Open-space land; increase threshold for substitution of real property when lands are converted.

Increases the threshold for the substitution of real property when lands are converted or diverted from open-space land use, requiring the substitute land to have "substantially" greater value as permanent open-space land than the land being converted or diverted. The bill establishes several requirements that an applicant for such conversion or diversion, such as an electric utility or a pipeline company, shall meet, including the requirements that it pay for appraisals conducted by a certified general real estate appraiser, and explain why, if the substitute land is not adjacent to the land to be converted or diverted, adjacent land could not be acquired. The bill authorizes a public body to further require that an applicant demonstrate the essentiality of its project and show that no feasible alternative exists. The bill also requires the creation of a stewardship fund for the substitute land.