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Lease of Development Rights Bill Introduced in Virginia
Below is the text of a Virginia bill to authorize the lease of development rights ("term easement"), similar to the term restriction on development contracts offered under the North Carolina Agriculture Development and Farmland Preservation Trust Fund.
Lease of development rights program. Tasks the
Office of Farmland Preservation to create a lease of development rights
program. Under such program, properties of 20 acres and larger and that
are enrolled in "land use" taxation programs, would be eligible
to participate in a lease of development rights program whereby the
property owner relinquishes "by right" development for seven
years in exchange for a contractually agreed upon lease amount.
Full text:
01/08/08 House: Prefiled and ordered printed; offered 01/09/08
081003544
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