This November, Amendment 74 will be on the Colorado ballot and, if passed, would “require state and local governments to compensate private property owners when laws or regulations reduce the ‘fair market value’ of their private property,” according to 5280.com.
In addition to private property owners, those impacted and benefiting from the initiative include farmers and ranchers who rely on mineral rights attached to their property.
In an article published by The Fence Post, executive vice president of the Colorado Farm Bureau Chad Vorthmann shows support for the proposed amendment.
“These measures are about protecting Colorado’s farmers and ranchers from extremist attempts to enforce random setback requirements for oil and natural gas development,” said Vorthmann. “Agriculture employs hundreds of thousands of Coloradans and contributes more than $40 billion to the economy each year. Much of that is sustainable in part because of the partnerships farmers and ranchers have forged with the oil and gas industry to let them tap into the rich minerals and natural resources below their fields.”