government:

"without regard to whether the issuer is subject to tax under Chapter 1 of the Code, the issuer may elect to be treated as having made a payment against that tax ... in an amount equal to 50 percent of the amount of the allocation. Under section 54B(h)(2)(A), the Secretary shall not use the deemed payment of tax as an offset or credit against any tax liability of the issuer but shall refund the deemed payment to the issuer."[7]

John Boehner, while House Minority Leader, lambasted the bond program for disguising as a new tax conservation credit an earmark for Senator Baucus' home state.[8]

Timeline

2008

2009

2010

See also

References

  1. Montana Legacy Project ("MLP"), FAQ
  2. Dan Testa, "Nature Conservancy and Trust for Public Lands to buy 320,000 acres" Flathead Beacon (June 30, 2008)
  3. See MLP FAQ
  4. Internal Revenue Bulletin: 2008-36
  5. MLP FAQ
  6. Peter Schroeder, “Tax-Credit Forest Bonds Questioned by Market”, THE BOND BUYER, (August 26, 2008)
  7. Internal Revenue Bulletin: 2008-36
  8. Peter Schroeder, “Tax-Credit Forest Bonds Questioned by Market”, THE BOND BUYER, (August 26, 2008)
  9. Tristan Scott, “Plum Creek says a sale of 300,000 acres nears fruition”, The Missoulian, (May 24, 2008)
  10. Dan Testa, "Nature Conservancy and Trust for Public Lands to buy 320,000 acres" Flathead Beacon (June 30, 2008)
  11. Matthew Frank, A Small Town's Questions on a Big Land Deal, New West Missoula (July 24, 2008)
  12. John Cramer, “Mixed Emotions at Montana Legacy Project meetings”, Missoulian.com (August 1, 2008)
  13. Bill Schwanke, "Legacy Project features 'working forest' component, The Missoulian (Oct. 20, 2008)
  14. Michael Jamison, First phase of 'Legacy' project completed, The Missoulian (December 19, 2008)
  15. Montana Legacy Project, News Release
  16. Dave Skinner, “The Great Montana Land Swindle Sleazes On”, Flathead Beacon(February 18, 2009)
  17. Rob Chaney, “Many at Superior meeting favor state purchase of Fish Creek land, but support wanes for park plan.” The Missoulian (February 3, 2010)
  18. Rob Chaney, “Acreage down, price up in Fish Creek state park plan", The Missoulian (March 11, 2010)
  19. Jennifer McKee, "Montana FWP Commission OKs Fish Creek land purchase", The Missoulian (March 12, 2010)
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