Virginia Gov. Terry McAuliffe has signed a bill into law that will limit developer proffers.
The proffer system has been relied on by local governments since the 1970s as a means to entice builders to contribute parks, roads and other improvements in exchange for development. Several local governments, including Fairfax and Loudoun counties' boards of supervisors, had asked the governor to amend or not sign the legislation, RestonNow reports.
The new law is effective on July 1 and will limit proffers to those directly related to new residential developments. Excluded from the restrictions are commercial developments, neighborhoods near Metro stations or those in high-density areas.
Although there was some initial concern raised by the Reston Association on the parameters of the bill, the final version appears to fit in with Reston’s Master Plan. “It’s good for us. The final version excludes all pending zoning applications and all residential or residential/mixed-use [applications] located in an area near existing or future Metro,” Reston Association president Ellen Graves told Reston Now.
The bill made its way through the House and Senate last month, and appears to be aimed at localities that have been demanding cash proffers, which in turn has impacted the cost of housing in those areas. [RN]
)
)
)
)
)
)
)
)
)
)
)
)