Council closes in on $14 million for Loring land
BY PETER B. BRACE
Donors have pledged $13.5 million to the Nantucket Land Council to buy a conservation restriction on Linda Loring's 270 acres on nine lots off Eel Point Road.

Linda Holland

Either through loans to cover the rest of the money needed, or

through last-minute pledges over

the next two months, the Land Council's Loring Campaign leader Linda Holland said that she will raise all of the $14 million to buy a conservation restriction on Loring's land.

"We're doing remarkably well and I'm very pleased," said

Holland. "I'm particularly grateful for the continued support of the Community Preservation Committee. They are recommending another $300,000, which is part of that $13.5 million. I just think we're doing very, very well.

"It's an important piece of property because it's the largest privately held property on the island."

A conservation restriction, of which the Land Council holds 60 protecting 733 acres, effectively quashes all development rights on the land, allowing its owner to remain on the property and sometimes allowing public access to it. Property owners who put conservation restrictions on their land also get a tax deduction each year based on the value of their land.

Linda Loring

After signing an agreement with the Land Council at the end of June 2004, Loring gave the island nonprofit conservation organization until Jan. 31, 2006 to come up with the funds. At the end of January this year, Loring granted the Land Council a one-year extension to raise the money since Holland was $5.7 million short.

Though nervous that she could not find enough donors even with an extra year to do so, Holland never lost faith in Nantucketers' love of open space.

"We had some very generous foundations that stepped in at the end," said Holland. "We had one foundation that gave us a challenge [pledge]; they're going to pay the last half million. Then we had a few very large donors that stepped up. I think people didn't think we could do it at the beginning."

Working against the Land Council's fundraising efforts were all the other needy but worthy causes, including dozens of nonprofits working on annual fund drives and another huge conservation project, the Nantucket Conservation Foundation's push to raise $22 million to buy the 110-acre UMass Field Station property from the state to save it from development.

Holland credits all donors from those who pledged as little as $1 to her six and seven-figure angels with seemingly bottomless pockets for putting the Land Council in the position to be able to protect Loring's land from ending up at the Planning Board.

In the waning weeks of the campaign, Holland is trying to figure how much money the Land Council must borrow to cover the shortfall and pledges that extend out as far as 2008, in order to pay Loring for the restriction.

"By the end of January we tell her we're going to buy it, which is called exercising the option," said Holland. "After that we have a certain amount of time to pay."

Holland expects to close on the restriction in April 2007.

Had she and the Land Council failed to raise the money or if Loring had sold to the highest bidder, those who cherish open views north of Madaket Road and south and west of Eel Point Road could have eventually been looking at up to around 86 houses - primary and secondary dwellings - on land zoned as Limited Use General-Two, a minimum lot size of two acres.

This would have meant 44 new septic systems within the Madaket Harbor watershed district. Considerably traffic congestion would have been added to Eel Point, Madaket and Cliff roads. Additionally, Eel Point Road would probably need paving at least up to Loring's property.

Development of this open space would also mean the loss of protection of the land, plants and wildlife, including a habitat for northern harriers and short-eared owls, ospreys and scenic views from Madaket and Eel Point roads.

Luckily for the latter, Loring's intent for the money is not to run away to Bora Bora, but to build an educational nature center similar to that of the Felix Neck Wildlife Sanctuary owned by MassAudubon in Edgartown. In 1999, she formed the Linda Loring Nature Foundation of herself and six directors.

Loring and her foundation plan to build a barn on the west side of her house at 110 Eel Point Road with a classroom overlooking the entire property, fund a year-round staff, cut nature trails all through her property, build bird observation blinds on the pond and prohibit deer hunting on the property.

Loring said she hopes to get going on the barn as soon as the closing happens.

"Hopefully by the spring when we have all the legal entanglements straightened out," she said.

I