Bill > HB787

This bill expands the ability of certain localities to enter into binding development agreements with property owners, which are contracts that outline the terms of development for a specific piece of real estate. Currently, only New Kent County can do this. The bill allows any locality with over 250,000 people that has a "transfer of development rights ordinance" (a system allowing development rights to be bought and sold) to also enter into these agreements. These agreements can be made for properties that are at least 1,000 acres in size or are located within an area designated to receive transferred development rights. The purpose of these agreements is to encourage economic growth while ensuring development aligns with the locality's long-term plans and existing zoning laws, with provisions for things like building size, density, and public improvements, and can protect a property owner's rights if they dedicate land, make payments, or build public improvements as part of the agreement.

Government Affairs

https://lis.virginia.gov/bill-details/20261/HB787