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vestment. A downturn in the real estate and development market could leave the speculator holding nearworthless paper development rights.
The TDR concept, however, is gaining support, according to Del. Byrne. The sinking economy and the Chesapeake Bay Preservation Act, which mandates strict development guidelines along the Chesapeake Bay waterways, are two forces that are leaking the tool seem more appealing to the development community, Del. Byrne said.
“The legislation is picking up support daily,” said Del. Byrne who travelled around the Commonwealth over the last six months to lobby for the proposal. “There has been a lot of interest among traditional enemies of this legislation. ”
Though Del. Byrne does not anticipate TDRs to be the sole tool for land use planning, she said she hopes that along with conditional zoning, and additional impact fees, TDRs will provide more “arrows in the quiver” for local governments attempting to manage growth.
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