Sounds pretty sad that a local government would have enough reserves and power to buy as you described.
Reminds me of the cross Florida canal fiasco. Before I was born some politicians thought it a good idea to build a deep channel sea canal across central Florida to connect the Gulf of Mexico with the Atlantic Ocean. Took thousands of acres from private hands, including my family. Some sold their property cheap on the prospect that their remaining lands would be real valuable. My family fought it in court and lost. Received $3 per acre. Didn’t take long to figure a deep canal would be a disaster so plans were changed to barge canal. Latter determined that a barge channel would be an environmental disaster. President Nixon called a halt and property was transferred to the State as opposed to being offered back to the original owners. We leased some of our property back at $4 per acre per year for cattle pasture. In the meantime time, the pine forest were turpentined and were cut twice. The State collected over $2mm on the second cut in the 70s much of which from what was our property. Just one step of many that took our family from living off the land. Makes me sad to think about it. Used to be really depressing to me. Bothers me to see government unnecessarily interfering with a way of life.
Ron