HOUSE BILL NO. 1343 Offered January 9, 2008 Prefiled January 9, 2008 A BILL to amend the Code of Virginia by adding a section numbered 15.2-2286.2, relating to zoning. ---------- Patron-- Barlow ---------- Committee Referral Pending ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 15.2-2286.2 as follows:

§ 15.2-2286.2. Rezoning property to previous zoning designation.

Notwithstanding any other provision of this chapter, a locality may include in its zoning ordinance provisions that permit the locality to require that an approved site plan or final subdivision plan be obtained for the development within a specified period of not less than five years. If no such approval is obtained during the specified period, the locality may rezone the property to its previous zoning designation. However, zoning ordinance provisions shall provide that a locality may not rezone the property if the rezoning would cause a lender to call a loan on the property or otherwise adversely impact the terms of a loan that the property owner has obtained at least one year prior to a proposed locality initiated rezoning.

If a locality rezones property to its previous zoning designation, the locality shall compensate the property owner through use of a tax credit equal to the amount of excess real estate taxes that the landowner has paid due to the higher zoning classification. The locality may establish reasonable guidelines for determining the amount of excess real estate tax collected and the method and duration for applying the tax credit.