VA HB787

Expands authority for binding development agreements to any locality in Planning District 23 (Hampton Roads) that has adopted a transfer of development rights ordinance, not just localities with populations between 245,000 and 350,000

Allows development agreements for properties located within both a receiving area of a transfer of development rights program and a tax increment financing district, in addition to the existing 1,000-acre minimum threshold

Development agreements may govern uses, building density and height, parking requirements, street locations, stormwater controls, and construction phasing for terms up to 15 years with renewable 10-year extensions

Property owners who dedicate land, make cash payments, or construct public improvements under the agreement gain vested rights that protect them from subsequent zoning changes during the agreement term