Virginia Beach exceeded the annual goal in its land preservation program this past fiscal year, and officials say another strong year is underway.
Virginia Beach’s Agricultural Reserve Program took in 467 acres in the fiscal year that ended in June, exceeding a 300-acre-per-year target, according to a draft report about the ARP.
The city buys U.S. Treasury STRIPS, a type of security, to buy development rights and property owners receive interest payments over a 25-year payment plan. The program is backed by a dedicated portion of the city property tax.
The program allows land that could have been developed into housing to remain for agriculture, the city's third-largest industry after tourism and the military.
Virginia Beach Agricultural Director David Trimmer said more farmers are applying because interest rates on the STRIPS are higher, which means more money for the farmers.
“The rise in interest rates has generated renewed interest in the program and we have several applications in the queue,” the report says.
Trimmer anticipates another strong showing in the current fiscal year, though he noted that closing deals, which require City Council approval, can take months or longer.
“I see the program in good standing,” Trimmer said. “The interest is there. People want to preserve farmland.”
The program also helps protect green space and ease concerns about flooding, according to the report.
Trimmer said the program supports farming for grains as well as produce. Many crops are consumed locally, including in Virginia Beach.
John Cromwell, a farmer and chairperson of the Agricultural Advisory Commission, said the program protects the rural part of Virginia Beach.
“It’s paramount that we do have a program in place, and it's paramount that it’s supported,” Cromwell said. “It brings forward the industry of agriculture and how important it is to our very existence, on a day-to-day basis, that the food on your plate and the snacks that you eat … all started on a farm, on a piece of dirt. It didn't start in the grocery store.”