(1) appropriate money to a land trust or a local land trust for the acquisition or conservation and preservation of interests in real property for the purpose of achieving open space benefits, provided that an appropriation for the acquisition or conservation and preservation of interests in real property for the purpose of achieving open space benefits within a local government unit other than the one that made the appropriation shall be made only pursuant to an intergovernmental cooperation agreement between the local government unit within which the open space benefits will be achieved and the local government unit making the appropriation; and

(2) transfer open space property interests to a land trust or local land trust and elect to accept any nominal consideration for the transfer it deems appropriate. Neither a land trust nor a local land trust shall acquire an interest in real property through eminent domain.

(1) The business and affairs of a local land trust shall be managed under the direction of a board of directors who shall be chosen from the electors of the local government unit that incorporated the local land trust, and members of the board of directors of a local land trust shall serve at the pleasure of the governing body of the incorporating local government unit.

(2) A local land trust shall file an annual report with the governing body of the incorporating local government unit, which report shall make provisions for the accounting of revenues and expenses. The local land trust shall have its books, accounts and records audited annually in accordance with generally accepted auditing standards by an independent auditor who shall be a certified public accountant, and a copy of the audit report shall be attached to and be made a part of the annual report. A concise financial statement shall be published annually in a newspaper of general circulation in the county where the local land trust is located.

(3) A local land trust shall be subject to 65 Pa.C.S. Ch. 7 (relating to open meetings).

(1) “Land trust.” A nonprofit organization that is tax exempt under section 501(c)(3) of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 501(c)(3)), is registered with the Pennsylvania Commission on Charitable Organizations and which has among its primary purposes the acquisition or conservation and preservation of interests in real property for the purpose of achieving open space benefits.

(2) “Local government unit.” A local government unit as defined in section 2(5).² The term does not include a county authority.

(3) “Local land trust.” A land trust incorporated by a local government unit.

(4) “Related expenses.” Incidental expenses incurred by a land trust as transactional fees in the acquisition of interests in real property for the purpose of achieving open space benefits, including, but not limited to, costs of appraisals, legal services, title searches, document preparation, title insurance, closing fees and survey costs.