2006 Code of Virginia § 15.2-2303.3 - Cash proffers requested or accepted by a locality

15.2-2303.3. Cash proffers requested or accepted by a locality.

A. No locality may require payment of a cash proffer prior to payment of anyfees for the issuance of a building permit for construction on property thatis the subject of a rezoning. However, a landowner petitioning for a zoningchange may voluntarily agree to an earlier payment, pursuant to 15.2-2298and 15.2-2303. If the petitioner voluntarily agrees to an earlier payment,the proffered condition may be enforced as to the petitioner and anysuccessor in interest according to its terms as part of an approved rezoning.

B. No locality shall either request or accept a cash proffer whose amount isscheduled to increase annually, from the time of proffer until tender ofpayment, by a percentage greater than the annual rate of inflation, ascalculated by referring to the Consumer Price Index for all urban consumers(CPI-U), 1982-1984=100 (not seasonally adjusted) as reported by the UnitedStates Department of Labor, Bureau of Labor Statistics or the Marshall andSwift Building Cost Index.

(2005, c. 552.)