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was retained for a training session to make the members aware of the requirements and intricacies of land trusts. The Trust has been formally incorporated as a non-profit organization and has adopted bylaws. The first task was to prepare a map of the area covered by the land trust. The Trust prepared the most accurate inventory of the area that anyone has ever done and even the City of Livermore has purchased the map and is using it. The Trust developed and adopted a model conservation easement and submitted it to public agencies and land attorneys in the area for comment. After reviewing the comments, the Trust incorporated many in the final document. It is hoped that this easement will be used by municipalities and private land owners when they make transfers of conservation easements. It is significant to note that to meet the requirements of federal and state non-profit and state conservation, them is a monitoring and stewardship program which is fairly significant and must take place on an annual basis. That means we must get landowners' approval to enter property and to reinventory homesites and other buildings along with the uses. The Land Trust is not involved in enforcement or the planning process for the property. That is the purview of the agency that controls the property. The Trust has also developed and adopted acquisition criteria. This is a point system given to parcels of land based on how significant the land is to the success of achieving the Trust's goal of 5,000 acres of agricultural and conservation easements, consistent with the cities' and county's plan of development and the urban lines the agencies are in the process of drawing. Las~y, the Land Trust held an open house and invited members of other Trusts to speak to people in the South Livermore Valley area about the success or failures of selling or granting conservation easements. There were also staff members from major Trusts, such as the American Farm Land Trusts who spoke about the successes of starting farmland trusts in the Central Valley. He continued, the major goals in 1996 are to expand awareness and dispel some of the Trust fears held by some people in the valley, through seminars and publications. A significant outreach program has begun which includes quarterly mailings of newsletters and seminars. Some proposed speakers include a specialist in tax laws. We hope in the immediate future to transfer existing easements from various agencies to the Land Trust. The Land Trust will be transferring funds from the County fund to an investment fund after the first of the year and will have total control of funds at that time. This could not be done before because the proper accounting procedures were not in place. By the middle of next year, the Land Trust hopes to complete acquisition of conservation in the South Valley area. He concluded, the income to date is approximately $1 million. The interest accrued from the County funds was a little over $18,000. Expenses for the nine-month period was $23,388. The report includes a needs analysis, which explains the goal to reach 5,000 acres of land in conservation easements. The revenue for doing that will come from Ruby Hill ($11.6 million), the Livermore transition area ($2.5 million), the Pleasanton transition area ff it elects to build in the area ($1.2 million), and interest over the eleven year period ($1.25 million), for a total income of $16,590,000. Those fees and their uses are based on fairly significant assumptions. It will take a period of three to five years before we know if our model for acquisition of land is valid in order to prove if the assumptions are valid. For example, we use in the assumptions an acquisition figure of $10,000 per acre. That came from the economic study done in 1992. 12/05/95 -5-