§ 5. Agricultural reserve program.

There is hereby established the agricultural reserve program of the City of Virginia Beach, which shall be a program by which the City acquires, in accordance with the provisions of this Ordinance and to the extent of available funding, the development rights on eligible parcels of farmland in the areas of the City described in section 6. The acquisition of development rights shall be accomplished by the purchase of agricultural land preservation easements upon such parcels. In conjunction with the program, the city manager is hereby authorized and directed to establish, subject to the approval of the city council and applicable requirements of law, methods of payment for such easements, including, but not limited to, incurring long-term obligations in the nature of installment purchase agreements pursuant to which the City pays to the landowner interest only on an annual basis for a period of years and principal at the expiration of such period.