It's official: NLC gets Loring land
Land Council raises $14 million for Linda Loring's 270 acres
BY PETER B. BRACE
Linda Loring's 270 acres is now safe forever from development.

The Nantucket Land Council announced last Thursday that it had successfully raised all of the $14 million it needs to purchase a conservation restriction on Loring's property.

Although it does not have all the cash in hand, the Land Council has commitments from those who have pledged money.

"I think it's a pretty amazing accomplishment, the generosity of this community," said Land Council Executive Director Cormac Collier. "We're just really happy with the way the community came together and supported the project.

"I want to thank all the people involved in the campaign; the Land Council staff and board of directors did a fantastic job in a very short period of time."

Director of Development for the Land Council and former executive director Linda Holland, who led the fundraising campaign, is also delighted.

"We had wonderful community support," she said. "The Community Preservation Committee in 2005 and 2006 approved [contributions totaling] $325,000 and we will get an additional $400,000 this year. I'm very, very proud that the voters recognize the importance of open space."

Of the $14 million, Holland said that close to $5 million in pledges remain outstanding and that she is preparing a letter to send to all contributors who have yet to send their money, urging them to pay as soon as possible.

The Land Council must decide to exercise its option to purchase the restriction at the end of January, according to the Land Council's contract with Loring. It then has 90 days to deliver the $14 million to Loring. Holland said she expects the closing to happen sometime in April.

After signing an agreement with the Land Council at the end of June 2004, Loring gave the island nonprofit until Jan. 31, 2006 to come up with the funds. At the end of January 2006, Loring granted the Land Council a oneyear extension to raise the money because it was still $5.7 million short.

That extension obviously made the difference.

"From $5 to well over $1 million, the support and gifts have come from the full diversity of Nantucket people; school children, retirees, year-rounders and summer people," said Holland. "Anyway you cut the community, all facets supported us."

The Land Council now holds 61 conservation restrictions, protecting 1,003 acres. A conservation restriction effectively quashes all development rights on the land while 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 the land.

Once the deal is finalized, Loring and her board of six directors, who formed in 1999 for the sole purpose of operating the Linda Loring Nature Foundation, Inc., will begin the hiring process for an onsite director and start the process of building an educational barn facility for student instruction. She also plans a network of nature trails around the property, along with bird viewing blinds on Long Pond.

Loring is elated and grateful that she will get to build her nature center.

"I think it's wonderful that they were able to put it all together and do such a fine job," she said. "I'm just amazed with the number of people who are as enthusiastic as I am about nature education for children."

Loring could not comment on when she would be breaking ground on her foundation's facilities, but she hinted that she thought the barn's design should be something like the Strong Wing's building on Nobadeer Farm

Road, but smaller. I