Proposal by owner. Any owner or owners of five or more acres of undeveloped or agricultural land which is suitable for residential development may submit a proposal to the Town Board for the granting of interests or rights in real property for the preservation of open spaces or areas, provided that the owner or owners are not receiving tax abatement pursuant to New York State Agricultural and Markets Law, Article 25. Such proposals shall be submitted in such manner and form as may be prescribed by such Town Board and shall include a Real Property Tax Map and a concise description of the areas proposed for the open space protection easement proposed area. The owner shall pay to the Town an application fee as required by the Town's fee schedule which shall be deemed a reasonable sum to cover the costs of administration, no part of which shall be returnable to the applicant.

Review by Environmental Board. Upon receipt of such proposal, the Town Board shall refer such proposal to the Environmental Board. The Environmental Board shall investigate the area to assess whether the proposal would be of benefit to the people of the Town. In making this assessment, the Environmental Board shall consider the composite ratings provided for key parcels in the Town's Resource Inventory and Evaluation Report and other factors it deems relevant. Within 30 days of the Town Board referral, the Environmental Board shall make an advisory recommendation to the Town Board for the purpose of advising whether or not the Town should accept such proposal.

Public hearing by Town Board. If the Town Board determines it appropriate to advance the proposal to a hearing, it shall, within 45 days of the receipt of the Environmental Board's advisory recommendation, hold a public hearing concerning such proposal at a place within the Town. At least 10 days' notice of the time and place of such hearing shall be published in a paper of general circulation in the Town. Written notice of such proposal shall be given to Monroe County and to the school district in which it is located.

Determination. The Town Board, after such public hearing, may adopt the proposal or any modification thereof it deems appropriate or may reject it in its entirety. In making its determination, the Town Board shall consider recommendations of the Environmental Board, Monroe County and the school district.

Recording agreement. If such proposal is adopted by the Town Board, it shall be executed by the owner or owners in written form suitable for recording in the Monroe County Clerk's office.

Cancellation. Said agreement may not be canceled by either party. However, the owner or owners thereof may petition the Town Board for cancellation upon good cause shown, and such cancellation may be granted only upon payment of the penalties provided in § 185-244 herein.

All taxes granted abatement under and pursuant to the conservation easement agreement, said taxes to include the state, county, Town, school districts and all special improvement districts and other taxing units to which the property is subject. Said back taxes shall be limited as follows: any easement terminated prior to beginning of the 11th year will be subject to a five-year maximum rollback; an easement terminated between its 11th and 15th year will be subject to a four-year maximum rollback; an easement terminated in its 16th year or later will be subject to a three-year maximum rollback.

A penalty assessed on the basis of the previous year's tax abatement multiplied by a factor equal to the term of the easement divided by the current year of the easement. This factor shall not exceed five.