Illinois Administrative Code › Title 17 - CONSERVATION › Part 1515 - CONSERVATION RESERVE ENHANCEMENT PROGRAM (CREP) › Section 1515.50 - Payments

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois CREP payments will be based upon the following
				formulas:
a) Illinois CREP Grant of
			 Conservation Right and Easement Agreement Payments
1) The payment for an initial permanent
			 Illinois CREP Grant of Conservation Right and Easement will be a one-time
			 payment equal to the total number of acres enrolled, multiplied by the Illinois
			 CREP payment rate (calculated at the time of the preliminary agreement as the
			 weighted average of the individual federal CRP soil rental rates determined by
			 FSA associated with the three predominate soil map units within the Illinois
			 CREP Acreage, on a per acre basis, exclusive of any federal incentive
			 payments), multiplied by 30 years, multiplied by 15% to discount the partial
			 restrictions on the property.
2)
			 The payment for an initial 15-year Illinois CREP Grant of Conservation Right
			 and Easement Agreement will be a one-time payment equal to the total number of
			 acres enrolled, multiplied by the Illinois CREP payment rate (calculated at the
			 time of preliminary agreement as the weighted average of the individual Federal
			 CRP soil rental rates determined by FSA associated with the three predominate
			 soil map units within the Illinois CREP Acreage, on a per acre basis, exclusive
			 of any Federal CREP incentive payments), multiplied by 15 years, multiplied by
			 25% to discount the partial restrictions on the property.
3) The payment for a conversion of an
			 existing Illinois CREP Grant of Conservation Right and Easement Agreement to a
			 permanent Illinois CREP Grant of Conservation Right and Easement Agreement will
			 be a one-time payment equal to the total number of acres enrolled, multiplied
			 by the Illinois CREP payment rate (calculated at the time of the preliminary
			 agreement as the weighted average of the individual Federal CRP soil rental
			 rates as determined by FSA associated with the three predominate soil map units
			 within the Illinois CREP Acreage, on a per acre basis, exclusive of any federal
			 CREP incentive payments), multiplied by 30 years, multiplied by 15% to discount
			 the partial restrictions on the property, the total of which is reduced by the
			 amount equal to the original Illinois CREP Grant of Conservation Right and
			 Easement Agreement payment.
4) The
			 payment for a subsequent 15-year Illinois CREP Grant of Conservation Right and
			 Easement Agreement within the last 18 months of an existing Illinois CREP Grant
			 of Conservation Right and Easement Agreement will be a one-time payment equal
			 to the total number of acres enrolled, multiplied by the Illinois CREP payment
			 rate (calculated at the time of preliminary agreement as the weighted average
			 of the individual Federal CRP soil rental rates, as determined by FSA,
			 associated with the three predominate soil map units within the Illinois CREP
			 Acreage, on a per acre basis, exclusive of any Federal CREP incentive
			 payments), multiplied by 15 years, multiplied by 25% to discount the partial
			 restrictions on the property.