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Lexington board sets June 11 deadline for small‑farm PDR subordination letters
Summary
The Lexington City farmland preservation board set a June 11 deadline for applicants to provide lender subordination authorization required by the city's PDR ordinance, leaving noncompliant applications to roll into the next ranking cycle.
The Lexington City Farmland Preservation Board voted to require that small‑farm Purchase of Development Rights (PDR) applicants submit lender authorization of mortgage subordination by June 11, 2025, or be deferred to the next application cycle. The motion was made by Phil and seconded by Margaret; board members signaled approval by show of hands.
Board staff said the deadline is meant to resolve a bottleneck caused by applicants whose lenders are unfamiliar with agricultural subordination letters. Beth (staff) told the board that the program has about 37 applications under review and that "we have 17, I believe, of the 37 who have mortgages and have not been able to provide that yet." Beth said about 10 applications currently have no mortgages and could proceed…
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