[HISTORY: Adopted by the Town Council of the Town of Coventry 12-3-2024 by Ord. No. 2024-06. Amendments noted where applicable.]
There is hereby established the Town of Coventry Land Trust (hereinafter the "Trust").
A. 
The Trust shall have the authority to acquire, hold and manage real property and interest therein, including development rights situated in the Town consisting of open, residential, agricultural, recreational, historical or littoral property, including existing and future well fields and aquifer recharge areas; freshwater and saltwater marshes; and adjoining uplands, barrier beaches, wildlife habitats, land and buildings providing access to or views of the ocean, harbors, and ponds; land or bicycling and hiking paths for future public recreational use; and land for agricultural use or airspace thereof.
B. 
With the exception of property acquired for public historical preservation or recreational purposes, the Trust shall hold all property or development rights solely as open space, for agricultural uses, for water purposes, for public access or to prevent the accelerated residential or commercial development thereof, as the Trustees may determine.
Any real properly held and used by the Trust, an organization meeting the definition of "charitable trust" as set forth in R.I.G.L. § 18-9-4, and exclusively used for the purpose of conserving open space as that term is defined in Title 45, Chapter 36, of the Rhode Island General Laws, shall be exempt from taxation by the Town of Coventry, except that taxes assessed as of the December 31 next preceding the date of acquisition by the Town of Coventry Land Trust shall be paid through the date of acquisition.
A. 
The Trust shall be administered by nine Trustees, seven of whom shall be appointed by the Town Council. The Trustees who are first appointed shall be designated to serve for terms of one, two, three, four, five, six and seven years, respectively. Thereafter, Trustees shall be appointed as aforesaid for a term of office of five years, except that all vacancies occurring during a term shall be filled for the unexpired term. Ex officio, nonvoting members shall be the Town Planner, or their designee, and the Director of the Parks and Recreation Department, or their designee.
B. 
Trustees must be resident electors of the Town, and their terms shall be deemed expired at the end of the appointed period, or if they cease to be residents of the Town. No elected officer of the Town or the state, and no person who has been employed by the Town, may be appointed as a Trustee for at least one year after serving in elected office, or one year after leaving Town employment.
A. 
The Trustees, after appointment, and each year thereafter, shall appoint a Chairperson, Vice Chairperson, Recording Secretary, and Treasurer from among the five members appointed by the Town Council.
B. 
All meetings shall be held in compliance with R.I.G.L. § 42-46-1 et seq., commonly known as the "Open Meetings Act."
C. 
Meeting minutes shall be submitted to the Town Council and Town Manager.
A. 
The Trustees shall adopt reasonable rules and regulations governing the conduct of Trust affairs, including the acquisition and management of its holdings, not inconsistent with the provisions of this article. All rules and regulations of the Trust are subject to the approval of the Town Council. Decisions of the Trustees shall be by a majority of those present and voting, except that decisions on the acquisition of land, easements, rights-of-way, and other uses referred to in § 16-1 must be by a majority vote of all Trustees.
B. 
Utilizing resources of the Town's Finance Department and in consultation with the Finance Director, the Trustees shall prepare an annual budget that must be sent to the Town Manager for review and, after review, be included in the budget submitted to the Town Council for final approval. The funds authorized in the will be held and paid by the Town Finance Director in accordance with generally accepted accounting principles and procedures applicable to municipalities.
C. 
All funds that are released for land acquisition, including the cost of appraisals, or other purposes referred to in § 16-1 can only be released after a public hearing requiring two weeks of advertising, approval by a majority of the Trustees, and approval by a majority of vote of the Town Council.
The Trust shall have the power to:
A. 
Purchase, receive by gift, or otherwise acquire fee simple or lesser interests in real property, including development rights as defined in R.I.G.L. § 42-82-2, or any interest in real property consistent with purposes of this article, including other development rights of any kind whatsoever; provided, however, that in cases involving the expenditure of Town funds, such acquisitions shall be in general conformance with the Comprehensive Community Plan;
B. 
Accept gifts, grants or loans of funds or services from any source, public or private, and comply, subject to the provisions of this article, with any terms and conditions thereof;
C. 
Accept, from state and/or federal agencies, loans or grants for use in carrying out the Trust's purposes and enter into agreements with such agencies respecting such loans or grants;
D. 
Utilize as a resource paid at Town expense the Solicitor, external auditor, Town Engineer, Town Finance Director and Town Clerk to perform its duties and to carry out its function. With the approval of the Town Council, the Trust may employ outside experts such as appraisers, private consultants, advisors, secretaries or other personnel needed to perform its duties;
E. 
Administer and manage land and interests in land held by it in a manner which allows public use and enjoyment consistent with the natural and scenic resources thereof, including conveyance of any such land or interests in land to, and contracts with, nonprofit organizations, provided such land shall continue to be used in a manner consistent with the purposes of this article and with the terms of any grant or devise by which such land was acquired by the Trust;
F. 
Incur debt, only after authorization in each instance by vote of a majority of the Town Council;
G. 
Dispose by sale or otherwise of all or any portion of its real property or interests therein held by it, whenever in the opinion of the Trustees such lands or properties have become unsuitable or have ceased to be used for the purposes set forth in this article or unless the best interests of the Trust shall be served by such sale or other disposition; such disposition or sale shall be made only by a vote of the Trustees in which at least two-thirds of the members vote in favor of such a disposition or sale and further only after having been approved by the Town Council; and
H. 
Otherwise do all things necessary for the performance of its duties, the fulfillment of its obligations and the conduct of its business.
All property acquired by the Trust in accordance with § 16-1 shall be held and titled in the name of the "Town of Coventry Land Trust" and any property acquired by the Trust prior to the enactment of this article shall be re-titled as such in the name of the Trust.
A. 
All funds held in the name of or for the benefit of the Trust, as well as funds received by the Trust as voluntary contributions, grants or loans, funds appropriated to the Trust by the Town Council, or proceeds from disposal of real property or interests, shall be deposited into a fund to be set up as a revolving or sinking account by the Town Finance Director.
B. 
All expenses lawfully incurred by the Trust in carrying out the provisions of this article shall be evidenced by proper vouchers, receipts and invoice, as the case may be, and shall be paid by the Town Finance Director only upon submission thereof as duly approved by the Trust. The Finance Director of the Town shall prudently invest in accordance with policy available assets of the funds, and all income thereon shall accrue to the fund.
C. 
Upon termination or dissolution of the Trust, the title of all funds and other properties owned by the Trust which remain after payment or making provision for payment of all bonds, notes and other obligations of the Trust shall vest in the Town.